Hecla Mining’s Silver Production Likely Edges Higher — Commodity Comment

By Mary de Wet

Hecla Mining expects 2023 silver production to beat the previous year despite its Lucky Friday mine being closed for about five months after a fire.
The Idaho mine, Hecla’s third-largest silver producer, reopened Tuesday.

For the year:
“Silver production of 14.3 million ounces exceeded 2022 production of 14.2 million ounces, despite the temporary shutdown at the Lucky Friday mine since August 2023,” the U.S. miner said.
“Silver production exceeded last year as Greens Creek delivered another strong year, Lucky Friday’s production through July with our patented UCB method produced more silver than the mine typically produced in a full year with the old mining method, and the roughly half year of production at Keno Hill shows its potential to be a meaningful producer,” President and Chief Executive Phillips S. Baker Jr. said.
“As expected, annual gold production decreased 14% as Casa Berardi transitions to an open pit mine; Greens Creek gold production increased 26%.”
Gold output is estimated at 151,259 ounces, down 14%, while lead production likely fell 16% to 40,347 short tons. Zinc production likely fell 5% to 60,579 tons.
On the fourth quarter:
Silver production likely fell 17% from the year-ago period to 2.9 million ounces, while gold output slid 5% to 37,168 ounces. Other metals production likely also dropped, with lead down 36% to 5,282 short tons and zinc 15% lower to 12,669 tons.
About Lucky Friday:
“The Lucky Friday mine produced 3.1 million ounces of silver in 2023, 30% lower than in 2022, due to the suspension of production since August due to a fire in the secondary escapeway (#2 shaft),” Hecla said.
“The mine restarted production on January 9(th) and is expected to ramp up to full production in the first quarter.”
Write to Mary de Wet at mary.dewet@dowjones.com