Hecla reaches record gold production in 2019
NYSE-listed Hecla Mining produced 272 873 oz of gold in 2019, which was a 4% year-on-year increase and marked the highest gold production in the company’s history.
The company also produced 12.6-million silver ounces, which was 22% higher year-on-year.
Hecla president and CEO Phillip Baker said 2019 was a strong year for metal production, as well as for cash flow generation and an improved balance sheet. The company had year-end cash of about $62-million, while it reduced its debt by $136-million during last year.
“While gold and silver prices had increased, Greens Creek’s record silver production, combined with the most gold produced in Hecla’s history, were the primary reasons for the cash flow strength,” he explained.
Meanwhile, union workers of The United Steelworkers (USW) at the company’s Lucky Friday mine ratified a collective bargaining agreement, which resolved a strike and should help the mine reach full production by the end of 2020.
In a secret ballot election, about 200 USW members, who began a strike against the company's unfair labor practices in March 2017, ratified the three-year agreement, which was reached last month between the union and Hecla management.
USW District 12 director Gaylan Prescott praised the members and officers of Local 5114 for standing together for close to three years to demand a fair contract.
"For nearly three years, our solidarity has been tested. We are proud of their unity and resolve, which will serve as an example for all of organized labor," he said.
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