Wednesday, February 22, 2012

Hecla Reports Record Profits in Wake of Troubling 2011

Posted By on Wed, Feb 22, 2012 at 8:41 AM

The Hecla Mining Company is projecting that it will spend approximately $30 million on improvements to its North Idaho Lucky Friday silver mine, shut down following three major accidents in 2011.

Additionally, in its annual report to investors released Tuesday, Hecla announced record profits. Revenues in 2011 topped $477 million, with a total silver production of 9.5 million ounces.

Officials with the Coeur d'Alene-based company said they will be constructing a metal barrier between two halves of the Lucky Friday shaft, installing a new power cable and removing loose cement and sand that have accumulated on the walls of the shaft.

On Jan. 11, Hecla shut its Lucky Friday Mine to make safety improvements. The mine, one of the deepest in the nation, was the scene of an April 2011 roof collapse that killed one miner, a November 2011 fatality and two separate fires in July 2011.

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