Us silver producer Hecla Mining (: HL) on the New York Stock Exchange said its proven and possible precious metal reserves would grow to 200m ounces in 2021, the second highest level in the company's 130-year history.
The Kodaran, Idaho-based miner said exploration at its Greens Creek mine in southeastern Alaska had helped to achieve the milestone.
Founded in 1891, Hecla Mining is the largest silver producer in the United States.
Hecla not only replaced silver production (including 1520 ounces of silver), but also increased proven and approximate reserves by 6 per cent, or 1150 ounces, during 2020.
The company's three operating mines-Greens Creek, Lucky Friday (Idaho) and Casa Berardi (Quebec)-now have reserves of 37.3 million tons, including 200 million ounces of silver, 2.73 million ounces of gold, 1.81 billion pounds of zinc and 1.47 billion pounds of lead, it said.
"since 2008, Hecla has increased its reserves by 239 million silver ounces through exploration, adding resources while replacing production." President and CEO Phillips Baker said in a statement.
"We are seeing further growth in reserves, resources and production." Baker said.
Gold production was also replaced (including 244680 troy ounces), with proven and possible reserves increasing by 14 per cent to 2.7m ounces.
Zinc reserves rose 2 per cent to 907000 tonnes, while lead production of 49000 tonnes was almost replaced, falling slightly by 1 per cent to 735000 tonnes.
Global demand for silver used in solar panels, electric cars and other key green technologies is rising and is expected to reach a record 1.112 billion ounces this year, according to the Silver Institute.
The group's data, compiled by consulting firm Metals Focus, said last week that it expected global demand for industrial silver to grow 5 per cent this year to a new high of 552 million ounces.
