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Hecla Mining Co., of Coeur d'Alene, reported today a second-quarter net loss of $25 million, or 8 cents a diluted share, compared with net income of $2.4 million, or 1 cent a share, in the year-earlier period.
The loss includes $20.3 million in expenses related to Hecla's acquisition of Vancouver, British Columbia-based Aurizon Mines Ltd., which was completed June 1 and valued at $796 million.
Hecla produced 2.2 million ounces of silver during the second quarter, a 64 percent increase compared with silver production in the year-earlier period. The reopening of the Lucky Friday mine, in North Idaho, and activity at the Greens Creek property, in Alaska, contributed to the improved production.
Second-quarter gold production rose 68 percent to about 22,000 ounces, largely because of the Aurizon acquisition.
While production has increased, Hecla President and CEO Phillips Baker said in a press release, "In response to lower precious metal prices, we scaled back capital, exploration, and predevelopment expenditures from original plans this year. As we plan for next year, we will continue to monitor metal prices and further adjust our plans accordingly."