Mining earnings: Hecla, GoGold
Hecla Mining returned to profitable operations in 2016, helped by low-cost production at its San Sebastián mine in Mexico.
The company recorded net earnings of US$69.5mn, compared to a US$87.0mn net loss in 2015, with revenue at US$646mn, up from US$444mn.
Cash cost fell 47% to US$3.10/oz silver, net of by-product credits, partly due to production from San Sebastián, which began operations in January 2016.
Cash cost at San Sebastián was negative US$3.35/oz silver, with all-in sustaining costs of negative US$0.66/oz. The mine produced 4.29Moz silver and 34,042oz gold in 2016.
San Sebastián is expected to produce 3.0-3.4Moz silver and 21-25,000oz gold in 2017, at US$0.00/oz cash costs and AISCs of US$2/oz silver.
***
GoGold Resources recorded net income of US$662,000 in Q4, compared to a net loss of US$2.35mn in the same period of 2015.
Revenue was US$6.86mn, up from US$3.00mn, from the sale of 413,941oz silver equivalent, up from 219,292oz.
Cash cost was US$6.70/oz silver equivalent, up from US$6.54/oz. GoGold has the Parral and Santa Gertrudis mines in Mexico.
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