Hecla Mining Withdraws 2020 Guidance Due to COVID-19 Effects
The Greens Creek mine Juneau facility has begun quarantining all employees for a period of 14 days before the start of 28-day rotation.
SEATTLE (Scrap Monster): Hecla Mining announced its decision to withdraw full-year 2020 guidance in response to COVID-19 pandemic impacts.
According to the company, three of the five U.S. mines continue to remain fully operational. These three mines accounted for 69% of the company’s gold-equivalent output in 2019. Meantime, the operations at mines in Mexico and Quebec are on temporary suspension following government restrictions.
The Greens Creek mine Juneau facility has begun quarantining all employees for a period of 14 days before the start of 28-day rotation. In order to comply with government order, the suspension of operations at Casa Berardi, Quebec has now been extended until May 4th. The suspension was initially expected to be until April 13th. The company is in the process of an orderly wind-down of operations at Mexico’s San Sebastian mine, as part of suspension of operations until April 30th.
Phillips S. Baker, Jr., Hecla’s President and CEO noted that the quick response to the virus outbreak, which began as early as February, has ensured protection to employees across various mines. The company has no near-term debt maturities and has a strong balance sheet with over $200 million in cash, Baker said.
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