WASHINGTON (dpa-AFX) - Hecla Mining Company (HL) reported 2020 Silver production of 13.5 million ounces, an increase of 7% from prior year. Gold production was 208,962 ounces, down 23% from 2019. For the year, Silver equivalent production was 40.7 million ounces and gold equivalent production was 471,413 ounces.
Hecla CEO, Phillips Baker, Jr., said: 'Our U.S. silver production was 15% higher than the year before and more than 50% higher than 2018. The strong performance allowed Hecla to reduce net debt, increase dividends, and double exploration expenditures while more than doubling last year's cash position.'
The company recorded year-end cash position of $131 million with the credit facility undrawn. Net debt reduction was approximately $75 million, or 16%, from March 31, 2020.
Copyright RTT News/dpa-AFX
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