Hecla keeping Lucky Friday on idle

A fire reported in August in the second egress of the No. 2 shaft at Hecla Mining’s Lucky Friday silver operation in Idaho has been extinguished, though the company has confirmed it will suspend production for the remainder of 2023.

Hecla said in an update report that, post-fire, normal ventilation has been established, and the workforce has been recalled so work can begin on a new secondary egress that will bypass the damaged shaft. That new egress is projected to extend an existing ramp by 1,600 feet, and it will include a 290-foot-long manway raise.

As a result of the work, Lucky Friday will likely remain idled through the remainder of the year. The mine produced 3 million ounces as of the end of July 2023; currently, Hecla does not expect a material change to its 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,” officials said of the outlook.

Hecla is the largest silver miner in the U.S. Lucky Friday, located in the Coeur d’Alene Mining District, is one of the top seven primary silver mines in the world.

Source: Hecla Mining

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