Hecla grows silver production, cash in 3Q
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"As expected, our third quarter operating and financial performance improved," said Phillips S. Baker, Jr., President and CEO, in a news release. "We knew that dialing back our expenditures while achieving our expected production and sales targets would increase our cash flow generation. We expect more of the same in the fourth quarter."
The silver and gold miner highlighted the following:
Gold production increased just 6% to 77,331 ounces with most of the precious metal mined at its Cana Berardi Mine. The mine produced 36,547 ounces during the quarter, a 17% drop from a year ago. Other mines grew gold production.
Hecla's production at its Good Friday Mine in northern Idaho nearly tripled to 115,682 ounces. The mine has been subject to a long-running strike. The company said limited production was performed by salaried staff during the quarter.
Greens Creek Mine was also up sharply at 36% improved production. The mine produced 2.5 million ounces of silver and 13,684 ounces of gold were produced in the quarter. The mill operated at an average of 2,321 tons per day (tpd).