Hecla Mining raises FY16 silver production estimate to 16.25M ounces
Hecla Mining announced preliminary silver and gold production results for the Q3. Highlights include: Silver production of 4,316,664 ounces, a 67% increase; gold production of 52,126 ounces, a 20% increase; silver equivalent production of 10.3 million ounces, a 17% increase; lead production increased 14% and zinc production decreased 15%; increased silver production estimate for 2016 to 16.25M ounces, from 15.75; cash, cash equivalents and short-term investments of approximately $192M at 09/30/16, an increase of about $33M for the quarter. Includes $16 million of insurance proceeds for the Troy Mine reclamation. "We continue to see substantial free cash flow generation, with higher prices and silver and gold production up 67% and 20%, respectively, over last year," said the company. "The strong performance from all our mines enables us to increase our silver production estimate to 16.25M ounces for 2016, the highest silver production in our 125-year history."