By Colin Kellaher
Idaho – A recent fire at Hecla Mining’s Lucky Friday mine in Idaho has been successfully extinguished. However, the incident has halted production for the remainder of the year.
Hecla Mining recently reported that the fire resulted in a fall of ground in the secondary egress. In response, the company has announced plans to develop a new secondary egress, allowing for the bypassing of the damaged section of the #2 shaft. Unfortunately, this necessary work will suspend output until a resolution is found. As a result, production will not resume until early 2024.
Previously, Hecla Mining had estimated a silver output of 4.5 million to 5 million ounces from the Lucky Friday mine for this year. However, the mine had only produced 3 million ounces of silver by the end of July.
Due to the fire incident’s impact on production, Hecla Mining has revised its full-year silver production guidance. The new range is projected to fall between 14.5 million to 15.5 million ounces, in contrast to the previous estimate of 16 million to 17.5 million ounces.
Despite this setback, Hecla Mining assures stakeholders that its consolidated silver production guidance for 2024 remains largely unaffected. The company has property insurance in place, including coverage for underground damages and business interruption, up to a sub-limit of $50 million.