Hecla Reports Second Quarter 2021 Results

10

Cash provided by operations 2nd highest in its history, guidance improved

COEUR D’ALENE, Idaho–(BUSINESS WIRE)–Hecla Mining Company (NYSE:HL) today announced second quarter 2021 financial and operating results.

HIGHLIGHTS**

  • Sales of $218.0 million, a 31% increase with the largest source being silver.
  • Gross profit of $59.3 million, an increase of $25.2 million.
  • Cash provided by operating activities was $86.3 million, with $31.9 million of additions to properties, plant, equipment and mineral interests, resulting in $54.4 million of quarterly free cash flow.1
  • Silver production of 3.5 million ounces, an increase of 4% over prior year due to full production at Lucky Friday.
  • Gold production of 59,139 ounces, a decrease of 1%.
  • Net income applicable to common shareholders of $0.6 million, or $0.00 per share.
  • Adjusted net income applicable to common shareholders of $32.8 million, or $0.06 per share.2
  • Adjusted EBITDA of $84.0 million, an increase of 31%.3
  • Net debt/adjusted EBITDA (last 12 months) of 1.2x, the lowest in 9 years since the issuance of Hecla’s prior Senior Notes.4
  • Near record-setting quarter in Hecla’s 130-year history with the 2nd best revenues, gross profit, cash provided by operations, and adjusted EBITDA.
  • Strong balance sheet with over $400 million of available liquidity.
  • Gold production guidance increased and silver cost guidance reduced.

“Despite the continuing pandemic, Hecla had near record results across a number of metrics improving on the consistent performance of the past two years,” said Phillips S. Baker, Jr., Hecla’s President and CEO. “We generated over $54 million of free cash flow due to a combination of lower treatment charges, increasing throughput and recoveries, and higher prices. Our American silver mines produce more than 40% of all the silver mined in the United States and with silver being important for the transformation to renewable energy, electric vehicles and 5G, Hecla’s growing silver production and low costs make it well-positioned for even better results in the future.”

** All comparisons to the second quarter of 2020.

FINANCIAL OVERVIEW

 

Second Quarter Ended

 

Six Months Ended

HIGHLIGHTS

June 30, 2021

June 30, 2020

 

June 30, 2021

June 30, 2020

FINANCIAL DATA

 

 

 

 

 

Sales (000)

$

217,983

 

$

166,355

 

 

 

$

428,835

 

$

303,280

 

 

Gross profit (000)

$

59,260

 

$

34,079

 

 

 

$

124,072

 

$

45,451

 

 

Income (loss) applicable to common shareholders (000)

$

647

 

$

(14,166

)

 

 

$

19,480

 

$

(31,489

)

 

Basic and diluted income (loss) per common share (in cents)

0.1

 

(3.0

)

 

 

3.6

 

(6.0

)

 

Cash provided by operating activities (000)

$

86,304

 

$

37,526

 

 

 

$

124,240

 

$

42,453

 

 

Net income applicable to common shareholders for the second quarter 2021 was $0.6 million, or $0.00 per share, compared to net loss applicable to common shareholders of $14.2 million, or $(0.03) per share, for the same period in 2020. The improved second quarter result compared to the previous year was mainly due to the following items:

  • Higher prices for all metals with realized silver and zinc prices up approximately 50%.
  • Silver and lead production nearly doubled at Lucky Friday.
  • Greens Creek and Lucky Friday generated $42.8 million more gross profit.
  • Ramp-up costs decreased by $3.8 million due primarily to Lucky Friday’s return to full production starting in the fourth quarter of 2020.
  • Lower interest expense by $1.6 million due to reduced debt, as no amounts were drawn on our revolving credit facility during the second quarter of 2021.
  • Income and mining tax benefits of $4.8 million compared to an income tax provision of $0.6 million.

