Hecla reports ‘04 loss, citing ongoing strike
Coeur d’Alene Hecla Mining Co. reported a net loss of $6.1 million in 2004, compared with a net loss of $6 million in 2003.
The results, reported Tuesday, amounted to a loss of 5 cents per share in both years.
Hecla produced nearly 7 million ounces of silver last year and about 190,000 ounces of gold. Production was lower than expected because of a mill workers’ strike in Mexico.
The strike at the Velardena mill began in mid-October and has not yet been resolved. The mill serves Hecla’s San Sebastian Mine, which continues to operate. Company officials said ore from the mine is being stockpiled for future processing. Hecla is also looking into contracting with another mill.
The San Sebastian is expected to close in mid-2005, when its two operating veins are mined out. Hecla is currently exploring for additional veins on the property.
“We expect to be exploring and mining in Mexico for a long time to come,” said Phil Baker, Hecla’s chief executive officer.
In other highlights, Hecla started building its second gold mine in Venezuela last year and began an expansion at the Lucky Friday silver mine in North Idaho.
Hecla spent a record $16 million on mining exploration last year. Hecla’s fourth-quarter loss was $3.8 million, compared with fourth-quarter income of $2.2 million in 2003.
Winn-Dixie files for bankruptcy
Jacksonville, Fla. Bankrupt Winn-Dixie Stores Inc. is betting that efforts to spruce up its supermarkets and upgrade fresh food departments will win customers back from Wal-Mart and other rivals.
But some experts question whether the once-dominant Southeast grocery story chain will ever recover – noting Winn-Dixie’s previous efforts to improve stores, hire innovative management and cut costs by closing stores and laying off workers.
Winn-Dixie filed for Chapter 11 protection from its creditors late Monday in U.S. Bankruptcy Court for the Southern District of New York. The company said 920 Winn-Dixie stores in eight states and the Bahamas will remain open. It has about 79,000 employees, including 33,000 who work full-time.
Two job fairs ahead for Spokane
Two job-related events are planned in Spokane in coming weeks.
The first, a free automotive-industry career fair, will be held Thursday at Appleway Chevrolet, 8500 E. Sprague in Spokane Valley. The 6:30 p.m. event is co-sponsored by Lithia Motors, Appleway’s parent company, and Universal Technical Institute, a technical training company.
The auto industry is facing a nationwide shortage of technicians, said Erinn Figg, spokeswoman for Universal Technical Institute. The school cites U.S. Bureau of Labor Statistics figures that the work force for auto technicians is expected to grow by about 32,000 jobs a year over the next decade.
The second event takes place March 10. Called the Spokane Job Expo, it will feature nearly 40 employers who will be recruiting for about 1,000 jobs in industries ranging from manufacturing to telemarketing to financial services.
The free job fair is sponsored by WorkSource, a partnership of business, government and nonprofit organizations and colleges in Washington.
Job applicants are asked to bring resumes and dress appropriately for a job interview.
The event will be held in the Rendezvous Event Facility at 1003 E. Trent, from 10 a.m. to 2 p.m. For more information call WorkSource at (509) 532-3000 or visit www.workspokane.org.
IRS targets tax sheltering
Washington The Internal Revenue Service offered to reduce penalties Tuesday for dozens of corporations – many of them household names – and their executives if they admit to participating in an abusive tax shelter aimed at hiding income from stock options.
The nation’s tax collectors have identified 42 corporations with executives who wrongly sheltered more than $700 million from taxation and suspect there could be considerably more.
Executives who step forward by May 23 to report their involvement in the shelter and participate in the settlement must pay a 10 percent penalty, half the 20 percent penalty that could be applied.