Hecla Mining

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Hecla Mining Company
Type Public
Traded as NYSEHL
Industry Mining
Founded Burke, Idaho, U.S. (October 14, 1891 (1891-10-14))
Founders Amasa Campbell, Patsy Clark, John Finch
Headquarters Coeur d'Alene, Idaho, U.S.
Products Silver
Gold
Website hecla-mining.com
Headframe of Hecla's Lucky Friday silver mine, 1995

Hecla Mining is a silver and other precious metals mining company based in Coeur d'Alene, Idaho. The company employs approximately 870 people and owns the Lucky Friday unit in northern Idaho, the San Sebastian unit in the state of Durango, Mexico, and the Greens Creek unit (70% of which was acquired from Rio Tinto in 2008 to take full ownership),[1] near Juneau, Alaska.

Hecla Mining was founded in 1891.[2]

In February 2009 the company was valued at approximately 260 million dollars. The stock price ranged from 99 cents to $13.14 over the January 2008 to January 2009 period and was trading at $5.61 on December 18,2012. Hecla produced 8.7 million ounces of silver in 2008.[3]

Operations[edit]

Hecla negotiated a $65.6 million underwriting share purchase agreement with Canaccord Capital Corp. and Canaccord Adams in 2009. The investing companies will purchase 32 million units of Hecla for $2.05 per unit as well as warrants for additional shares. The proceeds will be used to pay back a $40 million bridge loan. and to reschedule all 2009 term debt payments to 2010 and 2011.[4]

Metal prices dropped sharply as the current financial crisis took hold,[3] but the Denver Post reported that Hecla was continuing its explorations for silver in its "recently acquired" San Juan project near Creede, Colorado in 2009.[5]

References[edit]

  1. ^ Company press release
  2. ^ Yahoo finance profile
  3. ^ a b Hecla annual report February 23, 2009 Business wire
  4. ^ Hecla Mining approves $65.6 million financing plan February 5, 2009 Associated Press (hosted on Forbes.com) [1]
  5. ^ Steve Raabe Mining projects move ahead, Plans for silver and uranium mining are continuing despite plunging prices and lukewarm demand. February 24, 2009 Denver Post [2]

External links[edit]