These improvements were partially offset by:

  • Lower gross profit at Nevada Operations from a $9.4 million non-cash adjustment of stockpiled inventory to market value.
  • Higher costs at Casa Berardi driven by costs associated with higher volumes and higher maintenance-related activities.
  • Loss on metal derivatives contracts of $17.3 million ($13.3 million, non-cash and unrealized) compared to a loss of $14.0 million ($13.4 million, non-cash and unrealized) from increases in zinc and lead prices.
  • Exploration and pre-development expense increased by $8.7 million due to increased exploration at Midas, San Sebastian, Greens Creek and Casa Berardi, and for drift development to the Hatter Graben area in Nevada.
  • General and administrative expense increased by $4.1 million due to our higher share price increasing the value of accrued incentive compensation and the issuance of certain shares occurring a quarter earlier than in 2020.
  • An unrealized loss on investments in other mining companies of $0.8 million compared to a gain of $6.4 million.

Cash provided by operating activities was $86.3 million, $48.8 million higher than in the second quarter of 2020, due mainly to the $25.2 million increase in gross profit and the positive net impact of working capital changes.

Capital expenditures totaled $31.9 million, with $24.3 million spent at the operations compared to $13.7 million in the second quarter of 2020, with the increase primarily due to higher planned expenditures at Casa Berardi of $12.2 million for the period. Expenditures at Lucky Friday and Greens Creek were approximately $6.0 million each. Capital expenditures also included $7.5 million related to royalty repurchases at the Nevada Operations and Casa Berardi during the second quarter of 2021.

Metals Prices

The average realized silver price in the second quarter was $27.14 per ounce, 47% higher than the $18.44 in the second quarter of 2020. The average realized gold price increased 5% to $1,825 per ounce. Average realized lead and zinc prices increased 33% and 52%, respectively.

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2021

 

2020

 

2021

 

2020

Silver –

London PM Fix ($/ounce)

$

26.69

 

 

$

16.33

 

 

$

26.49

 

 

$

16.63

 

 

Realized price per ounce

$

27.14

 

 

$

18.44

 

 

$

26.45

 

 

$

16.75

 

Gold –

London PM Fix ($/ounce)

$

1,816

 

 

$

1,711

 

 

$

1,807

 

 

$

1,647

 

 

Realized price per ounce

$

1,825

 

 

$

1,736

 

 

$

1,795

 

 

$

1,658

 

Lead –

LME Final Cash Buyer ($/pound)

$

0.96

 

 

$

0.76

 

 

$

0.94

 

 

$

0.80

 

 

Realized price per pound

$

1.04

 

 

$

0.78

 

 

$

0.99

 

 

$

0.78

 

Zinc –

LME Final Cash Buyer ($/pound)

$

1.32

 

 

$

0.89

 

 

$

1.29

 

 

$

0.93

 

 

Realized price per pound

$

1.35

 

 

$

0.89

 

 

$

1.34

 

 

$

0.89

 

∗ Realized prices are calculated by dividing gross revenues for each metal (which include the price adjustments and gains and losses on the forward contracts discussed below) by the payable quantities of each metal included in products sold during the period.

Base Metals Forward Sales Contracts

The following table summarizes the quantities of base metals committed under financially settled forward sales contracts, other than provisional hedges (which address changes in prices between shipment and settlement with customers), at June 30, 2021.

 

Pounds Under Contract

(in thousands)

Average Price per Pound

 

Zinc

Lead

Zinc

Lead

Contracts on forecasted sales

 

 

 

 

2021 settlements

15,708

14,991

$1.24

$0.94

2022 settlements

66,855

50,982

$1.28

$0.96

2023 settlements

76,280

52,250

$1.29

$1.00

2024 settlements

15,046

$1.33

These contracts represent about 45% of the forecasted payable zinc production through 2024 at an average price of $1.28 per pound, and 35% of the forecasted payable lead production through 2023 at an average price of $0.97 per pound.

