Hecla withdraws full-year guidance
Hecla Mining (NYSE: HL) announced Tuesday that the company is withdrawing its full-year 2020 guidance to assess the impact of covid-19 on its production and costs.
First quarter production met the company’s expectations, Hecla said, producing 2.9 million ounces of silver and 57,238 ounces of gold.
The company’s three mines in the US remain fully operational and represent 69% of its 2019 gold-equivalent output. Work at mines in Mexico and Quebec have been temporarily suspended due to government mandates in response to the global pandemic.
“While government orders have shut down two mines, our US mines continue to operate as planned. Our balance sheet is strong with over $200 million in cash, and no near-term debt maturities with our revolver debt not due until 2023 and senior notes in 2028,” Hecla president and CEO Phillips Baker Jr. said in the media release.
Hecla’s stock was down nearly 6% on the NYSE at midday Tuesday. The Idaho-based mining company has a market capitalization of approximately $920 million.