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Local News - Local News - February 14, 2013
Hecla's earnings plummet


Hecla Mining Co., of Coeur d'Alene, reported 2012 fourth-quarter net income of $605,000, equating to no per-share earnings, down from $18.4 million, or 6 cents a diluted share, in the year-earlier quarter.

For all of 2012, the company reported net income of $14.4 million, or five cents a share, down from $150.6 million, or 51 cents a share, in 2011.

Its performance was hampered by the lengthy closure of the Lucky Friday mine, but the silver shaft now has reopened. President and CEO Phillips S. Baker Jr. said in a press release the company expects its silver production to increase more than 25 percent this year, to between 8 million and 9 million ounces from 6.4 million ounces last year.

The company said it expects to make $152 million in capital expenditures this year and to spend $51.5 million on exploration and predevelopment expenses.

"Our predevelopment projects continue to advance toward a planned companywide goal to produce 15 million ounces of silver ... in 2017," Baker said.




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