Hecla Mining Co., of Coeur d’Alene, reported today a fourth-quarter net loss of $3 million, or 1 cent a diluted share, compared with net income of $605,000 in the year-earlier period.
For all of 2013, the company posted a net loss of $25.7 million, or 8 cents a share, compared with income of $14.4 million, or 5 cents a share, in 2012.
While earnings declined, Hecla ramped up its silver and gold production last year. It produced 8.9 million ounces of silver, up 39 percent from the previous year, and 120,000 ounces of gold, a 116 percent increase.
The company attributed its decline in earnings largely to lower metal prices. However, company President and CEO Phillips S. Baker Jr. said in a press release, “With our low operating costs allowing capital expenditures to be paid largely out of cash flow, Hecla should be able to weather even lower metals prices but expects, with increasing production, to reap increased rewards when prices go higher.”