Hecla bets on high silver prices, sees higher spending
Hecla Mining Co posted a fourth-quarter profit and raised its full-year capital expenditure outlook 37 percent as it expects silver prices to remain high, sending its shares up 10 percent.
Coeur d'Alene, Idaho-based Hecla, which sees capital expenditure of $140 million in 2012, said realized silver prices rose 56 percent last year.
Silver, which climbed to a record high of $49.51 per ounce in April 2011, was trading around $34.02 an ounce on Tuesday. Societe Generale said it expects silver prices to pick up through 2012 as it continues to shadow gold.