Hecla shatters silver record

The old dog is still learning new tricks: in 2003, U.S. silver miner Hecla Mining enjoyed the best year of silver production in its 113-year history. The company mined a record 9.8 million oz. at a total production cost of US$2.70 per oz., compared with 8.7 million oz. at US$3.68 per oz. in 2002. Hecla’s 2003 gold production, however, slipped to 204,000 oz. at a total production cost of US$222 per oz., from 240,000 oz. at US$206 per oz. in 2002. While sales for 2003 jumped US$11 million to US$116 million, Hecla lost a net US$6 million (US17 per share), owing to a US$23.8-million provision for closed operations and environmental matters. Hecla closed the holiday-shortened report period ended Feb. 17 down US42 to US$8.17.

Higher gold prices allowed unhedged Glamis Gold to boost its net income for 2003 by 31% to US$18 million (US14), even though annual gold production declined to 230,294 oz. from 251,919 oz. and total production costs were up 11% to US$262 per oz. Glamis surged US$1.12 to US$17.23.

Newmont Mining was once again the most active gold stock, rising US$1.15 to US$45.45 as it invited cash offers for its Bronzewing gold mine and processing plant in Western Australia, both of which are due to close next month. The asset includes a 280-sq.-km regional exploration package prospective for gold and nickel.

Also in Western Australia, BHP Billiton announced it will look into the feasibility of expanding its iron-ore production capacity there by 145 million tonnes annually. Over the next five years, BHP plans to spend about A$6.7 billion on various projects in the state, including iron ore, nickel and natural gas. BHP closed up US$1.15 to US$19.31.

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