Hecla Mining Company (NYSE: HL) has unveiled its preliminary production statistics for the fourth quarter and full year of 2023, disclosing a modest uptick in silver production coupled with a reduction in gold output. The company’s silver yield for the year reached 14.3 million ounces, marginally exceeding the 2022 figure of 14.2 million ounces. Notably, this increase occurred despite a temporary operational hiatus at the Lucky Friday mine, which suspended production in August 2023 due to a fire incident.
Conversely, gold production witnessed a 14% downturn as the Casa Berardi mine initiated its transition to an open-pit operation. On a contrasting note, the Greens Creek mine reported a noteworthy 26% surge in gold production.
The Lucky Friday mine recommenced operations on Monday, with expectations set on achieving full production within the first quarter of 2024. Concurrently, the company anticipates receiving insurance payments during this period.
Keno Hill contributed a total of 1.5 million ounces of silver in 2023, with the Bermingham deposit registering its highest mined tonnage in December. To fortify operations at the mine, Hecla has initiated a comprehensive safety plan.
Casa Berardi’s gold production for the year tallied at 90,363 ounces, marking a 29% reduction from the previous year. This decline is attributed to wildfires in June and reduced underground mining as the mine undergoes a shift towards surface operations.
The company’s production summary outlined a 17% decrease in silver production and a 5% decrease in gold production during the fourth quarter of 2023 compared to the third quarter. Lead and zinc production also experienced declines of 36% and 15%, respectively.
Hecla Mining, with a history dating back to 1891, stands as the largest silver producer in the United States, operating in Alaska, Idaho, Quebec, and Yukon. The company is strategically focused on growth, aiming to produce up to 20 million ounces of silver by 2025. This growth strategy aligns with the crucial role silver plays in the energy transition and solar electricity generation.