Foreign Currency Forward Purchase Contracts

The following table summarizes the Canadian dollars the Company has committed to purchase under foreign exchange forward contracts at June 30, 2021, which is roughly 75% of forecasted Canadian dollar direct production costs for the remainder of 2021, 50% for 2022, 30% for 2023 and 20% for 2024:

 

Currency Under Contract

(in thousands of CAD)

Average Exchange Rate

CAD/USD

2021 settlements

 

61,026

 

$1.32

2022 settlements

 

84,754

 

$1.31

2023 settlements

 

52,565

 

$1.32

2024 settlements

 

26,446

 

$1.33

OPERATIONS OVERVIEW

Overview

The following table provides the production summary on a consolidated basis for the second quarter and six months ended June 30, 2021 and 2020:

 

 

Second Quarter Ended

 

Six Months Ended

 

 

June 30, 2021

June 30, 2020

 

June 30, 2021

June 30, 2020

PRODUCTION SUMMARY

 

 

 

 

Silver –

Ounces produced

3,524,783

3,403,781

 

6,984,229

6,649,250

 

Payable ounces sold

3,415,464

3,348,639

 

6,445,490

5,930,918

Gold –

Ounces produced

59,139

59,982

 

111,143

118,774

 

Payable ounces sold

47,168

51,398

 

104,454

108,501

Lead –

Tons produced

11,540

8,977

 

22,244

14,087

 

Payable tons sold

10,663

8,026

 

19,331

12,156

Zinc –

Tons produced

17,211

17,855

 

33,318

30,702

 

Payable tons sold

11,143

11,989

 

22,170

21,825

The following tables provide a summary of the final production, cost of sales and other direct production costs and depletion, depreciation and amortization (referred to herein as “cost of sales”), cash cost, after by-product credits (“cash cost”), per silver and gold ounce, and all-in sustaining cost, after by-product credits (“AISC”), per silver and gold ounce for the second quarter and six months ended June 30, 2021, with comparisons to the prior year period:

Second Quarter Ended

 

 

 

Greens Creek

Lucky Friday

Casa Berardi

Nevada Operations

June 30, 2021

Silver

 

Gold

Silver

 

Gold

Silver

Gold

 

Silver

Gold

 

Silver

Production (ounces)

3,524,783

 

 

59,139

 

2,558,447

 

 

 

12,859

 

913,294

31,333

 

 

7,917

14,947

 

 

45,125

Increase/(decrease)

121,002

 

 

(843

)

(195,472

)

 

 

(245

)

443,757

577

 

 

2,422

156

 

 

29,137

Cost of sales (000)

$

83,390

 

 

$

75,333

 

$

55,488

 

 

 

$

 

$

27,901

$

57,340

 

 

$

$

17,993

 

 

$

Increase/(decrease)

$

10,253

 

 

$

16,194

 

$

(2,184

)

 

 

N/A

 

$

16,446

$

11,758

 

 

N/A

$

4,436

 

 

N/A

Cash cost per silver or gold ounce 5

$

0.18

 

 

$

1,254

 

$

(2.64

)

 

 

$

 

$

8.07

$

1,199

 

 

$

$

1,369

 

 

$

Increase/(decrease)

$

(4.79

)

 

$

408

 

$

(7.83

)

 

 

N/A

 

$

$

280

 

 

N/A

$

675

 

 

N/A

AISC per silver or gold ounce6

$

7.54

 

 

$

1,419

 

$

0.68

 

 

 

$

 

$

14.10

$

1,434

 

 

$

$

1,386

 

 

$

Increase/(decrease)

$

(1.79

)

 

$

442

 

$

(6.43

)

 

 

N/A

 

$

$

357

 

 

N/A

$

617

 

 

N/A

Six Months Ended

 

 

 

Greens Creek

Lucky Friday

Casa Berardi

Nevada Operations

June 30, 2021

Silver

 

Gold

Silver

Gold

Silver

Gold

Silver

Gold

 

Silver

Production (ounces)

6,984,229

 

 

111,143

 

 

5,143,317

 

 

26,125

1,777,195

 

67,523

 

18,592

17,495

 

 

45,125

Increase/(decrease)

334,979

 

 

(7,631

)

 

(386,309

)

 

748

1,211,910

 

10,015

 

7,163

(14,261

)

 

7,682

Cost of sales (000)

$

159,459

 

 

