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Wednesday, April 8, 2020 - 4:41:19 PM
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Mining News Pro - Silver and gold producer Hecla Mining is continuing to operate three of its five operations, with the mines in the US – Greens Creek in Alaska, its Nevada operations and Lucky Friday, in Idaho – deemed essential businesses. However, owing to the impact that Covid-19 will have on its production and costs, Hecla on Tuesday withdrew its guidance for 2020.
According to Mining News Pro - The company had to wind down operations at San Sebastian, in Mexico, to comply with that government’s order to suspend operations until April 30 and at Casa Berardi, in Canada, the government of Quebec has extended its stay-at-home order that was meant to last until April 13, to May 4.
“Hecla’s quick response to the Covid-19 outbreak began in February and has protected our workforce, enabling them to continue to safely operate our mines,” said Hecla president and CEO Phillips Baker.
“While government orders have shut down two mines, our US mines continue to operate as planned.”
Greens Creek produced 2.5-million ounces of silver and 11 296 oz of gold in the first quarter, which compares with 2.2-million ounces and 14 328 oz, respectively, in the prior-year period.
The Nevada operations boosted gold production 60% year-on-year to 19 965 oz, from 10 364 oz, owing to planned higher grades.
At the Lucky Friday mine, few ounces were produced mainly owing to the focus on calling back and training the returning workforce, as well as advancing critical infrastructure projects. Hecla said that the 5370-loading pocket capital project was nearing completion. The #2 shaft hoist project has been delayed until July because a key vendor determined they would be unable to currently support the work as a result of Covid-19.
Production at the San Sebastian mine fell to 0.3-million ounces of silver and 2 802 oz of gold in the first quarter ended March, from 0.4-million ounces and 3 530 oz, respectively, in the prior-year period. The decrease was attributed to expected lower grades.
At Casa Berardi, where operations were ceased on March 24, production for the quarter came to 26 175 oz of gold, compared with 31 799 oz in the prior-year period. The decrease was in part owing to the suspension of activities.
Overall, Hecla’s quarterly silver production of three-million ounces and gold production of 57 238 ounces was on plan.
The company ended the quarter with cash and cash equivalents of about $215-million with the revolving credit facility drawn at $210-million.
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