US-based miner Hecla to cut exploration spending on lower metal prices

US-based silver miner Hecla on Thursday said it will reduce spending on exploration and development for the remainder of the year because of lower metal prices.

But CEO Phil Baker said precious metals output will still rise in the second half of the year as production ramps up at the company's flagship Lucky Friday silver mining after a year-long shutdown.

Metal output also is expected to increase from the company's Greeks Creek silver mine in southeast Alaska and its newly acquired Casa Berardi gold mine in northwestern Quebec.