$

145,304

 

 

$

108,668

 

 

$

$

50,696

 

$

119,856

 

$

$

25,448

 

 

$

Increase/(decrease)

$

26,008

 

 

$

20,926

 

 

$

1,815

 

 

N/A

$

36,409

 

$

25,949

 

N/A

$

(5,023

)

 

N/A

Cash cost per silver or gold ounce 5

$

0.79

 

 

$

1,161

 

 

$

(1.65

)

 

$

$

7.85

 

$

1,106

 

$

$

1,371

 

 

$

Increase/(decrease)

$

(4.59

)

 

$

209

 

 

$

(7.06

)

 

N/A

$

 

$

25

 

N/A

$

655

 

 

N/A

AISC per silver or gold ounce6

$

7.38

 

 

$

1,357

 

 

$

1.14

 

 

$

$

14.17

 

$

1,347

 

$

$

1,393

 

 

$

Increase/(decrease)

$

(2.72

)

 

$

222

 

 

$

(6.37

)

 

N/A

$

 

$

20

 

N/A

$

606

 

 

N/A

Greens Creek Mine – Alaska

The Greens Creek Mine produced 2.6 million ounces of silver and 12,859 ounces of gold with the mill operating at an average of 2,362 tons per day (tpd) marking another quarter of consistently strong performance. The decrease in silver production compared to the second quarter of 2020 was due to planned lower grades resulting from mine sequencing. Compared to 2020, cost of sales decreased by $2.2 million and the per ounce silver cash cost and AISC decreased by $7.83 and $6.43, respectively, due to higher by-products credits resulting from higher by-product prices, lower treatment costs from favorable changes in smelter terms and lower production costs, driven partially by lower COVID-19 related costs.5,6

The Company’s estimated 2021 silver production of 9.5 – 10.2 million ounces is unchanged and gold production increased from 40 – 43 thousand ounces to 43 – 45 thousand ounces. The estimate for 2021 cost of sales has been updated to $222 million. Estimated cash cost and AISC, each per silver ounce has been updated to ($1.00)-$1.00 and $3.25-$4.00, respectively, with lower costs due to anticipated higher by-product credits.5,6

Casa Berardi Mine – Quebec

At the Casa Berardi Mine, 31,333 ounces of gold were produced compared to 30,756 ounces in the second quarter of 2020 due to higher mill throughput which was partially offset by lower grades. The mill operated at an average of 4,117 tpd, which was 33% higher than the prior year period. The increase in cost of sales was due to higher throughput, mill contractor costs related to maintenance and optimization activities, and underground maintenance costs resulting from repairs and replacements of major components for the production fleet. The increase in cash cost and AISC per gold ounce for the second quarter of 2021 compared to 2020 was the result of the higher cost of sales, with the increase in AISC also resulting from higher sustaining capital spending.

In the 160 pit, 1.4 million tons of overburden were removed during the quarter. Ore from that pit is expected to start being mined and processed in Q4 2021, concurrent with the processing of the last of the East Mine Crown Pillar pit ore.

The Company’s estimated 2021 gold production has been increased from 125 – 128 thousand ounces to 128 – 132 thousand ounces. The estimate for 2021 cost of sales has been updated to $220 million. Estimated cash cost and AISC, each per gold ounce has been updated from $900-$975 and $1,185-$1,275 to $1,000-$1,125 and $1,200-$1,325, respectively.5,6

Lucky Friday Mine – Idaho

At the Lucky Friday Mine, 0.9 million ounces of silver were produced in the quarter, an increase of 95% compared to the second quarter of 2020, with the mine at full production. The mill operated at an average of 906 tpd. We continue to test and optimize new mining methods to better manage seismicity and potentially increase productivity.

