Home
Jump to Risk Factors
Jump to Industries
Jump to Exposures
Jump to Event Codes
Jump to Wiki Summary

Industries
Asset Management and Custody Banks
Environmental Services
Oil and Gas Exploration and Production
Investment Banking and Brokerage
Exposures
Economic
Express intent
Military
Provide
Political reform
Judicial
Cooperate
Policy
Event Codes
Agree
Human death
Promise
Yield to order
Demand
Solicit support
Warn
Accident
Endorse
Promise policy support
Release or return
Threaten
Yield position
Sports contest
Acknowledge responsibility
Reduce routine activity
Military blockade
Wiki Wiki Summary
December 1 December is the twelfth and the final month of the year in the Julian and Gregorian calendars. It is also the last of seven months to have a length of 31 days.
December 1924 German federal election Federal elections were held in Germany on 7 December 1924, the second that year after the Reichstag had been dissolved on 20 October. The Social Democratic Party remained the largest party in the Reichstag, receiving an increased share of the vote and winning 131 of the 493 seats.
Operations management Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
SWOT analysis Spot analysis, spot test analysis, or spot test is a chemical test, a simple and efficient technique where analytic assays are executed in only one, or a few drops, of a chemical solution, preferably in a great piece of filter paper, without using any sophisticated instrumentation. The development and popularization of the test is credited to Fritz Feigl.A spot test or spot assay can also refer to a test often used in microbiology.
Futures contract In finance, a futures contract (sometimes called a futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset transacted is usually a commodity or financial instrument.
Special Activities Center The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Extravehicular activity Extravehicular activity (EVA) is any activity done by an astronaut outside a spacecraft beyond the Earth's appreciable atmosphere. Normally, the term applies to what has been termed a spacewalk outside a craft that is orbiting Earth (such as the International Space Station).
Student activities Student activities (also known as campus activities) are student-focused extracurricular clubs and programs offered at a college or university. Student activities are generally designed to allow students to become more involved on campus.
Yoda conditions In programming jargon, Yoda conditions (also called Yoda notation) is a programming style where the two parts of an expression are reversed from the typical order in a conditional statement. A Yoda condition places the constant portion of the expression on the left side of the conditional statement.
Twenty-one Conditions The Twenty-one Conditions, officially the Conditions of Admission to the Communist International, refer to the conditions, most of which were suggested by Vladimir Lenin, to the adhesion of the socialist parties to the Third International (Comintern) created in 1919. The conditions were formally adopted by the Second Congress of the Comintern in 1920.
Nervous Conditions Nervous Conditions is a novel by Zimbabwean author Tsitsi Dangarembga, first published in the United Kingdom in 1988. It was the first book published by a black woman from Zimbabwe in English.
Wolfe conditions In the unconstrained minimization problem, the Wolfe conditions are a set of inequalities for performing inexact line search, especially in quasi-Newton methods, first published by Philip Wolfe in 1969.In these methods the idea is to find\n\n \n \n \n \n min\n \n x\n \n \n f\n (\n \n x\n \n )\n \n \n {\displaystyle \min _{x}f(\mathbf {x} )}\n for some smooth \n \n \n \n f\n :\n \n \n R\n \n \n n\n \n \n →\n \n R\n \n \n \n {\displaystyle f\colon \mathbb {R} ^{n}\to \mathbb {R} }\n . Each step often involves approximately solving the subproblem\n\n \n \n \n \n min\n \n α\n \n \n f\n (\n \n \n x\n \n \n k\n \n \n +\n α\n \n \n p\n \n \n k\n \n \n )\n \n \n {\displaystyle \min _{\alpha }f(\mathbf {x} _{k}+\alpha \mathbf {p} _{k})}\n where \n \n \n \n \n \n x\n \n \n k\n \n \n \n \n {\displaystyle \mathbf {x} _{k}}\n is the current best guess, \n \n \n \n \n \n p\n \n \n k\n \n \n ∈\n \n \n R\n \n \n n\n \n \n \n \n {\displaystyle \mathbf {p} _{k}\in \mathbb {R} ^{n}}\n is a search direction, and \n \n \n \n α\n ∈\n \n R\n \n \n \n {\displaystyle \alpha \in \mathbb {R} }\n is the step length.
