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Thursday
Aug082013

Hecla to hedge precious metal shipments after surprise loss

Hecla to lock in prices during shipments: CFO

* Reduces 2013 capex by 13 pct, rival Coeur cuts by 18 pct

* Q2 adj loss $0.03/shr vs est profit $0.01/shr

* Hecla shares rise as much as 7 pct

Aug 8 (Reuters) - Hecla Mining Co said it has started to hedge its precious metal shipments after a drastic fall in spot prices pushed the company to report a surprise loss.

Shares of the company rose as much as 7 percent on the New York Stock Exchange on Thursday.

The No.2 U.S. silver miner by output said it sold 40 percent of its silver production of 2.2 million ounces only in June and at prices much below the average price for the quarter.

This magnified the lower realized price, Chief Financial Officer James Sabala said on a post-earnings conference call with analysts.

Realized silver prices fell 40 percent to $16.27 per ounce for the company, while the broader spot market prices fell about 21 percent to average $23.17 per ounce.

To read this article in full please click here.

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