Hecla Mining (NYSE: HL) announced Tuesday that is withdrawing its full-year 2020 guidance to assess covid-19’s impact on its production and costs.
First-quarter production met the company’s expectations, Hecla said, producing 2.9 million ounces of silver in the first quarter, and 57,238 ounces of gold.
The company’s three mines in the US remain fully operational and represented 69% of its 2019 gold-equivalent output.
Work at mines in Mexico and Quebec have been temporarily suspended due to government rules in response to the pandemic.
“While government orders have shut down two mines, our US mines continue to operate as planned. Our balance sheet is strong with over $200 million in cash, and no near-term debt maturities with our revolver debt not due until 2023 and senior notes in 2028,” said Phillips S. Baker, Jr., Hecla’s president and CEO in the media release.
Midday Tuesday, Hecla’s stock was down nearly 6% on the NYSE. The company has a $920 million market capitalization.