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Higher silver prices helped Hecla Mining Co. turn a first quarter profit despite an ongoing strike at the Lucky Friday Mine.
Hecla Mining Co. had a turnaround year in 2016, reporting $69 million in profits from strong performances at the company’s silver mines.
Lower prices for gold, silver and lead took a bite out of Hecla Mining Co.’s second quarter results.
The Galena Mine will cut its workforce by about a third in response to plunging silver prices and high production costs, officials said Tuesday. Layoff notices are being sent to 126 of the underground silver mine’s 351 workers. Affected employees will be given a 60-day notice in compliance with federal law and the mine’s collective bargaining agreement, said Janice Mandel, a spokeswoman for U.S. Silver and Gold Inc., the mine’s owner.
WALLACE – Mark Miller’s baby girl is just learning how to crawl. She has three rambunctious older brothers, ages 2, 7 and 9. Miller hopes he can find a job in the area during a yearlong shutdown of the Lucky Friday Mine. But he may end up commuting to another state to work while his wife, Heidi, stays behind in the Silver Valley with the kids.
MULLAN, Idaho – At the Lucky Friday Mine, a descent of nearly a mile takes only 2 1/2 minutes. You climb aboard the “cage” on the Silver Shaft, which operates like a high-speed elevator. Rock walls, encased in concrete, whiz by. When the cage stops with a rattle and a shake, you’re 4,900 feet below the Earth’s surface, deep in the Bitterroot Mountains, where the rock is shot through with silver veins.