HECLA MINING COMPANY (New York symbol HL; www.hecla-mining.com) explores for, mines and processes silver and gold in the U.S. and Mexico. Most of its silver output comes from its Greens Creek mine in Alaska and its Lucky Friday mine in Idaho.
In the three months ended June 30, 2013, Hecla’s revenue rose 27.3%, to $85.3 million from $67.0 million a year earlier. The company lost $0.03 a share, compared to a profit of $0.01. The loss mostly came from lower silver prices and costs related to its recent acquisition of Aurizon Mines.
Hecla paid $796 million for Aurizon in a transaction that closed on June 1, 2013. Aurizon owns the Casa Berardi gold mine in Quebec and is also developing other gold properties.
Mining stocks: Hecla cuts capital budget while waiting for higher silver and gold prices
Hecla received an average silver price of $16.27 an ounce in the latest quarter, compared to $27.05 a year ago. Silver prices have since moved up to $22.91 an ounce.
The company expects its two silver mines to produce 8 million to 9 million ounces this year, while Aurizon’s Casa Berardi project is on target to add 60,000 ounces of gold in the second half of this year.
All of Hecla’s mines have potential for higher production. However, Hecla is cutting its 2013 capital budget by 13%, to $178 million, while it waits for higher gold and silver prices.
In the latest edition of Stock Pickers Digest, we look at the outlook for gold and silver and at Hecla’s efforts to move into gold mining. We conclude with our clear buy-hold-sell advice on the stock.
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