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Silver prices have since rebounded to [url=http://www.rtnagel.com/airjordan.php]nike air jordan pas cher[/url] around $14/oz.
After opening 2008 at almost $15/oz, the silver price rose to over $20/oz in the second quarter and then slumped to below $9/oz in the [url=http://www.rtnagel.com/airjordan.php]jordan pas cher[/url] fourth quarter, as the global financial crisis and slowing economic activity weighed on demand.
Hecla shares fell 6,5% in New York on Tuesday, to $1,59 each by 16:01 ET.
Resources increased at Greens Creek because of the acquisition of Rio Tinto’s interest, but the firm also reported a significant increase [url=http://www.mansmanifesto.com]doudoune moncler homme[/url] at Lucky Friday, after successful exploration and definition drilling.
Hecla also received significantly lower prices and recorded negative pricing adjustments in [url=http://www.mansmanifesto.com]www.mansmanifesto.com[/url] the fourth quarter for lead and [url=http://www.mansmanifesto.com]doudoune moncler[/url] zinc output.
However, with the $40-million bridging loan repaid with proceeds from the equity offering, and payments only due in 2010 on the term facility, things are looking up.
However, the firm reported a net loss of $37,3-million for the fourth quarter, compared with earnings of $8,2-million a year earlier, after metals prices declined and costs rose.
Hecla, which, besides Greens Creek also operates the Lucky [url=http://www.re-tek.co.uk/abercrombie.html]abercrombie uk[/url] Friday mine, in Idaho, increased silver production by 54% in 2008, to 8,7-million ounces.
TORONTO ( – It is back to business as usual for Idaho-based Hecla Mining, after it raised $65,6-million in an equity offering to repay bridging debt and rescheduled term loan payments to next [url=http://www.1855sacramento.com/peuterey.php]peuterey outlet[/url] year.
The company has reduced its 2009 exploration and capital expenditure budgets by approximately 50% compared with 2008, and has cut its work force by around 10%, in an attempt to drive costs down, Baker said.
“We think that the future looks bright,” he said.
The best news contained in the year-end financial statements was probably the whopping 76% increase in silver reserves and resources during 2008, to about 325-million ounces of silver, [url=http://www.eastscotinvest.co.uk/mulberry.html]mulberry outlet[/url] 132-million ounces of which are proven and probable reserves.
“When we cut the deal to acquire Greens Creek a year ago, we did not anticipate the credit crisis, dramatic reduction in base metals prices and the run-up in cost,” Baker [url=http://www.rivaluta.it/hot/hogan.asp]outlet hogan[/url] said on a conference call on Tuesday.
“We might have been able to handle one [url=http://www.buynflticketsonline.com]NFL Tickets[/url] or [url=http://www.vivid-host.com/barbour.htm]barbour uk[/url] even two fundamental changes in the world but all three forces just to take the dramatic action, embracing the equity capital necessary to restructuring the debt.”
After spending the first part of 2009 in a self-described “crisis mode”, the focus is now squarely on improving costs and production, said president and CEO Phillips Baker.
Before financial markets froze up last year, the firm borrowed $380-million to fund its acquisition [url=http://www.1855sacramento.com/peuterey.php]giubbotti peuterey[/url] of Rio Tinto’s controlling interest in the Greens Creek mine, in Alaska, last year.
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