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Freeport-McMoRan Reinstating Cash Dividend

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The board of directors at Freeport-McMoRan Inc. (NYSE: FCX) has reinstated a cash dividend on its common stock, the company says. The board intends to declare a quarterly dividend of 5 cents per share, with the next one to be paid on May 1. “Our board’s action to reinstate common-stock dividends reflects strong execution of our plan to strengthen FCX’s financial position over the last two years, improved market conditions and a positive outlook for strong cash-flow generation,” says Richard C. Adkerson, president and chief executive officer. Freeport has 1.45 billion common shares. The company is the world’s largest publicly traded copper-mining company but is also a significant producer of gold.  

By Allen Sykora of Kitco News; asykora@kitco.com

 

Hecla Reports Record Silver, Gold, Lead Reserves

Wednesday February 07, 2018 09:00

Hecla Mining Co. (NYSE: HL) lists the highest silver, gold and lead reserves in its 127-year history, as well as the highest zinc reserves in five years. Officials report record gold reserves of 2.3 million ounces, an increase of 12%, and record silver reserves of 177 million ounces, an increase of 3%. Record lead reserves are 737,290 tons, an increase of 8%. Zinc reserves totaled 840,870 tons, up 15%. The company maintained the same price assumptions for reserves as in 2016: silver, $14.50 an ounce; gold, $1,200 an ounce; zinc, $1.05 a pound; and lead, 90 cents a pound. Exploration in 2018 is projected to be between $30 million and $37 million, up from $23.5 million in 2017. “We believe that our investment in exploration is a key step towards generating real value for shareholders,” says Phillips S. Baker, Jr., president and chief executive officer. “As we grow our reserves and increase our already long mine lives, we can improve productivity by increasing throughput or lowering costs so the mines can generate returns regardless of the metals price.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

Coeur Reports Increase In Reserves, Resources

Wednesday February 07, 2018 09:00

Coeur Mining, Inc. (NYSE: CDE) reports a rise in year-end 2017 reserves and resources from continuing operations. Proven and probable reserves of 335.8 million silver-equivalent ounces are 10% higher, driven primarily by year-over-year silver-equivalent reserve increases of 36% at Wharf and 17% at Palmarejo. Measured and indicated resources of approximately 385.7 million silver-equivalent ounces and inferred resources of 171 million represent increases of 42% and 45%, respectively. Coeur says the figures assume silver and gold prices of $17.50 and $1,250 per ounce, respectively, unchanged from the assumptions used for year-end 2016 and 2015 reserves. “Over the last 18 months, we have invested heavily in near-mine exploration, which we believe offers the best risk-weighted returns to stockholders. Our mines have been historically under-drilled, yet present significant exploration potential as evidenced by the number of new discoveries at Palmarejo,” says Mitchell J. Krebs, president and chief executive officer. “We expect to sustain an elevated level of exploration investment in 2018 given the success our expanded programs are generating.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

Endeavour Silver’s Mineral Reserve Estimates Sharply Higher

Wednesday February 07, 2018 09:00

Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) reports sharply higher 2017 mineral reserve estimates for its three operating mines and two development projects. Silver proven and probable reserves increased 217% to 33.5 million ounces, while those for gold rose 246% to 315,300 ounces. Silver-equivalent proven and probable reserves increased 228% to 57.1 million ounces, using a 75-to-1 silver-gold ratio. Meanwhile, estimates for mineral resources decreased, while those for inferred mineral resources rose. “We enjoyed solid development and exploration success in 2017, more than replacing our mineral reserves…,” says Bradford Cooke, chief executive officer. He later adds, “We now have a strong pipeline of exploration and development projects to drive our next phase of organic growth. Looking forward to 2018, we plan to invest $11.1 million on exploration, the majority of which will target organic growth opportunities, including brownfields targets around our operating mines and development projects and greenfields targets such as Parral.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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