Hecla Mining Sets Sights on Latin American Expansion Following Canadian Success

Hecla Mining, the United States' largest silver producer based in Coeur d'Alene, Idaho, is poised to expand its operations into Latin America, targeting Mexico, Peru, and two other countries. This strategic move is part of Hecla's plan to accelerate growth following its consolidation in Canada, where it has recently established a strong presence.

In 2022, Hecla Mining fortified its position in one of the world’s premier silver regions by acquiring Alexco Resources, gaining access to The Keno Hill Silver District in Canada’s Yukon Territory. Despite facing initial environmental challenges at the Keno Hill mine, including issues related to sediment runoff and toxic discharges, Hecla has made significant progress. In 2023, Keno Hill produced an impressive 1.5 million ounces of silver, with the Bermingham deposits, the cornerstone of Hecla Yukon’s operations, reaching peak production in December.

Hecla’s CEO, Phillips J. Baker, in an interview with Peru’s Gestión, expressed optimism about the potential of the Keno Hill district, describing it as a "200 million-ounce district" with untapped potential. The company, with additional offices in Vancouver, Canada, is on track to become Canada’s largest silver producer as its Yukon operations continue to expand.

Looking beyond its current success in Canada, Hecla is now actively exploring opportunities for growth in Latin America. “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 these jurisdictions,” Baker stated.

This expansion plan aligns with Hecla’s goal to maximize value from its four operating mines — Greens Creek in Alaska, Lucky Friday in Idaho, Casa Berardi in Quebec, and Keno Hill in the Yukon — as well as from its ten exploration projects. The company has set an ambitious target to produce up to 20 million ounces of silver annually by 2025.

Hecla Mining's proactive approach to overcoming initial environmental challenges and its strategic expansion into new territories underscore the company's resilience and commitment to growth. This expansion into Latin America represents a significant step in Hecla’s journey to become a global leader in silver production, leveraging its expertise and robust operational foundation.