Friday, December 23, 2011

Hecla (HL) Silver Production Guidance Remains on Track

Hecla Mining (NYSE:HL) says its silver production guidance remains on track, even with its Lucky Friday mine problems. Expectations are over 9 million ounces of silve will be produced for the year, with 9.5 million ounces projected for 2012, even with the anticipated 2-month loss of production at Lucky Friday.

A new 750-foot haulage way bypass at the mine is expected to be finished near the end of February 2012. That should reduce the number of rock bursts at the mine, which have been an ongoing problem for the company.

The mine was closed by Hecla after a third accident for the year resulted in seven miners being injured, generating the need for a new haulage way to decrease incidents relating to rock burst.

Hecla CEO Phil Baker said, "While 2011 has been a difficult year for Hecla and the Lucky Friday, the previous 25 years at the Lucky Friday have been characterized by an extraordinary safety record. Looking forward, our goal, which we will relentlessly pursue, is to reestablish the same safety and operating performance decades into the future."

Hecla closed Thursday at $5.53, falling $0.11, or 1.95 percent.

No comments:

Post a Comment