Hecla Reports Third-Quarter Loss

Hecla Mining Co. Friday reported a third-quarter loss of $1.1 million, or 2 cents per share, on revenues of $41.9 million.

This compares with losses of $38.8 million, or 76 cents per common share, for the third quarter of 1996.

Hecla said lower precious metals prices contributed to the loss in the most recent quarter.

Gross profit for the first nine months of 1997 increased to $16.4 million, compared with $9.3 million for the same period in 1996. The improvement was attributed to the closure and write-down of the Grouse Creek and American Girl gold mines, coupled with strong performance at the company’s Rosebud mine in northern Nevada, and Greens Creek mine in Alaska.

Hecla’s gold segment reported a 39 percent decrease in production costs during the third quarter of this year. Increased silver production was offset by low silver prices, which led to a gross loss of $1.7 million in that segment. , DataTimes