Hecla Reports Q3 2021 Production Results
Hecla Mining Company (NYSE:HL) today announced preliminary production results for the third quarter of 2021.¹
- Silver production of 2.7 million ounces, decreased due to lower grades at Greens Creek based on mine sequencing, partially offset by Lucky Friday production.
- Gold production of 42,206 ounces, in line with the same period in the prior year.
- Zinc production decreased due to Greens Creek’s lower grades and lead production increased slightly with Lucky Friday being in full production.
- Silver equivalent production of 8.4 million ounces or gold equivalent production of 113,998 ounces.2
- Quarter-end cash position exceeds $190 million.
“Lucky Friday and Casa Berardi both delivered strong operational quarters, with Casa Berardi increasing gold production by 13% and Lucky Friday increasing silver production by 31% over last year,” said Phillips S. Baker, Jr., President and CEO. “Greens Creek had a good quarter but was down compared to an exceptional 2020 third quarter. The mine experienced lower grades due to the mine sequence, which was driven by manpower challenges that are being addressed through schedule changes and other means.”
Mr. Baker continued, “Hecla is the United States’ largest silver miner producing 40% of all the silver mined in the U.S. With this quarter’s performance, we are not only the largest but also demonstrate the strength of our operations in this lower silver price environment with approximately $10 million added to our cash balance, despite the semi-annual interest payment made this quarter and some one-time cash transactions. Since the beginning of 2019, we’ve added over $160 million of cash to our balance sheet while returning approximately $30 million to common shareholders in the form of dividend payments, in addition to increasing our investment in operations and exploration.”
At the Greens Creek Mine, 1.8 million ounces of silver and 9,735 ounces of gold were produced. The decrease in silver production compared to the third quarter of 2020, the 5th highest quarterly production in the mine’s history, was primarily due to mining lower grades in more easily accessible areas. The higher-grade material which is deeper will be mined in the future. The mill operated at an average of 2,295 tons per day (tpd).