This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Hecla Resumes Lucky Friday Mine Operations And Production

Stocks in this article: HL

Hecla Mining Company ( NYSE:HL) today announced that its Lucky Friday mine in Idaho’s Silver Valley has resumed operations and production, and is expected to produce approximately two million ounces of silver in 2013.

“Hecla is pleased to report that with rehabilitation work complete on the Silver Shaft at the Lucky Friday mine, and with necessary clearance from MSHA, the mine has resumed operations, with initial production of silver concentrates expected in February. Production levels are expected to ramp up during the first half of the year, and we expect to reach normal production levels by mid-year,” said Hecla's President and Chief Executive Officer Phillips S. Baker, Jr. “For the full year 2013, silver production from Lucky Friday is projected at approximately two million ounces.

“The 12 months of down time at Lucky Friday allowed work crews to improve many aspects of the mine’s operations. Besides cleaning and improving the efficiency of the main Silver Shaft, we upgraded mining methods; conducted supplementary training; hired additional safety experts, mine management and engineering staff; and purchased $2.3 million in new equipment, including mechanized rock bolters, which will be used to implement new ground control measures. In all Lucky Friday working areas, as well as at all of Hecla’s other operations, we strive to meet or exceed the National Mining Association’s CORESafety Program, which is the industry benchmark for operations and safety implemented in 2009, as well as all MSHA-approved guidelines. I’d like to thank everyone who played a role in the Lucky Friday rehabilitation for their hard work, dedication and attention to detail,” Mr. Baker added.

The Company has recalled all employees necessary for Lucky Friday to reach full production. All employees, both returning and new, have received supplemental safety training, with enhanced procedures for risk assessment and accident prevention designed to improve existing safe work practices. Work crews have completed the bypass drift at the 5900 foot level, around an area impacted by a rock burst in December 2011. Ground support has been upgraded for over 7.5 miles of underground workings; these upgrades include, in appropriate areas, the incorporation of recently developed ground support bolting products. Current production is coming from #10 stope and #11 stope, located on the intermediate-vein package and 30-vein, respectively.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,590.21 +233.34 1.34%
S&P 500 2,039.82 +26.93 1.34%
NASDAQ 4,703.61 +59.2980 1.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs