NEW YORK (TheStreet ) - Hecla Mining's(HL) silver story is so good you have to wonder if this shining success story can last.
The oldest silver miner in America produced 2.7 million ounces of silver in the third quarter for negative cash costs of $1.01 an ounce. The company made 6 cents a share and Hecla estimates that for 2010 it will produce 10 million to 11 million ounces of silver with total cash cost of negative 50 cents. With silver prices trading around $30 an ounce, these results can look staggering.
Hecla has two producing silver mines -- Greens Creek and Lucky Friday -- as well as two development projects in Colorado and Mexico. For now, Greens Creek is carrying the weight for Hecla. It's one of the largest silver mines in the world and produced 1.9 million ounces of silver last quarter for negative $3.05 an ounce. Lucky Friday is good but not as lucky producing 0.8 million ounces for $3.38 an ounce.
