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Market: NYSE
Sector: Mining
Epic: NYSE: HL
News: Latest news
Web Site: Hecla Mining Company
Other Articles: 27-05-201029-04-201018-02-2010

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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Hecla Mining Company

Hecla Mining Company

Hecla mines, processes and explores for silver and gold in the United States, Mexico and Venezuela. Hecla currently produces silver from two silver mines, Greens Creek and Lucky Friday, as well as mining gold at the La Camorra Unit in Venezuela. In 2006, the Greens Creek mine in Alaska contributed 2.6 million ounces of silver to Hecla’s account, and the Lucky Friday mine in northern Idaho produced 2.9 million ounces. The La Camorra Unit in Venezuela produced 160,563 ounces of gold in 2006.

Wednesday, July 01, 2009

Hecla Mining pays down debt used to fund Greens Creek acquisition

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Author: Dorothy Kosich, Mineweb.net

 

Idaho-based silver miner Hecla Mining said Tuesday it has made a prepayment of $18.2 million to its $380 million term loan, bringing the total repaid on the loan to $341.7 million.

The credit facility was originally put in place to fund the 100% acquisition of the Greens Creek mine in Alaska in early 2008.

The prepayment reduces the lending syndicate to two institutions, reduces borrowing costs and provides Hecla with the flexibility to control its capital program, Hecla said in a news release.

In a statement, Hecla President and CEO Phil Baker said, "After the repayment, the cash on our balance sheet is similar to the amount we had at the beginning of the second quarter 2009 and I'm confident that this approach of reducing debt and investing in our projects is prudent and will create value for shareholders in the near term."

The amendment to the original credit agreement loosen the limit on capital expenditures and exploration spending to allow aggregate investments of $75 million through year-end and makes other modifications to the loan agreement.


Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.

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