Hecla Mining Company (NYSE:HL) today announced preliminary silver and gold production results for the first quarter of 2018.
Highlights are as follows:
- Silver production of 2.5 million ounces, and gold production of 57,808 ounces.
- Silver equivalent production of 10.7 million ounces and gold equivalent production of 134,903 ounces.
- Lead production of 5,627 tons; zinc production of 15,211 tons.
- Throughput at Casa Berardi continues at a record pace.
- Entered into agreement to acquire Klondex Mines Ltd, with 3 high-grade Nevada gold mines, potentially adding 162,000 ounces of annual gold equivalent production.
- Received US$31.6 million investment (C$40 million) from Ressources Quebec, a wholly owned subsidiary of Investissement Québec.
- Cash, cash equivalents and short-term investments of approximately $245 million at March 31, 2018, an increase of about US$32 million over March 31, 2017.
Phillips S. Baker, Jr., president and CEO, commented:
Our mines are performing well due to the strength of our operating teams and consistent and disciplined capital programs that have improved these longlived mines.
Greens Creek continues growing throughput, primarily due to increased efficiency at shift change as we utilize new technologies like remote monitoring systems and automated use of the LHD. Casa Berardi is now fully an underground and open pit mine and continues to set throughput records. San Sebastian’s production is primarily from stockpiled open pit material as we transition to the underground. The cash position is the second highest in the past 6 years, and we expect to deploy it to acquire Klondex in the second quarter.