Q2 2024 Hecla Mining Co Earnings Call Transcript
Key Points
- Hecla Mining Co (HL) reported record revenues and the second highest silver production in its 133-year history.
- The company generated strong free cash flow, particularly from its Greens Creek and Lucky Friday mines.
- Hecla Mining Co (HL) is committed to deleveraging its balance sheet, having reduced net debt by $25 million in the second quarter.
- The company is investing in its operations, particularly at Keno Hill, which has shown remarkable success and potential for long-term value.
- Hecla Mining Co (HL) has a unique silver-linked dividend policy, which provides additional exposure and leverage to silver prices.
- Higher labor and contractor costs have impacted the cost structure, particularly at the Lucky Friday mine.
- Keno Hill has not yet declared commercial production despite strong production, indicating ongoing challenges.
- The company is facing increased capital expenditures, particularly at Keno Hill, due to necessary infrastructure and safety improvements.
- There is uncertainty regarding the timeline for appointing a new CEO, which could impact strategic direction.
- Hecla Mining Co (HL) is experiencing inflationary pressures in mining supplies and contractor costs, affecting overall cost management.
Hello, everyone, and welcome to the second quarter 2024 Hecla Mining Company earnings conference call. Please note that this call is being recorded. (Operator Instructions) Thank you.
I'd now like to hand over to our first speaker for today, Anvita Patil. Please go ahead.
Good morning Ellie, and thank you all for joining us for Hecla's second quarter 2024 results conference call. I'm Anvita Patil, Vice President of Investor Relations and Treasurer. Our earnings release that was issued yesterday, along with today's presentation are available on our website.
On the call is Cassie Boggs, Interim President and Chief Executive Officer; Russell Lawlar, Senior Vice President and Chief Financial Officer; Carlos Aguiar, Vice President of Operations; and Kurt Allen, Vice President of Exploration. At the conclusion of our prepared remarks, we will all be available to answer your questions.
Any forward-looking statements made today by the management team come under
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