Hecla Mining Co., of Coeur d'Alene, reported today a third-quarter net loss of $8.6 million, or 3 cents a basic share, compared with a loss of $1 million in the year-earlier period.
The loss occurred as Hecla reported a 42 percent increase in silver production to 2.3 million ounces, due to ramping up to full production at its Lucky Friday mine, in North Idaho, and strong performance at Greens Creek, in Alaska. The company's gold production increased 164 percent to about 37,000 ounces, due to the June 1 acquisition of the Casa Berardi mine in Quebec.
Phillips S. Baker Jr., Hecla's president and CEO, said in a press release that the company is continuing to reduce capital, exploration, and pre-development expenditures. He said he expects the current fourth quarter to be the company's strongest quarter of the year, with Lucky Friday producing its normal tonnage rate and Casa Berardi at this year's highest tonnage and grade.
Moving into next year, Baker said, "We believe Hecla is well positioned to weather any further weakness in metals prices and to take advantage of the higher prices we expect in the future."