Hecla: 2015 Silver-Equivalent Output Highest In Company 125-Year History

By Paul Ploumis (ScrapMonster Author)

January 13, 2016 02:56:54 AM

(Kitco News) - Hecla Mining Co. (NYSE: HL), North America’s oldest precious-metals mining company, said Tuesday that 2015 silver-equivalent output was the most in its 125-year history.

The Idaho-based company’s preliminary data for last year show output of 37.5 million silver-equivalent ounces, a 9% increase over 2014 and 63% increase over 2013. This exceeded guidance of 35 million.

Preliminary silver production hit a record 11.6 million ounces, with the company also producing 189,000 ounces of gold. Silver guidance was 10.5 million to 11 million ounces, while gold production was expected to be 185,000.

Hecla, founded in 1891, operates two silver mines -- Greens Creek in Alaska and Lucky Friday in Idaho. Hecla also runs the Casi Beradi gold mine in Canada, acquiring the mine in the summer of 2013. In addition, the newly developed San Sebastian mine in Mexico began commercial production of gold and silver late in the fourth quarter.

Greens Creek’s 2015 silver production of 8.5 million ounces was the highest since 2007, when the annual tonnage was 11% lower and the grade was 13% higher, the company said. The mine exceeded 2014 production by more than 600,000 ounces.

“Despite a difficult metals market, Hecla’s production continues to grow, setting the second consecutive annual silver production record,” said Phillips S. Baker Jr., president and chief executive officer.

“All three mines exceeded guidance and San Sebastian has begun production. We are continuing to see results from our strategy of investing in production growth, causing our silver-equivalent production to be the most in our 125-year history.”

Hecla also reported that Robert Brown has been appointed as vice president for corporate development following the retirement of Don Poirier.

Courtesy: Kitco News