PROFIT & LOSS

Hecla turnaround continues

Hecla posts profit, balance sheet improvement

Staff reporter
Hecla Mining's Lucky Friday mine in Idaho, USA

Hecla Mining's Lucky Friday mine in Idaho, USA

The company produced more silver and less lead than a year ago, with silver output increasing to 3.5 million ounces from 3.3Moz a year ago while gold production fell to 41,174oz from 77,311oz a year ago, as well as lead and zinc.

"Hecla had record adjusted EBITDA, generated the most free cash flow in a decade and repaid our revolver in full," said Hecla Mining president and CEO Phillips Baker.

"With the Lucky Friday [in Idaho, USA] ramp-up ahead of schedule, the expected improvements at Casa Berardi [in Quebes, Canada] and our modest planned capital expenditures, we are well positioned to further strengthen our balance sheet, increase exploration activities, and pay our enhanced dividend."

The company ended the quarter with $495.8 million and cash of $98.7 million.

Shares in Hecla Mining are trading at US$5.13, valuing the company at $2.7 billion.

 

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