NEW YORK (TheStreet) -- Shares of Hecla Mining (HL) were surging 6.61% to $5.97 in mid-afternoon trading on Tuesday after the company announced preliminary gold and silver production for the 2016 third quarter and raised its full-year silver output estimate.
Hecla Mining said it expects silver production to climb 67% year-over-year to 4.32 million ounces in the third quarter.
Gold output in the period is projected to be about 52,000 ounces, up 20% year-over-year.
"The strong performance from all our mines enables us to increase our silver production estimate to 16.25 million ounces in 2016, the highest silver production in our 125-year history," CEO Phillips Baker said in a company statement.
The company had previously estimated 15.75 million ounces in silver output for the full year.
Additionally, gold and silver prices were higher this afternoon as the U.S. dollar weakened.
The commodity metals are dollar-denominated, and become less expensive to foreign buyers when the dollar loses steam.
For December delivery, gold was up 0.48% to $1,262.20 per ounce while silver was higher by 0.84% to $17.62 per ounce on the COMEX this afternoon.
Hecla Mining is Coeur d'Alene, ID-based gold, silver, lead and zinc mining company.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we find that the company's return on equity has been disappointing.
You can view the full analysis from the report here: HL