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« Portfolio Update 22 June 2008 | Main | $5000 Gold: Schroder’s »

Hecla Mining sells Gold Properties in Venezuela!

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Hecla Mining Company has just announced that it is sell its Venezuelan activities to Rusoro Mining Limited for $25 million, of which £20 million is in cash and remainder in shares of Rusoro common stock.

Company President and CEO, Phillips S. Baker, Jr., said that:

“The sale of our Venezuelan properties is part of our strategy to reduce the financing put in place to acquire Greens Creek. Prior to this transaction, Hecla repatriated approximately $39 million in cash that generated a $14 million foreign exchange loss. This transaction generates immediate cash from both the sale of the assets and the repatriation of $25 million of cash from our Venezuelan subsidiaries (read more…)

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Reader Comments (3)

Better than getting it stolen by Hugo.

June 20, 2008 | Unregistered CommenterRich

I think your "read more" link is broken...

June 20, 2008 | Unregistered CommenterNex Ninek

Sorry about the link - it should OK now.

June 20, 2008 | Unregistered CommenterGold Prices

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