Why Hecla Mining Stock Caved In Today
Shares of silver and gold mining company Hecla Mining Company (NYSE: HL) tumbled 9.4% through 3:15 p.m. ET on Monday after revealing that a fire at its Lucky Friday mine caused "a fall of ground" at the mine's No. 2 egress shaft, potentially compromising ventilation at the mine.
Hecla was quick to assure that the part of the mine that experienced the fire was "unused" and that "no personnel were in the mine at the time of the failure." Nevertheless, management warned that both production volumes and cost guidance for this particular mine will be affected by this incident.
That's no huge surprise. Management noted that it is "working on a plan to resume production" at the mine, which sounds like another way to say that Hecla has halted production at the mine.
Source Fool.com