Business
Hecla Mining Announces 2020 Production and Cash Position
COEUR D'ALENE, Idaho / Jan 13, 2021 / Business Wire / Hecla Mining Company (NYSE:HL) today announced its preliminary silver and gold production for the fourth q
About this update from Hecla Mining Company
[{"type":"text","content":"COEUR D'ALENE, Idaho / Jan 13, 2021 / Business Wire / Hecla Mining Company (NYSE:HL) today announced its preliminary silver and gold production for the fourth quarter and full year 2020 and year-end cash position.1 HIGHLIGHTS Silver production of 13.5 million ounces, an increase of 7%, second highest production only to 2016. Gold production of 208,962 ounces, expected lower gold production from the Nevada operation decreased production 23% from 2019, which was Hecla’s highest gold production. Zinc and lead production increased 7% and 41%, respectively, due to the ramp up of the Lucky Friday Mine. Silver equivalent production of 40.7 million ounces and gold equivalent production of 471,413 ounces.2 Year-end cash position of $131 million with the credit facility undrawn. Net debt reduction of approximately $75 million, or 16%, from March 31, 2020.3 All injury frequency rate (AIFR) of 1.22 for 2020, lowest in the Company’s history and a reduction of 24% over 2019. “Despite the challenges of operating during the pandemic, 2020 marked a year of very strong operational performance with silver production significantly exceeding guidance,” said Hecla’s President and CEO, Phillips S. Baker, Jr. “Our U.S. silver production was 15% higher than the year before and more than 50% higher than 2018, strengthening our position as the United States largest silver producer. The strong performance allowed Hecla to reduce net debt, increase dividends, and double exploration expenditures while more than doubling last year’s cash position. At current prices, we could repeat these results in 2021.” Greens Creek At the Greens Creek Mine in 2020, 10.5 million ounces of silver and 48,490 ounces of gold were produced. For the fourth quarter, 2.3 million ounces of silver and 10,276 ounces of gold were produced. The mill operated at an average of 2,236 tons per day (tpd) in 2020. Fourth quarter production was affected by a significant weather event in December when southeast Alaska was impacted by historically high winds and heavy rains that caused heavy damage in the area and communities. Mr. Baker commended the team at Greens Creek for the management of this weather event and noted, “The preparation and response to this event is a testament to the excellent team at Greens Creek and their commitment to safety and the environment.” Casa Berardi At the Casa B...