Hecla posts US$53.2mn net income for 2007 - Venezuela
Friday, February 22, 2008
Idaho-based Hecla Mining (NYSE: HL) posted net income of US$53.2mn for 2007 compared to income of US$69.1mn the prior year, the company said in a statement.Revenue last year totaled US$223mn compared to US$219mn in 2006.
Company-wide Hecla produced 5.64Moz silver, 107,708oz gold, 24,549t lead and 26,621t zinc during 2007, compared to 5.51Moz silver, 179,276oz gold, 22,899t lead and 24,207t zinc the previous year.
At the Venezuelan La Camorra unit where mining transitioned to a single deposit, Mina Isidora, gold production fell to 87,490oz compared to 160,563oz the previous year.
Average cash costs at La Camorra increased from US$345/oz gold in 2006 to US$537/oz gold in 2007, due to higher transportation, labor and supplies costs, as well as fewer gold ounces produced, Hecla said.
Production at Mina Isidora was impacted by a road blockade during 2Q07, disrupting access to the mine. The mine went back into production in mid-July.
Hecla's interests include its Lucky Friday mine in Idaho and the Greens Creek JV in Alaska. Hecla also has exploration in Mexico.
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