Hecla Mining Company (NYSE:HL) today announced second quarter 2018 financial and operating results. HIGHLIGHTS - Net income applicable to common shareholders of $11.9 million, or $0.03 per share.
- Adjusted net income applicable to common shareholders of $3.0 million, or $0.01 per share. 1
- Sales of $147.3 million.
- Adjusted EBITDA of $57.7 million and net debt/adjusted EBITDA (last 12 months) of 1.2x. 2,3
- Operating cash flow of $30.6 million compared to $7.5 million in the second quarter of 2017.
- Cost of sales and other direct production costs and depreciation, depletion and amortization ("cost of sales") of $112.3 million.
- Cash cost, after by-product credits, of $(0.57) per silver ounce, a 319% decrease compared to the second quarter of 2017. 4
- All in sustaining cost (AISC), after by-product credits, of $11.40 per silver ounce. 5
- Cash and cash equivalents and short-term investments of $245 million at June 30.
- The acquisition of Klondex Mines Ltd., and its high-grade gold mines in Nevada, is now closed, and the integration and optimization of the assets has now begun.
- Credit rating upgrade by S&P Global to B+ from B, with a stable outlook.
"In the second quarter Hecla performed strongly, reflecting the investments we are making in our mines and exploration programs," said Phillips S. Baker, Jr., President and CEO. "The significant decline in our silver cash cost, after by-product credits per ounce, is a function of strong base metals prices and improved treatment charges. The decline in gold cash cost per ounce is due to higher throughput at Casa Berardi. Additionally, our exploration program continues to discover high-grade material at our operations as well as advance our exploration properties." "We have now closed the acquisition of the high-grade Nevada mines, and are beginning their integration into Hecla," Mr. Baker added. "Our plan is to operate the mines and mill as one unit, allocating the workforce and capital to generate margins and focus on profitability, not just on production for production's sake. Fire Creek has the best margin of the 3 mines by a considerable amount, so ramping it up is our priority. We are also focused on the exceptional exploration opportunities in the 110 square mile land package. " https://www.minenportal.de/artikel.php?sid=241089&lang=en#Hecla-Reports-Second-Quarter-2018-Results%20target=
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