Monday, November 21, 2011

In Wake of Fatal Accident, Hecla Stands By Silver Production Target

Posted By on Mon, Nov 21, 2011 at 9:24 AM

The Wall Street Journal reported this morning that the Hecla Mining Company was standing by its aggressive silver-mining production goals in spite of the latest accident at the company's Lucky Friday mine.

Last Wednesday's accident at the northern Idaho mine resulted in the death of 26-year-old Brandon Gray, who died on Saturday. Immediately following the accident, Hecla ceased mining operations at Lucky Friday while the U.S. Mine Safety and Health Administration launched an investigation. It was the second fatal mining accident at Lucky Friday in seven months.

This morning, Hecla backed its 2011 production forecast for 9 million to 10 million ounces of silver, with a cash cost of approximately $1 per ounce. Hecla reported earlier this month its third-quarter profit soared as sales rose 4.1 percent.

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