Silver prices drop from last year
Hecla Mining posted an $8.6 million loss for the third quarter as precious metals prices slumped.
The Coeur d’Alene company said Tuesday morning it expects the fourth quarter to show improvement and be its best of the year.
Despite the losses, Hecla reported that its re-opened Lucky Friday silver mine in Mullan is meeting expectations and contributed far more to the company’s overall silver production.
Silver prices over the summer averaged about $22.22 per ounce, down from the $35 an ounce during 2012.
Hecla’s $8.6 million loss on third quarter revenues of $106.6 million, compared to a $1 million loss on $81.8 million in revenues during the third quarter of 2012.