Hecla Mining

Founded in 1891 and currently based out of Coeur d'Alene, Idaho, Hecla Mining is primarily a silver metal producer, but also mines other types of precious metal. The company has an employee base of around 870 people going by recent data, and controls the Greens Creek unit in Juneau Alaska, San Sebastian unit in Mexico and Lucky Friday unit in Idaho, of which 70 percent was acquired in 2008 from Rio Tinto to give them 100% ownership. The company is currently listed on the New York Stock Exchange in the United States and has been since 1891, making it the oldest company for precious metals in North America, not only to be listed, but to exist.

Going by early 2009 data the company is worth around $260 million, with a stock price that has fluctuated between 99 cents and $13.14 from 2008 to 2009. Going by 2008 figures Hecla output 8.7 million ounces of silver that year.

In 2009 Hecla Mining agreed to a $65.6 million underwriting stock purchase from the Canaccord Capital Corporation, and Canaccord Adams, with the aforementioned companies purchasing 32 million units from Hecla at $2.05 per unit, including additional share warrants. The finances raised will go towards paying a $40 million in debts and loans that the company as gained over recent years. This has allowed the company to offset all debt payments from 2009 until 2010 and 2011.

Due to the recent economic crisis in 2008/09 precious metal prices fell rapidly, Hecla continued to expand its silver projects and precious metal exploration, even acquiring the San Juan project near Creede, Colorado in early 2009.

Originally founded in 1891, Hecla survived and expanded over the century and came out strong in the 90s, acquiring CoCa Mines, Inc in 1991, as well as buying percentage interests in many other companies. Its operations continued to expand throughout the 90s, and in 1999 it acquired assets from the Monarch Resources Ltd, which included the La Camorra gold mine in Venezuela and Saladillo silver and gold exploration assets in Mexico.

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