Conditions races Conditions races are horse races in which the weights carried by the runners are laid down by the conditions attached to the race. Weights are allocated according to the sex of the runners, with female runners carrying less weight than males; the age of the runners, with younger horses receiving weight from older runners to allow for relative maturity, referred to as weight for age; and the quality of the runners, with horses that have won certain values of races giving weight to less successful entrants.
Development/For! Development/For! (Latvian: Attīstībai/Par!, AP!) is a liberal political alliance in Latvia.
Arithmetic Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
Operation (mathematics) In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Short (finance) In finance, being short in an asset means investing in such a way that the investor will profit if the value of the asset falls. This is the opposite of a more conventional "long" position, where the investor will profit if the value of the asset rises.
List of states and territories of the United States The United States of America is a federal republic consisting of 50 states, a federal district (Washington, D.C., the capital city of the United States), five major territories, and various minor islands. The 48 contiguous states and Washington, D.C., are in North America between Canada and Mexico.
United States Congress The United States Congress is the legislature of the federal government of the United States. It is bicameral, being composed of a lower body, the House of Representatives, and an upper body, the Senate.
Republican Party (United States) The Republican Party, also referred to as the GOP ("Grand Old Party"), is one of the two major contemporary political parties in the United States, along with its main historic rival, the Democratic Party.\nThe GOP was founded in 1854 by anti-slavery activists who opposed the Kansas–Nebraska Act, which allowed for the potential expansion of chattel slavery into the western territories.
Urban exploration Urban exploration (often shortened as UE, urbex and sometimes known as roof-and-tunnel hacking) is the exploration of manmade structures, usually abandoned ruins or hidden components of the manmade environment. Photography and historical interest/documentation are heavily featured in the hobby and it sometimes involves trespassing onto private property.
Commodity In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price.
List of commodities exchanges A commodities exchange is an exchange, or market, where various commodities are traded. Most commodity markets around the world trade in agricultural products and other raw materials (like wheat, barley, sugar, maize, cotton, cocoa, coffee, milk products, pork bellies, oil, and metals).
Significant figures Significant figures (also known as the significant digits, precision or resolution) of a number in positional notation are digits in the number that are reliable and necessary to indicate the quantity of something.\nIf a number expressing the result of a measurement (e.g., length, pressure, volume, or mass) has more digits than the number of digits allowed by the measurement resolution, then only as many digits as allowed by the measurement resolution are reliable, and so only these can be significant figures.
Additional secretary to the Government of India Additional Secretary (often abbreviated as AS, GoI or Union Additional Secretary or Additional Secretary to Government of India) is a post and a rank under the Central Staffing Scheme of the Government of India. The authority for creation of this post solely rests with Cabinet of India.Additional secretary is mostly a career civil servant, generally from the Indian Administrative Service, and is a government official of high seniority.
Prenuptial agreement A prenuptial agreement, antenuptial agreement, or premarital agreement (commonly referred to as a prenup), is a written contract entered into by a couple prior to marriage or a civil union that enables them to select and control many of the legal rights they acquire upon marrying, and what happens when their marriage eventually ends by death or divorce. Couples enter into a written prenuptial agreement to supersede many of the default marital laws that would otherwise apply in the event of divorce, such as the laws that govern the division of property, retirement benefits, savings, and the right to seek alimony (spousal support) with agreed-upon terms that provide certainty and clarify their marital rights.
Non-disclosure agreement A non-disclosure agreement (NDA), also known as a confidentiality agreement (CA), confidential disclosure agreement (CDA), proprietary information agreement (PIA), secrecy agreement (SA), or non-disparagement agreement, is a legal contract or part of a contract between at least two parties that outlines confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict access to. Doctor–patient confidentiality (physician–patient privilege), attorney–client privilege, priest–penitent privilege and bank–client confidentiality agreements are examples of NDAs, which are often not enshrined in a written contract between the parties.
Investment banking Investment banking denotes certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities.
Reduced affect display Reduced affect display, sometimes referred to as emotional blunting or emotional numbing, is a condition of reduced emotional reactivity in an individual. It manifests as a failure to express feelings (affect display) either verbally or nonverbally, especially when talking about issues that would normally be expected to engage the emotions.
