Leading US silver producer, Hecla Mining (NYSE: HL), is seeking to increase its presence across Latin America to speed up growth after its Canadian consolidation.
In 2022, the Idaho-based miner marked its presence in Canada’s Yukon Territory with the acquisition of Alexco Resources, set up in the renowned high-grade silver region of the Keno Silver District.
Hecla originally faced hurdles working at the Keno Hill mine when inspections found a series of issues including sediment runoff from the tailings facilities, poor storage of hazardous materials, hydrocarbon stains, and toxic water discharge.
Despite the setback, Keno Hill still managed to produce 1.5Mt of silver in 2023, with 608,301oz produced in Q4. The Bermingham deposits, which form the backbone of Hecla’s current Yukon mining operations, achieved its highest production in December, exceeding 9,500t. The silver ore supply at the end of the year reached 3,000t at a grade of 27oz/t.
“I think this is going to be an incredible mining district, it already is, but it’s going to be even bigger,” chief executive Phillips J. Baker said in an interview with Peru’s Gestión. “It’s a 200Moz district and we don’t know what the limit will be.”
Commenting on Hecla’s move into Latin America, he added, “We recognize that to grow faster we need to be in Mexico, Peru, Bolivia or Argentina, so we are actively pursuing opportunities in each of those jurisdictions.”
Meanwhile, the silver major is looking to maximize value from its four operating mines — Greens Creek (Alaska, US), Lucky Friday (Idaho, US), Casa Berardi (Quebec, Canada), and Keno Hill (Yukon, Canada) — and an additional 10 exploration projects.
Last month, the company stated that it has targets to produce 20Moz pa of silver by 2025.
