Hecla Mining Co (HL)

[NYBob]

Hecla Reports Fourth Quarter and Full Year 2018 Results
Date : 02/21/2019 @ 3:00AM
Source : Business Wire
Stock : Hecla Mining Company (HL)

Hecla Reports Fourth Quarter and Full Year 2018 Results
Hecla Mining (NYSE:HL)
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Record gold production; Record reserves for gold, silver, and lead

Hecla Mining Company (NYSE:HL) today announced fourth quarter and full year 2018 financial and operating results.

YEAR-END HIGHLIGHTS

Silver production of 10.4 million ounces and record gold production of 262,103 ounces.
Silver equivalent production of 43.6 million ounces or gold equivalent of 540,174 ounces.7
Cost of sales and other direct production costs and depreciation, depletion and amortization ("cost of sales") of $488.0 million.
Total cash cost, after by-product credits and all-in sustaining cost ("AISC"), after by-product credits, per silver ounce of $1.08 and $11.44, respectively.1,2
Record reserves for gold, silver and lead; increases over 2017 of 26%, 8% and 5%, respectively.
Completed the acquisition of Klondex in July 2018.
Improved safety with All Injury Frequency Rate 28% lower.
"Greens Creek and Casa Berardi are the economic engines of Hecla, and the continued increase in reserves and resources, extended mine life and positive changes to the mine plans are surfacing additional value at these operations,” said Phillips S. Baker, Jr., President and CEO. “This allows investment in our three other mines, which all have the potential to be long-lived with strong economics like Greens Creek and Casa Berardi. The turnaround of the Nevada operations continues with an increasing development rate at Fire Creek that should allow the mine to have operating consistency as we increase production. This is the same approach we took when we first acquired Greens Creek and Casa Berardi. Substantial exploration is planned for both Fire Creek and Hollister this year as we work to convert resources to reserves and discover additional resources. With the Hatter Graben decline about 15% complete, we expect to start drilling between the current Hollister mine area and the Hatter Graben soon."

"At San Sebastian we continue to discover and mine oxide mineralization while we take a bulk sample to determine the potential economics of the sulfide ore," Mr. Baker continued.

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