Boston, MA 04/16/2014 (wallstreetpr) – Hecla Mining Company (NYSE:HL) expects to report its fiscal 2014 first quarter May 5. However, ahead of the earnings release, the company provided an update of its production during the quarter ended March 31. The company produces silver, gold, zinc and lead.
The company announced its first quarter production was stronger compared to the levels realized in the comparable quarter of 2013. Notable improvement was registered at the Luck Friday unit while Greens Creek continued to deliver consistent operating performance. According to the company’s chief executive Philips S. Baker Jr., the steady production levels that have been noted over the past quarters goes all the way to suggest improving fundamentals in Hecla Mining Company (NYSE:HL).
Production update
Hecla Mining Company (NYSE:HL) announced that silver production at Lucky Friday increased significantly over the levels realized a year ago. About 699,600 ounces of silver were produced, about four times the 120,000 ounces of silver produced in the first quarter of 2013. Sequentially, silver production at Lucky Friday jumped 9 percent. Production at the mine was restarted in the first quarter of 2013.
At Green Creek, 1.8 million ounces of silver were produced, being flat year-over-year as well as sequentially. Hecla Mining Company (NYSE:HL) announced consistent production at Greens Creek was possible due to the continued investment towards reducing risks at the facility. That has been happing since Hecla assumed full ownership of the mill.
Gold production
During the first quarter gold production at Cesa Beradi remained flat to the levels at the fourth quarter of 2013. The operating performance of the mill averaged at 2,066 tpd during the first quarter.
In conclusion
While Hecla Mining Company (NYSE:HL) expects to see more improvement in its production activities with the aim of improving revenue, the management is excited by increasing levels of efficiency at the various mills. Mr. Baker observed that the company expects to realize improved cash position as it incurs fewer production costs. The company had about $205 million in cash at the end of the quarter, suggesting that the business continues to improve its financial position.