The cost of sales for the second quarter was $27.9 million, and the cash cost per silver ounce was $8.07. AISC was $14.10 per silver ounce.5,6

The Company’s estimated 2021 silver production of 3.4 – 3.8 million ounces is unchanged. The estimate for 2021 cost of sales has been updated to $103 million. Estimated cash cost and AISC, each per silver ounce, has been updated to $7.60-$8.50 and $14.25-$16.25, respectively.5,6

Nevada Operations

At the Nevada operations, 14,947 ounces of gold and 45,125 ounces of silver were produced from processing previously stockpiled ore, including oxide material processed at the Midas mill and a bulk sample of refractory material processed at a third-party roaster facility. Total cost of sales for the second quarter was $18.0 million which included a $9.4 million write-down in the value of stockpile inventory to net realizable value due to lower than anticipated grades. Cash cost and AISC per gold ounce were $1,369 and $1,386, respectively, in the second quarter of 2021.5,6 The increase over the prior year period was due primarily to costs related to the ore stockpile inventory that was mined in previous periods and processed in the current period.

With processing of the oxide material complete, the Fire Creek Mine and Midas mill were placed on care and maintenance during the quarter. In the second half of 2021, approximately 10,000 tons of refractory material is expected to be processed as a test at a third-party autoclave facility. The ounces from this third-party processing are anticipated to be recognized as production at that time. Those ounces and any remaining finished goods inventory are expected to be sold in the second half of 2021. Pre-development for the Hatter Graben area at Hollister and exploration at Midas are ongoing.

EXPLORATION

Exploration expenses were $8.4 million for the second quarter, an increase of $6.4 million compared to the second quarter of 2020 primarily due to increased activity and focus on the Green Racer Sinter discovery at Midas and increased activity at Greens Creek, Casa Berardi, San Sebastian, Heva-Hosco and Kinskuch. Exploration guidance was increased to $40 million earlier in the quarter. An update of the exploration program will be provided later in the third quarter.

PRE-DEVELOPMENT

Pre-development spending was $2.9 million for the quarter, compared to $0.6 million for the second quarter of 2020. The increase over the prior year period is principally due to development of the decline to allow drilling of the Hatter Graben, which commenced late in the first quarter of 2021. Exploration drilling is expected in the third quarter. Pre-development guidance was increased to $8.5 million earlier in the quarter.

DIVIDENDS

Common

On August 4, 2021, the Board of Directors declared a quarterly cash dividend of $0.01125 per share of common stock, consisting of $0.00375 per share for the minimum dividend component and $0.0075 per share for the silver-linked dividend component. The common dividend is payable on or about September 3, 2021, to shareholders of record on August 23, 2021. The realized silver price was $27.14 in the second quarter satisfying the criteria for the silver-linked dividend component of the Company’s dividend policy.

Preferred

The Board of Directors declared a quarterly cash dividend of $0.875 cent per share on the outstanding shares of Series B Cumulative Convertible Preferred Stock, payable on or about October 1, 2021, to shareholders of record on September 15, 2021.

2021 ESTIMATES7

The Company has updated its guidance for annual production, cost and expenditures as follows:

2021 Production Outlook

 

Silver Production

(Moz)

Gold Production

(Koz)

Silver Equivalent

(Moz)

Gold Equivalent

(Koz)

 

Previous

Current

Previous

Current

Previous

Current

Previous

Current

Greens Creek *

9.5-10.2

9.5-10.2

40-43

43-45

20.5-21.5

22-23

227-237

244-253.5

Lucky Friday *

3.4-3.8

3.4-3.8

N/A

N/A

6.2-6.4

6.2-6.4

67-70

67-70

Casa Berardi

N/A

N/A

125-128

128-132

11.5-11.7

11.7-12.1

125-128

128-132

Nevada Operations

N/A

N/A

20-22

20-21

1.8-2.0

1.8-1.9

20-22

20-21

Total7

12.9-14.0

12.9-14.0

185-193

191-198

40.0-41.6

41.7-43.3

439-457

459-476.5

* Equivalent ounces include Lead and Zinc production

2021 Cost Outlook

 

Cost of Sales (millions)

Cash cost, after by-product credits, per silver/gold ounce5

AISC, after by-product credits, per produced silver/gold ounce6

 

