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…)