When It Comes To This, Miners Have It All Wrong - Hecla Ceo

After posting record production in the company's 125-year history, Hecla Mining is setting its eyes on mining more silver. Speaking with Kitco News at the BMO conference, CEO Phil Baker said he will continue to follow the strategy that has been working for the company. 'Our cost structure is so low.That means we're going to make very good margins regardless of where the prices are,' he said. However, Baker warned that the industry as a whole may be in trouble because companies are not hedging properly again price volatility. 'The dangers are when you don't create margin and an example if you look at people's price assumptions for the calculation of reserves,' he explained. 'They're pricing it at spot today.and that's troubling because what ends up happening is prices are going to be volatile and you're going to lose value.'