HECLA MINING COMPANY $2.27 (New York symbol HL; TSINetwork Rating: Extra Risk) (208-769- 4100; www.hecla-mining.com; Shares o/s: 377.7 million; Market cap: $910.3 million; Dividend yield: 0.4%) explores for, mines and processes silver and gold in the U.S. and Mexico. Most of the company’s silver output comes from its Greens Creek mine in Alaska and its Lucky Friday project in Idaho. Hecla’s Casa Berardi mine in Quebec supplies the majority of its gold production.
In the three months ended June 30, 2015, Hecla produced 2.48 million ounces of silver, down 1.5% from 2.52 million ounces a year earlier. Gold output rose 2.6%, to 44,692 ounces from 43,554. Cash flow per share fell 33.3%, to $0.06 from $0.09, on the lower silver production and prices.
The company aims to begin production at its San Sebastian project in Mexico early next year. The mine, which last operated between 2001 and 2005, is forecast to produce 8 million ounces of silver equivalent in its first two years from easily mined surface deposits. San Sebastian then has the potential to further expand its reserves.
In June 2015, Hecla agreed to buy Revett Mining Company (symbol RVM on New York) for $20 million in shares. The company is now moving ahead with permitting on Revett’s Rock Creek project in northwestern Montana.
Rock Creek is considered one of North America’s largest undeveloped silver and copper deposits, with up to 229 million ounces of silver and 2.0 billion pounds of copper. The project is about 50 miles north of Hecla’s Lucky Friday mine.
Like most precious-metals firms, Hecla’s shares will be heavily influenced by silver and gold prices. Meanwhile, its positive cash flow and improving production outlook give it speculative appeal.
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