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Hecla updates 2023 silver guidance

Green's Creek in Alaska

Green's Creek in Alaska

13th October 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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US-based silver miner Hecla Mining is continuing to grow its production, producing almost a million ounces more this year, compared with the first three quarters of last year, says president and CEO Phillips Baker.

This is despite lower production at Lucky Friday, in Idaho, where an underground fire in August resulted in the suspension of operations for the rest of the year for repair work.

As a result of the production suspension at Lucky Friday, Hecla updated its guidance to between 14.5-million and 15.5-million ounces for 2023, down from its previous guidance of 17-million ounces.

In the first nine months of the year, Hecla produced 11.41-million ounces of silver, compared with 10.52-million ounces in the comparative period. Quarter-on-quarter production reduced from 3.83-million ounces in the June quarter to 3.53-million ounces in the September quarter.

Baker reports that the Green Creek’s mine, in Quebec, delivered consistent production, with output of 2.3-million ounces of silver and 15 101 oz of gold in the third quarter.

“Casa Berardi performed as expected during the third quarter as the transition to full openpit mining continues with completion expected in mid-2024,” he says.

The ramp-up of Keno Hill, in Yukon, is continuing. The mine produced more than 700 000 oz of silver in the quarter.

“With our silver production expected to increase to about 20-million ounces by 2025, Hecla remains the world’s fastest-growing established silver producer, the largest in the US, and remains on track to become Canada’s largest next year,” says Baker.

Edited by Creamer Media Reporter

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