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Hecla Mining reports net income of $12.1 million in 2Q

Hecla Mining Company President and CEO, Phillips. S. Baker, Jr., left, shares a light moment of laughter with former CEO Arthur Brown, May 19, 2016, in Spokane, Wash., at a celebration for the company’s 125th anniversary being held at the Campbell House, home to Amassa Campbell, one of the company’s founders. (Dan Pelle / The Spokesman-Review)
From staff reports

Hecla Mining Co. on Thursday reported second-quarter net income of $12.1 million, after reporting a loss of $24 million in the same period a year ago.

The Coeur d’Alene-based company said it had profit of 3 cents per share on income applicable to shareholders of $11.93 million, compared to a losses of $24.1 million and 6 cents per share for the second quarter 2017.

The company posted revenue of $147.3 million in the second quarter. Its shares closed Thursday at $3.11.

“In the second quarter Hecla performed strongly, reflecting the investments we are making in our mines and exploration programs,” said Phil Baker, company president and chief executive.

Hecla finalized the purchase of three Nevada gold mines in a cash-stock transaction in July. The Fire Creek, Midas and Hollister gold mines are underground, narrow-vein mineral properties give Hecla a 110-square-mile land position in Nevada.

Baker said Hecla is beginning the integration of the former properties of Klondex Mines Ltd., of Reno, into the Coeur d’Alene company.

Hecla also owns mines in Alaska, Quebec, Mexico and the Lucky Friday Mine in Mullan, Idaho, where union workers have been on strike since remain on strike since March 2017.