Hecla Mining Gross Profit At $ 14.7 Million In Q4 Ending 31 Dec 2013 21-Feb-2014


Hecla Mining has come out with its fourth quarter revenue. The company reported fourth quarter revenue of $114.2 million and gross profit of $14.7 million. Fourth quarter operating cash flow was $21.6 million, which was impacted by the payments of $19.0 million for interest relating to the 6.875% senior notes issued in April 2013, and due in 2021 and $15.2 million made in connection with the Coeur d’Alene Basin environmental liability settlement that was reached in 2011.

Realized silver prices in the fourth quarter and full year 2013 were $20.13 and $21.28 per ounce, 31% and 34% lower than the prior periods, respectively. Price changes between the time of concentrate shipment and final settlement result in adjustments to provisional sales.

In the fourth quarter of 2013, negative price adjustments totaled $0.9 million, compared to negative price adjustments of $5.7 million in the fourth quarter of 2012. For the full year, price adjustments were negative $17.0 million compared to positive adjustments of $3.8 million in 2012.

The company had reported a highest year-end proven and probable silver reserve levels in Company history, for the 8th consecutive year, up 13% to 170 million ounces over 12/31/12. Proven and probable gold reserves increased by 190% to 2.1 million ounces over 12/31/12, primarily due to the acquisition of Aurizon Mines Ltd. on June 1, 2013, also the highest in the history of the Company.