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Hecla Mining Reports Third Quarter Production and Cash Position
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) today announced production results and its cash position at the end of the third quarter.
About this update from Hecla Mining Company
[{"type":"text","content":"COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) today announced production results and its cash position at the end of the third quarter. HIGHLIGHTS Silver production of 3.5 million ounces and gold production of 41,174 ounces. Equivalent production for silver of 9.0 million ounces or gold of 114,998 ounces.1 Lead production of 9,750 tons; zinc production of 17,997 tons. Cash and cash equivalents of approximately $97 million at September 30, 2020. Reaffirmed increased annual silver and gold production guidance. Planned increase for fourth quarter exploration program. “Hecla’s strong operating performance was from increasing silver production at Greens Creek and Lucky Friday and managing COVID-19 at all the mines,” said Phillips S. Baker, Jr., President and CEO. “This operating performance combined with higher silver prices allowed us to close the quarter with $97 million of cash and cash equivalents while fully repaying our revolving credit facility. Given our free cash flow generation, we expect to spend about $5 million more in exploration, and based on our realized silver price for the quarter being above $25, we expect the silver-linked dividend to be triggered.” Performance Comparison and Updated Outlook Silver (Moz) Gold (Koz) Greens Creek Lucky Friday San Sebastian Total Greens Creek Casa Berardi Nevada San Sebastian Total First 9 months 2020 8.2 1.2 0.8 10.2 38 84 32 6 160 2020 Updated Outlook 10-10.3 1.6-1.8 0.8-0.9 12.4-13.0 47-48 114-124 32 6 199-210 Previous Updated Exploration $11 million $16 million (1) Silver and gold equivalent calculation based on average actual prices for each metal in the third quarter as follows: $24.39 for Ag, $1,911 for Au, $0.85 for Pb, and $1.06 for Zn. Greens Creek At the Greens Creek mine, 2.6 million ounces of silver and 12,838 ounces of gold were produced in the quarter. Higher silver production compared to the third quarter of 2019 was due to slightly higher ore production and grades. The mill operated at an average of 2,340 tons per day (tpd). Greens Creek’s nine months production...