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Hecla Mining CEO Phillips Baker on why silver’s use in the industrial and technology sector will drive up the demand and price.
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17%.
While silver is down a little more down a little more than 8% over the past year.
Why -- shares of hecla mining and the largest silver producer in the US down way more about 50% over the same period.
Is there opportunity for upside here joining me now on a Fox Business exclusive Phillips baker CEO and president.
Of hecla.
My name.
Open what is at the heart of a loss here what we've seen certainly with bold as well the prices skyrocketed some of the miners have gone along and then now I see the same -- -- Yeah you know for -- for the -- mining companies there has been a lag.
With respect to the medal and that's happened before that's that's not men and it's not -- -- and we would expect that term.
How so.
I'm did it you know what ends up happening is the market begins to look at the leverage that you get from the silver companies from the gold companies they look at the the growth that you'll see and they in the amount of metals that are produced and with that will come the performance in the stock.
Okay folks this is from watch.
Silver.
Is extracted this is silver or go right correct okay and then from that comes this this is an ounce -- -- -- And it is stamped with one of your minds.
This wanna see Cynthia Green -- the greens creek mine in Alaska in Alaska and then the Idaho might.
But there's so many other usage is for this what will drive the price of silver collectors him asthmatic or is it going to be.
What goes into obviously autos and computer sure it's.
It is technology.
You know the announcement today the announcement of the iPad the new iPad silver is in a -- -- about a -- -- Now so so you're you're gonna have hundreds of millions of these ipads sold this new technology.
That didn't even exist for five years ago.
And and if you look at at the what's called the industrial demand for silver.
That's all happened in the last sixty years that is about half of all the demand for -- about 500 million ounces.
Has occurred in the last sixty years -- before that.
When you didn't have any of those sorts of uses.
Let's get the clarifying the matter on the cleanup of one of your -- -- -- in mind where do we stand on that you paid a big fine.
And is up behind you now.
Well that we there -- -- -- price paid to what what we have done where did you pay -- to 168 million that that relates to some environmental in this litigation.
Is that -- -- GM that's completely behind us.
So so what's happened is we are now.
Going to clean the shaft that we have -- the lucky Friday mine in -- that.
We're going to actually improve its capacity.
And will be able to make -- -- more productive.
Looking out of the price of silver and it's so interesting to me because for a while their people were screaming and yelling silver is going to be at 48 dollars an ounce and it got.
Pretty clubs.
Mean it really got close for silver people started saying silver's -- the new gold let's get to that immediately.
And then it pulled back.
What is your outlook for the price of an ounce of silver for the next year.
Look -- the the if you if you think about.
Things that -- remind you there's only two things that are mounting real money yes it's gold and silver why is that if you look at all of the elements in the world you look at everything that you could have as many.
It comes down to those two metals everything else is either gas -- It's radioactive -- it.
It has stated its volatile works too common.
Gold and silver -- are the only two things that you could have that's real money the market chatter is that -- -- could be a takeover target which you fight that.
Look we have so much opportunity to grow than the business we've got that the two minds the greens creek and lucky Friday mine and then we're developing three new properties.
That will allow us to increase our production by about 50% so.
We would like CB -- have the opportunity to -- I'm gonna happen yeah how many ounces caught up a lot of this chunk.
That you are not very much a -- -- -- but not that takes it takes takes takes about.
-- She get to fourteen ounces takes better time to move that title that's forget it alright Phillips thank you very much.
Phillips -- is the CEO and president of hecla mining he's a ton of this to get one of these interesting all right -- something new every.
