Hecla Gold Silver Reports – The Hecla produced 272,873 gold ounces, up 4% from the previous year. The company noted that its gold production was the highest in its history, the senior silver miner said that it produced 12.6 million ounces of silver last year, up 22% from 2018. At the same time.
Along with stronger annual production numbers, Hecla said that it was able to significantly lower its debt and increase is cash flow.
“2019 marked a year of higher metal production and in the second half of the year, strong cash flow generation and an improved balance sheet,” said Phillips Baker, Jr., Hecla’s president and chief executive officer. “While gold and silver prices have increased, Greens Creek’s record silver production, combined with the most gold production in Hecla’s history, were the primary reasons for the cash-flow strength.”
Because of higher production and increased metals prices, the company said it was able to pay off $136 million in net debt, a decrease of 23% from its high in mid-2019. The company also reduced its revolving line of credit at the end of the third quarter by $50.
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As of year-end, Hecla said that it had cash and cash equivalents of about $62 million.
The company said that it is also looking forward to strong production in 2020 as union workers at Lucky Friday ratified the collective bargaining agreement. Lucky Friday is expected to reach full production by the end of the year. Workers had been on strike since March 2017.
In a vote of 86 to 78, the union voted to accept the collective bargaining agreement Monday.
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