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Hecla grows silver production, cash in 3Q

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(Kitco News) - Hecla Mining (NYSE:HL) said today that silver production was up 30% to 3.2 million ounces in the 3Q compared to the same quarter a year ago.

"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:

  • Silver production of 3.3 million ounces, and gold production of 77,331 ounces.

  • Silver equivalent production of 12.6 million ounces or gold equivalent production of 145,536 ounces.

  • Lead production of 6,226 tons; zinc production of 15,589 tons.

  • Cash and cash equivalents of approximately $33 million, a $24 million increase over June 30th, 2019, with outstanding debt slightly lower.

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).

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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