Hecla reports highest silver reserves, resources in its history
With the restart of its flagship Lucky Friday mine this quarter, Hecla expects silver production to increase 25% to 8 million to 9 million ounces this year.
Author: Dorothy Kosich
Posted: Tuesday , 26 Feb 2013
RENO (Mineweb) -
Hecla Mining Monday reported increased silver reserves to 150 million ounces and 127 million of silver resources in mineralized material—the highest silver reserve levels in the 121-year-old company’s history.
The company also reported 719,500 proven and probable gold ounces, 598,480 tons of proven and probable lead ounces and 824,000 proven and probable tons of zinc.
During a conference call with analysts to discuss Hecla’s financials, CEO Phil Baker observed that the company’s San Sebastian project in Mexico “has the highest chance to become another mine for us the soonest and really for two reasons: one is the addition of the middle-vein, it’s going to greatly improve the economics on what was already a fairly good picture and then secondly, the permitting process in Mexico is one that is faster and may be a little more certain that what we have in the U.S.”
Despite the one-year shutdown of Hecla’s flagship Lucky Friday Mine, which was mandated by the Mining Safety and Health Administration, Hecla’s Greens Creek operation yielded 6.4 million ounces of silver production in 2012 at a total cash cost of $2.70 per ounce, net of by-products. Silver output during the fourth-quarter 2012 was 2.1 million ounces.
So let me set this righr... Everyone in the market thinks that Hecla is wort only 3.15$.