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Hecla: 2009 silver production reached 10.9M ounces

Hecla Mining Co. produced 10.9 million ounces of silver in 2009, a record amount for the company and an increase of 26 percent from the prior year.
The Coeur d’Alene-based Hecla reported output of 44,000 tons of lead and 80,000 tons of zinc during the year.
The company said Jan. 14 it ended the year with more than $100 million in cash and repaid $38.3 million in debt, leaving it debt free, according to reports.
Hecla Mining Company President Phillips S. Baker Jr. said, “2009 was an exceptional year for Hecla with the record quantities of metal produced, increased silver production for the third consecutive year and a cash cost of less than $2 per ounce. With the cash generated, we were able to repay our debt early and still have more than $100 million of cash. A new revolving credit facility was also put in place. We expect 2010 to be just as strong with similar production and cash costs… .”
Hecla predicted it will produce 10 million to 11 million ounces of silver this year, and said that if metal prices stay steady it expects its cash costs to be lower than $2 per ounce of silver.
Shares fell 4 cents to close at $6.25.



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