The Spokesman-Review, Spokane, Wash., Bert Caldwell column: Hecla Mining reports $22 million profit

Tue. November 03, 2009; Posted: 04:51 PM

Nov 03, 2009 (The Spokesman-Review - McClatchy-Tribune Information Services via COMTEX) -- HL | Quote | Chart | News | PowerRating -- Hecla Mining Co. today reported a third-quarter profit of $22.5 million, a sharp reversal of the $7.2 million lost during the same period a year ago.

Per common share, the profit equals 9 cents compared with a 5-cent loss in 2009.

Hecla's stock price was up 13 percent in mid-morning trading.

Record tonnage from the Coeur d'Alene-based company's Lucky Friday Mine at Mullan, Idaho, was a significant factor in the turnaround. Together with the Greens Creek Mine in Alaska, Hecla has become the largest silver producer in the United States, the second largest producer of zinc, and the third largest producer of lead.

Quarterly revenues of $95.2 million were a record for the company, as was cash flow from operations of $32.3 million.

The increases came despite a slight easing of silver prices since last year, to an average $14.70 for the quarter.

Hecla mines produced 2.7 million ounces of silver, one-third of that from the Lucky Friday, where the company said drilling indicates better grades and wider mineral veins that should increase production and improve mine economics in the future.

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For full details on Hecla Mining Co (HL) click here. Hecla Mining Co (HL) has Short Term PowerRatings of 4. Details on Hecla Mining Co (HL) Short Term PowerRatings is available at This Link.

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