Hecla reports 2Q loss, $6.4 million in costs at the Lucky Friday during strike

Hecla Mining Co. is spending $1.5 million to $2 million monthly on the Lucky Friday Mine during a miners’ strike – work that is needed to keep the deep underground mine ready for start up.

The costs were included in Hecla’s second-quarter results, which were released Thursday.

The Coeur d’Alene-based company reported a loss of $24.2 million, or 6 cents per share, on sales of $134.3 million during the quarter. The results compared to an income of $24 million during the second quarter of 2016.

Hecla attributed much of the loss to a $16.1 million tax charge, mostly related to estimated taxes at Hecla’s Mexican operations.

The strike that began March 13 at the Lucky Friday Mine in Mullan, Idaho, resulted in a $6.4 million charge for costs related to suspended operations during the quarter.

Hecla also reported $1.6 million in non-cash depreciation charges at the Lucky Friday during the quarter.