Production at Lucky Friday likely to be suspended through 2023
Hecla Mining Company announced an update regarding the Lucky Friday Mine on the previously reported fire in the mine’s secondary egress, the #2 shaft.
The fire has been extinguished, normal ventilation has been established, and the workforce has been recalled. The company is bringing the mine back into production by developing a new secondary egress to bypass the damaged portion of the shaft. The new egress will extend an existing ramp 1,600 feet and install a 290-foot-long manway raise.
It is anticipated this work will suspend production for the remainder of 2023. The mine has produced 3 million ounces of silver as of the end of July 2023. Currently, the company does not expect a material change to 2024 consolidated silver production guidance. The company has property insurance with an underground sub-limit of $50 million and believes this policy will cover most of the property damage and business interruption, less the deductible.
Founded in 1891, Hecla Mining Company is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.