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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of gold and silver miner Hecla Mining (NYSE: HL ) lost all their shine today when shares fell 25% after the company was ordered to close one of its mines.
So what: The Silver Shaft at the Lucky Friday Mine, which has been closed since a rock burst in December, will be closed to remove built-up material in the shaft. Production at the mine is expected to resume in early 2013. As a result of the news, management lowered 2012 silver production estimates to 7 million ounces from 9.5 million ounces.
Now what: There’s really nothing positive to say today considering the loss of production at the mine. Management was disappointed in the order, but the mine has been accident-prone and two miners died over the past year, so the ruling can’t be a complete surprise. No reason to buy the drop today, and keep an eye on future delays that may come from cleanup at the mine.
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