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Hecla Mining logs loss in qtr. despite higher sales, prices

Keywords: Tags  Hecla Mining, lead, zinc, Lucky Friday Mine, earnings report, Phillips S. Baker Jr., Casa Berardi Mine, Daniel Fitzgerald


NEW YORK — Hecla Mining Co. fell into the red again in the second quarter despite higher sales and stronger lead and zinc prices.

The Coeur d’Alene, Idaho-based company posted a net loss of more than $14.5 million for the three months ended June 30 vs. a $25-million loss in the same period last year on sales that increased 37.7 percent to $117.5 million.

"In the second quarter our stronger revenue and cash flow from operations were driven by production growth, particularly gold, and higher realized metal prices, especially zinc," Hecla president and chief executive officer Phillips S. Baker Jr. said in the company’s earnings report.

Realized lead prices increased 8 percent compared with the second quarter of last year, the company said, while zinc prices jumped 12 percent.

The higher revenue also was attributed to a full quarter of production from the Casa Berardi gold mine in Quebec, which was acquired in June 2013, as well as full production from the Lucky Friday Mine in Idaho, which was restarted in February 2013.

Hecla recently reported that lead output increased 42 percent vs. the second quarter of 2013, while zinc production rose 8 percent in the same comparison (amm.com, July 14).



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