Assumption of Mary The Assumption of Mary is one of the four Marian dogmas of the Catholic Church. (The word 'assumption' derives from the Latin word assūmptiō meaning "taking up").
The Weakness Weakness is a symptom of a number of different conditions. The causes are many and can be divided into conditions that have true or perceived muscle weakness.
The Weakness in Me "The Weakness in Me" is a song by Joan Armatrading, from her seventh album Walk Under Ladders, released as a single in the US and Netherlands in November 1981. Despite not charting, the song has become one of Armatrading's better-known songs.
Nocturnal emission A nocturnal emission, informally known as a wet dream, sex dream, nightfall or sleep orgasm, is a spontaneous orgasm during sleep that includes ejaculation for a male, or vaginal wetness or an orgasm (or both) for a female. Nocturnal emissions are most common during adolescence and early young adult years, but they may happen any time after puberty.
SOX 404 top–down risk assessment In financial auditing of public companies in the United States, SOX 404 top–down risk assessment (TDRA) is a financial risk assessment performed to comply with Section 404 of the Sarbanes-Oxley Act of 2002 (SOX 404). Under SOX 404, management must test its internal controls; a TDRA is used to determine the scope of such testing.
Exploration of the Moon The physical exploration of the Moon began when Luna 2, a space probe launched by the Soviet Union, made an impact on the surface of the Moon on September 14, 1959. Prior to that the only available means of exploration had been observation from Earth.
Risk Factors
HECLA MINING CO/DE/ Item 1A Risk Factors The following risks and uncertainties, together with the other information set forth in this Form 10-K, should be carefully considered by those who invest in our securities
Any of the following risks could materially adversely affect our business, financial condition or operating results and could decrease the value of our common and/or preferred stock
FINANCIAL RISKS We have a history of losses that may continue in the future
For the years ended December 31, 2005, 2004 and 2003, we reported net losses of dlra25dtta4 million, dlra6dtta1 million and dlra6dtta0 million, respectively
A comparison of operating results over the past three years can be found in Results of Operations in Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)
Many of the factors affecting our operating results are beyond our control, including the volatility of metals prices; interest rates; global or regional political or economic policies; inflation; developments and crises; governmental regulations; continuity of orebodies; and speculation and sales by central banks and other holders and producers of gold and silver in response to these factors
We cannot foresee whether our operations will continue to generate sufficient revenue in order for us to generate net cash from operating activities
A substantial or extended decline in metals prices would have a material adverse effect on us
The majority of our revenue is derived from the sale of silver, gold, lead and zinc and, as a result, our earnings are directly related to the prices of these metals
Silver, gold, lead and zinc prices fluctuate widely and are affected by numerous factors including: • Expectations for inflation; • Speculative activities; • Relative exchange rates of the US dollar; • Global and regional demand and production; and • Political and economic conditions
These factors are largely beyond our control and are difficult to predict
If the market prices for these metals fall below our production or development costs for a sustained period of time, we will experience losses and may have to discontinue exploration, development or operations, or incur asset write-downs at one or more of our properties
5 ______________________________________________________________________ The following table sets forth the average daily closing prices of the following metals for 1990, 1995, 2000 and each year thereafter through 2005
) $ 0dtta69 $ 0dtta47 $ 0dtta51 $ 0dtta40 $ 0dtta35 $ 0dtta38 $ 0dtta48 $ 0dtta63 (1) London Fix (2) London Final (3) London Metals Exchange - Cash (4) London Metals Exchange - Special High Grade - Cash On March 3, 2006, the closing prices for silver, gold, lead and zinc were dlra10dtta26 per ounce, dlra565 per ounce, dlra0dtta56 per pound and dlra1dtta07 per pound, respectively
Hedging activities could expose us to losses
From time to time, we enter into hedging activities, such as forward sales contracts and commodity put and call option contracts, to manage the metals prices received on our products and in an attempt to insulate our operating results from declines in those prices
However, hedging may prevent us from realizing possible revenues in the event that the market price of a metal exceeds the price stated in a forward sale or call option contract
In addition, we may experience losses if a counterparty fails to purchase under a contract when the contract price exceeds the spot price of a commodity or for any other reason
At December 31, 2005, we had no outstanding forward sales contracts, commodity put and call options contracts or other hedging positions
Our costs are subject to currency fluctuations
Our products are sold in world markets in United States dollars, although a portion of our operating expenses are incurred in local currencies, primarily the Venezuelan bolivar and Mexican peso