Previous

Current

Previous

Current

Previous

Current

Greens Creek

$213

$222

$1.50-$2.25

($1.00)-$1.00

$6.50-$7.25

$3.25-$4.00

Lucky Friday

$91

$103

$7.75-$9.75

$7.50-$8.50

$13.75-$16.50

$14.25-$16.25

Total Silver

$304

$325

$3.25-$4.25

$1.00-$2.00

$10.75-$12.50

$9.00-$11.00

Casa Berardi

$212

$220

$900-$975

$1,000-$1,125

$1,185-$1,275

$1,200-$1,325

Nevada Operations

$41

$43

$1,300-$1,425

$1,300-$1,425

$1,385-$1,525

$1,385-$1,525

Total Gold

$253

$263

$950-$1,050

$1,050-$1,200

$1,200-$1,300

$1,250-$1,350

2021 Capital and Exploration Outlook

 

(millions)

 

Previous

Current

Capital expenditures

$110

$120

Exploration expenditures (including Corporate Development)

$40

$40

Pre-development expenditures

$8.5

$8.5

CONFERENCE CALL, WEBCAST AND ONE-ON-ONE CALLS

A conference call and webcast will be held Thursday, August 5, at 10:00 a.m. Eastern Time to discuss these results. We recommend that you dial in at least 10 minutes before the call is due to commence. You may join the conference call by dialing toll-free 1-833-350-1380 or for international dialing 1-647-689-6934. The Participant Code is 8545015 and must be provided when dialing in.

Hecla’s live and archived webcast can be accessed below or at www.hecla-mining.com under Investors/Events & Webcasts.

Webcast URL: https://event.on24.com/wcc/r/3190524/9E67287A786A4FA2AC9BAFEDA3EB30E7

One-on one calls are available from 3:00 p.m. to 5:00 p.m. ET. Hecla invites shareholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of senior management to discuss operations, exploration, or ESG matters. Click on the link below to schedule a call (or copy and paste the link into your web browser). You can select a topic once you have entered the meeting calendar. If you are unable to book a time, either due to high demand or for other reasons, please reach out to Russell Lawlar, Sr. Vice President – CFO and Treasurer at rlawlar@hecla-mining.com or 208-769-4130.

One-on-One Meeting URL: https://calendly.com/2021-august-vie

ABOUT HECLA

Founded in 1891, Hecla Mining Company (NYSE:HL) is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.

NOTES

Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles in the United States (GAAP). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

(1) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants and equipment.

(2) Adjusted net income (loss) applicable to common stockholders is a non-GAAP measurement, a reconciliation of which to net income (loss) applicable to common stockholders, the most comparable GAAP measure, can be found at the end of the release. Adjusted net income (loss) is a measure used by management to evaluate the Company’s operating performance but should not be considered an alternative to net income (loss) as defined by GAAP. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income (loss) per common share provides investors with the ability to better evaluate our underlying operating performance.

(3) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income (loss), the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company’s operating performance but should not be considered an alternative to net income (loss), or cash provided by operating activities as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program.

(4) Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of adjusted EBITDA and net debt to the closest GAAP measurements of net income (loss) and debt can be found at the end of the release. It is an important measure for management to measure relative indebtedness and the ability to service the debt relative to its peers. It is calculated as total debt outstanding less total cash on hand divided by adjusted EBITDA.

(5) Cash cost, after by-product credits, per silver or gold ounce is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization (sometimes referred to as “cost of sales” in this release), can be found at the end of the release. It is an important operating statistic that management utilizes to measure each mine’s operating performance. It also allows the benchmarking of performance of each mine versus those of our competitors. As a primary silver mining company, management also uses cash cost, after by-product credits, per silver ounce on an aggregate basis – aggregating the Greens Creek, Lucky Friday and San Sebastian mines – to compare performance with that of other primary silver mining companies.

Contacts

Russell Lawlar

Senior Vice President – CFO and Treasurer

Jeanne DuPont

Senior Communications Coordinator

800-HECLA91 (800-432-5291)

Investor Relations

Email: hmc-info@hecla-mining.com
Website: www.hecla-mining.com

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