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Article: Hecla Acquires 70.3% of Greens Creek Mine for $750 Million.
- Article from:
- Business Wire
- Article date:
- February 12, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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COEUR D'ALENE, Idaho -- Hecla Mining Company (NYSE:HL) today announced an agreement with Kennecott, a subsidiary of Rio Tinto, to acquire the companies owning 70.3% of the Greens Creek mine near Juneau, Alaska.
Highlights
* Hecla will control 100% of the world's fifth largest silver mine
* Almost doubles Hecla's annual silver production to approximately 11 million ounces
* Increases silver reserves by about 150% and gold reserves by about 140%
* Greens Creek is among the lowest cash cost silver mines in North America
* Accretive on major metrics