Hecla Mining Company Reports Positive Second Quarter Results
Hecla Mining Company recently announced very positive second quarter 2021 financial and operating results, including sales of $218 million, a 31% increase with the largest source being silver, plus a gross profit of $59.3 million, an increase of $25.2 million. The Greens Creek Mine in Southeast Alaska played a significant role in that success and produced 2.6 million ounces of silver and 12,859 ounces of gold with the mill operating at an average of 2,362 tons per day, marking another quarter of consistently strong performance. The decrease in silver production compared to the second quarter of 2020 was due to planned lower grades resulting from mine sequencing. Compared to 2020, cost of sales decreased by $2.2 million and the per ounce silver cash cost and AISC decreased by $7.83 and $6.43, respectively, due to higher by-products credits resulting from higher by-product prices, lower treatment costs from favorable changes in smelter terms and lower production costs, driven partially by lower COVID-19 related costs. The Company’s estimated 2021 silver production of 9.5 - 10.2 million ounces is unchanged and gold production increased from 40 - 43 thousand ounces to 43 - 45
thousand ounces. The estimate for 2021 cost of sales has been updated to $222 million. Estimated cash cost and AISC, each per silver ounce has been updated to ($1.00)- $1.00 and $3.25-$4.00, respectively, with lower costs due to anticipated higher by-product credits.5,6 “Despite the continuing pandemic, Hecla had near record results across a number of metrics improving on the consistent performance of the past two years,” said Phillips S. Baker, Jr., Hecla’s President and CEO.
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September 2021 I The Alaska Miner I www.alaskaminers.org
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