Foreign exchange fluctuations may materially increase our production costs, future exploration activities and costs of capital
For more specific information with regard to foreign currency as it relates to our operations in Venezuela, see La Camorra Segment in MD&A Our profitability could be affected by the prices of other commodities
Our business activities are highly dependent on the costs of commodities such as fuel, steel and cement
The recent prices for such commodities have significantly increased and have increased our costs of production and development
A material increase in costs at any of our operating properties could have a significant effect on our profitability
For additional discussion, see Results of Operations in MD&A 6 ______________________________________________________________________ Failure to comply with debt covenants could adversely affect our financial results or condition
In September 2005, we entered into a dlra30dtta0 million revolving credit agreement that includes various covenants and other limitations related to our indebtedness and investments that require us to maintain customary measures of financial performance
At December 31, 2005, we had dlra3dtta0 million outstanding under the credit agreement and were in compliance with our covenants
We believe we will be able to comply with such requirements in the future, although failure to do so could adversely affect our results or financial condition and may limit our ability to obtain financing
For additional information, see Note 7 of Notes to Consolidated Financial Statements
Our accounting and other estimates may be imprecise
Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue and expenses at the date of the consolidated financial statements and reporting periods
The more significant areas requiring the use of management assumptions and estimates relate to: • Mineral reserves that are the basis for future cash flow estimates and units-of-production depreciation, depletion and amortization calculations; • Future metals prices; • Environmental, reclamation and closure obligations; • Asset impairments, including long-lived assets and investments; and • Reserves for contingencies and litigation
Actual results may differ materially from these estimates using different assumptions or conditions
For additional information, see Critical Accounting Policies in MD&A and the risk factors: “Our development of new orebodies and other capital costs may cost more and provide less return than we estimated,” “Our ore reserve estimates may be imprecise” and “Our environmental remediation obligations may exceed the provisions we have made
Material weaknesses relating to our internal controls over financial reporting could adversely affect our financial results or condition and share price
In our 2004 Annual Report on Form 10-K, management concluded that internal controls over financial reporting in place at December 31, 2004 were ineffective due to three material weaknesses
A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected
During 2005, these material weaknesses were remediated and we reported no material weaknesses at December 31, 2005
However, there can be no assurance that material weaknesses regarding our internal controls will not be discovered in the future, which could result in costs to remediate such controls or inaccuracies in our financial statements
A material weakness in controls over financial reporting may result in increased difficulty or expense in transactions, such as financings, or a risk of adverse reaction by the market generally that would result in a decrease of our stock prices
7 ______________________________________________________________________ OPERATION, DEVELOPMENT AND EXPLORATION RISKS Our foreign operations are subject to additional inherent risks
We currently conduct significant mining operations and exploration projects in Venezuela and Mexico
We anticipate that we will continue to conduct significant operations in these and possibly other international locations in the future
Because we conduct operations internationally, we are subject to political and economic risks such as: • The effects of local political, labor and economic developments and unrest; • Significant or abrupt changes in the applicable regulatory or legal climate; • Exchange controls and export or sale restrictions; • Currency fluctuations and repatriation restrictions; • Invalidation of governmental orders, permits, or agreements; • Renegotiation or nullification of existing concessions, licenses, permits and contracts; • Recurring tax audits and delays in processing tax credits or refunds; • Corruption, demands for improper payments, expropriation, and uncertain legal enforcement and physical security; • Disadvantages of competing against companies from countries that are not subject to US laws and regulations; • Fuel or other commodity shortages; • Illegal mining; • Laws or policies of foreign countries and the United States affecting trade, investment and taxation; • Civil disturbances, war and terrorist actions; and • Seizures of assets
Consequently, our exploration, development and production activities outside of the United States may be substantially affected by factors beyond our control, any of which could materially adversely affect our financial condition or results of operations