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Message: Hecla Mining Reports 16% Increase In Q2 Silver Output From Year Ago


2019-07-18 07:38:43 AM ET (MT Newswires)

07:38 AM EDT, 07/18/2019 (MT Newswires) -- Hecla Mining (HL) reported early Thursday its preliminary Q2 production results, with a 16% rise in silver production to 3 million ounces from 2.6 million ounces a year ago and a 3% drop in gold output to 58,390 ounces from 60,313 ounces in Q2 of 2018.

Zinc production in the period also fell to 5,514 tons from 14,299 tons last year, while lead production dropped slightly to 5,514 tons from 5,522 tons. In total, Hecla produced 11 million ounces of silver equivalent or 125,359 gold equivalent ounces in Q2.

In the same statement, the miner said it revised its revolving credit agreement and locked in a minimum average price of $1,400 per gold ounce and $15.13 per silver ounce through hedges on expected gold and silver sales through Q1 of 2020.

According to Hecla, the amended facility and the higher metal prices under the hedging contract will give the company "adequate liquidity if prices are lower over the next several quarters."

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