July 11, 2008 in Business

Hecla completes sale of Venezuela properties

 

Hecla Mining Co. has finalized the $25 million sale of its Venezuelan gold properties to Rusoro Mining Ltd. The Vancouver, B.C., firm paid Hecla $20 million in cash and $5 million in stock.

Hecla’s decision to sell was prompted by rising costs at its Venezuelan mines and investors’ concerns about President Hugo Chavez’s leftist government, company officials said.

WASHINGTON

30-year mortgage rates rise over last week

Rates on 30-year mortgages edged up this week, while rates on other home loans were mixed.

Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.37 percent this week.

That was up from 6.35 percent last week.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, dipped to 5.91 percent this week, compared with 5.92 percent last week.

NEW YORK

Amid speculation, GM shares hit 54-year low

Shares of General Motors Corp. slid to another record low Thursday, as speculation swirled about the financial viability of U.S.-based automakers and a possible bankruptcy filing at GM.

GM shares fell 64 cents to close at $9.69.

Thursday’s low marked the Detroit-based automaker’s lowest share price since July 2, 1954, when its stock dropped to $9.15.

From staff and wire reports

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