Hecla Mining Touts 'Lucky Friday,' Plans 20M Ounces Of Silver Production By 2025

Hecla Mining Company HL released its preliminary silver and gold production for the second quarter and first half of 2023.

Silver production in the second quarter fell 5% from the first quarter, while Gold production slumped 11%.

The Casa Berardi mine produced 18,901 ounces of gold in the second quarter, a decline of 23% compared to the first quarter's production of 24,686 ounces. Gold production declined over the prior quarter primarily due to wildfire-related road closures. 

The company's Greens Creek mine produced 2.4 million ounces of silver and 16,351 ounces of gold in 2Q. Silver production declined compared to the first quarter, due primarily to expected lower grades, with a 10% increase in gold production attributable to higher grades. 

The Lucky Friday mine produced 1.29 million ounces of silver in the second quarter, an increase of 2% over the first quarter. "Lucky Friday's silver production was the highest since I started at Hecla more than 20 years ago," said Hecla CEO Phillips S. Baker, Jr. 

The Keno Hill mine began ramping up to full production in the second quarter producing 184,264 ounces of silver. 

Outlook: "With expected silver production of about 20 million ounces in 2025, Hecla is the world's fastest-growing established silver producer and the dominant producer of silver in the U.S. and soon Canada," Baker added.

Price Action: HL shares are trading higher by 0.51% to $5.86 in the premarket session on the last check Thursday.

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