Hecla Mining Reports Q2 Net Loss of $26.8 Million

Hecla Mining Co. (NYSE:HL) released its Q2 2015 results, commenting that it recorded a loss attributable to shareholders of $26.8 million, or $0.07 per share. Its loss after adjustments applicable to common shareholders came in at $17.6 million, or $0.05 per share.
Other key points for Q2 include:

• Sales of $104.2 million.
• Adjusted EBITDA of $29.5 million.
• Operating cash flow of $30.8 million.
• Total silver production of 2.5 million ounces at a cash cost, after by-product credits, per silver ounce, of $5.61.
• Gold production of 44,692 ounces, of which Casa Berardi produced 30,939 ounces at a cash cost, after by-product credits, per gold ounce of $832.³
• Completed acquisition of Revett Mining Company, owner of the Rock Creek project.
• Cash and cash equivalents of $192 million at June 30, 2015.
• Secured the third-party-owned Velardeña mill to process high-grade material from San Sebastian.
• Strong exploration success at San Sebastian and Casa Berardi.
• Increased estimated 2015 silver production to 10.5 – 11.0 million ounces.
• Accrual of $8.7 million for possible settlement of environmental claims at two legacy sites.

Phillips S. Baker, Jr., president and CEO of Hecla, commented:

Despite lower silver prices, we continue to advance growth projects like San Sebastian and #4 Shaft at Lucky Friday for their potential to increase production of high-grade ounces at low cash costs, after by-product credits. Our assets, particularly Greens Creek with its recent improvements in recovery, have allowed us to weather the metals price weakness, and we retain the ability to reduce costs and programs if prices remain weak or go lower. With expected mining at San Sebastian early in 2016, and, combined with the deeper Lucky Friday in three years, we anticipate the addition of significant additional cash flow, further strengthening us going forward.

Click here to read the full Hecla Mining Co. (NYSE:HL) press release.