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Hecla Mining (HL) Q4 Silver & Gold Production Dip Sequentially
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Hecla Mining (HL - Free Report) reported silver production of 3.9 million ounces in the fourth quarter of 2023. Silver production was down 17% sequentially due to the suspension of the Lucky Friday mine. Gold production was down 5% to 37,168 ounces from the third quarter of 2023.
Lead production was 5,282 tons, down 36% on a sequential basis. Zinc output went down 15% to 12,669 tons from the third quarter of 2023.
FY23 Results
In 2023, the company produced 14.3 million ounces, exceeding its 2022 production of 14.2 million ounces. Gold production was down 14% year over year to 151,259 ounces. Lead production for 2023 came in at 40,347 tons, down 16% on a year-over-year basis. Zinc output went down 5% from 2022 to 60,579 tons.
Mine Performances
The Lucky Friday mine restarted production on Jan 9, 2023, after being suspended since August due to a fire in the secondary escapeway. The mine is projected to reach its full capacity in the first quarter of 2024. In 2023, the Lucky Friday mine produced 3.1 million ounces of silver, 30% lower than in 2022.
In 2023, Keno Hill produced 1.5 million ounces of silver, including 608,301 ounces in the fourth quarter. Bermingham recorded the highest December production, with 9,500 tons.
The Greens Creek mine produced 9.7 million ounces of silver in 2023, unchanged from 2022, as higher throughput offset lower grades and recoveries. Annual gold production increased 26% year over year to 60,896 ounces due to higher throughput, grades and recoveries. The mine produced 2.3 million ounces of silver and 14,651 ounces of gold in the fourth quarter of 2023, down 4% and 2% sequentially, respectively.
The Casa Berardi mine produced 90,363 ounces of gold in 2023, a 29% decrease due to June wildfire closures and lower underground tonnage, as the mine converts to a surface operation by mid-2024. In the fourth quarter, the mine produced 22,517 ounces of gold, 7% lower than the third quarter.
Price Performance
Shares of Hecla Mining have lost 26.2% in a year compared with the industry's 12.2% decline.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
Hecla Mining currently carries a Zacks Rank #2 (Buy).
Universal Stainless & Alloy Products has an average trailing four-quarter earnings surprise of 44.4%. The Zacks Consensus Estimate for USAP’s 2023 earnings is pegged at 52 cents per share. Earnings estimates have been unchanged in the past 60 days. USAP shares rallied 151.5% last year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $3.96 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 71.2% in a year.
The Zacks Consensus Estimate for Ternium’s 2023 earnings is pegged at $7.98 per share. It has an average trailing four-quarter earnings surprise of 38.6%. TX’s shares have gained 36.5% in a year.
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Hecla Mining (HL) Q4 Silver & Gold Production Dip Sequentially
Hecla Mining (HL - Free Report) reported silver production of 3.9 million ounces in the fourth quarter of 2023. Silver production was down 17% sequentially due to the suspension of the Lucky Friday mine. Gold production was down 5% to 37,168 ounces from the third quarter of 2023.
Lead production was 5,282 tons, down 36% on a sequential basis. Zinc output went down 15% to 12,669 tons from the third quarter of 2023.
FY23 Results
In 2023, the company produced 14.3 million ounces, exceeding its 2022 production of 14.2 million ounces. Gold production was down 14% year over year to 151,259 ounces. Lead production for 2023 came in at 40,347 tons, down 16% on a year-over-year basis. Zinc output went down 5% from 2022 to 60,579 tons.
Mine Performances
The Lucky Friday mine restarted production on Jan 9, 2023, after being suspended since August due to a fire in the secondary escapeway. The mine is projected to reach its full capacity in the first quarter of 2024. In 2023, the Lucky Friday mine produced 3.1 million ounces of silver, 30% lower than in 2022.
In 2023, Keno Hill produced 1.5 million ounces of silver, including 608,301 ounces in the fourth quarter. Bermingham recorded the highest December production, with 9,500 tons.
The Greens Creek mine produced 9.7 million ounces of silver in 2023, unchanged from 2022, as higher throughput offset lower grades and recoveries. Annual gold production increased 26% year over year to 60,896 ounces due to higher throughput, grades and recoveries. The mine produced 2.3 million ounces of silver and 14,651 ounces of gold in the fourth quarter of 2023, down 4% and 2% sequentially, respectively.
The Casa Berardi mine produced 90,363 ounces of gold in 2023, a 29% decrease due to June wildfire closures and lower underground tonnage, as the mine converts to a surface operation by mid-2024. In the fourth quarter, the mine produced 22,517 ounces of gold, 7% lower than the third quarter.
Price Performance
Shares of Hecla Mining have lost 26.2% in a year compared with the industry's 12.2% decline.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
Hecla Mining currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the basic materials space are Universal Stainless & Alloy Products, Inc. (USAP - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Ternium S.A. (TX - Free Report) . USAP and CRS sport a Zacks Rank #1 (Strong Buy), and TX carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Stainless & Alloy Products has an average trailing four-quarter earnings surprise of 44.4%. The Zacks Consensus Estimate for USAP’s 2023 earnings is pegged at 52 cents per share. Earnings estimates have been unchanged in the past 60 days. USAP shares rallied 151.5% last year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $3.96 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 71.2% in a year.
The Zacks Consensus Estimate for Ternium’s 2023 earnings is pegged at $7.98 per share. It has an average trailing four-quarter earnings surprise of 38.6%. TX’s shares have gained 36.5% in a year.