What is going on with HL?
Hecla Mining Company (HL) today announced preliminary production results for the third quarter of 2021.
The company reported silver production of 2.7 million ounces, decreased due to lower grades at Greens Creek based on mine sequencing, and gold production of 42,206 ounces, in line with the same period in the prior year.
Hecla has four main mining assets: Green's Creek, Casa Berardi, Lucky Friday, and Nevada Operations.
Shares of HL declined 6.24% to $5.19 as of Tuesday morning.
What does this mean for Hecla Mining Company?
Lucky Friday and Casa Berardi both delivered strong operational quarters, with Casa Berardi increasing gold production by 13% and Lucky Friday increasing silver production by 31% over last year.
However, the company's Greens Creek mine fell compared to an exceptional 2020 third quarter. The mine experienced lower grades due to the mine sequence, which Hecla attributed to "manpower challenges that are being addressed through schedule changes."
Phillips S. Baker, Jr., President & CEO, commented, “Hecla is the United States’ largest silver miner producing 40% of all the silver mined in the U.S. With this quarter’s performance, we are not only the largest but also demonstrate the strength of our operations in this lower silver price environment with approximately $10 million added to our cash balance, despite the semi-annual interest payment made this quarter and some one-time cash transactions."
"Since the beginning of 2019, we’ve added over $160 million of cash to our balance sheet while returning approximately $30 million to common shareholders in the form of dividend payments, in addition to increasing our investment in operations and exploration.”
Hecla disclosed that its quarter-end cash position exceeds $190 million.
HL has a Long-Term Technical Rank of 25. Find out what this means to you and get the rest of the rankings on HL!
Hecla Mining Co produces and explores silver, gold, lead, and zinc. Its main silver mines include Idaho-based Lucky Friday and Greens Creek in Alaska. Hecla acquired 100% of the Greens Creek from Rio Tinto in April 2008, after holding a 29% interest for 20 years. The acquisition doubled the company's silver production. The operating business segments are the Greens Creek unit, the Lucky Friday unit, the Casa Berardi unit, the San Sebastian unit, and the Nevada Operations unit.