Weak silver prices hit Idaho’s Silver Valley miners

摘要

Wallace, Idaho—Silver miners innnorthern Idaho’s fabled Silver Valleynslashed capital projects in 2008 in thenaftermath of a meltdown in silver prices, and have told Plattsnthey expect to remain in a production-only holding pattern fornthe better part of 2009 while hoping for a rebound.nSilver started 2008 at $15.167/oz (basis the COMEXnnearby contract), rose to a high of $20.68/oz March 5, thennducked to a low of $8.79/oz October 28 before bouncing ton$11.295/oz on December 31. Mining shares of the SilvernValley’s two biggest operators fared even worse: HeclanMining’s shares plunged nearly 80% from a 52-week high ofn$13.14/share in March to $2.76/share at year’s end —neven dipping briefly below $1/share in November. US Silver’snshares plummeted more than 90% from its springtime highnof C$0.94/share to C$0.03/share in November, beforenrecovering to C$0.8￠/share.