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The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
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Hecla won’t acquire U.S. Silver Corp.

Hecla Mining Co. won’t be acquiring a competing silver producer through a hostile takeover. Company officials announced this morning that U.S. Silver Corp.’s shareholders had rejected their cash offer of about $109 million, and voted instead to merge with a Canadian firm, RX Gold & Silver.

U.S. Silver board urges rejection of Hecla bid

U.S. Silver Corp.’s board of directors is urging the company’s shareholders to reject an unsolicited buyout offer from Hecla Mining Co., saying the $110 million bid is “opportunistically timed” to take advantage of record-low stock values in the silver industry. “The Hecla offer is simply not compelling enough for us to abandon our strategic plan going forward,” Gordon Pridham, U.S. Silver’s chairman and interim CEO, said in a statement.

U.S. Silver urges shareholders to reject buyout

U.S. Silver Corp.’s board of directors is urging its shareholders to reject an unsolicited buyout offer from Hecla Mining Co., saying the $110 million bid is “opportunistically timed” to take advantage of record-low stock values in the silver industry.

U.S. Silver mulls options

U.S. Silver Corp.’s board of directors will review an unsolicited bid from competitor Hecla Mining Co. to gain control of the company by buying up stock directly from U.S. Silver’s shareholders. U.S. Silver issued the brief announcement Thursday, following Hecla’s surprise bid for the company’s assets through a maneuver sometimes referred to as a hostile takeover. Reuters valued the all-cash bid at about $109 million.

Hecla trying to take over U.S. Silver

Hecla Mining Co. is trying to gain control of the Galena Mine in Idaho’s Silver Valley through a hostile takeover of its owner. Hecla is wooing shareholders of U.S. Silver Corp., who are currently considering a competing offer from a Canadian firm, RX Gold & Silver. If Hecla’s bid is successful, the Silver Valley’s two largest mines would be owned by the same operator.

Hecla faulted for worker death

Federal investigators are blaming the November death of a worker in the Lucky Friday Mine on company management. “The accident occurred due to management’s failure to provide the miners with the proper personal protective equipment,” investigators with the Mine Safety and Health Administration concluded in their report.

Miners to return to Lucky Friday

WALLACE – The closed Lucky Friday Mine will begin rehiring workers in July and should return to a full workforce by the end of the year, said Phil Baker, Hecla Mining Co.’s chief executive officer. More than 110 of the Lucky Friday’s 250 workers lost their jobs when federal inspectors closed the mine’s main shaft in January following a series of accidents at the underground silver mine.

Hecla reports first quarter earnings of $12.4M

Hecla Mining Co. reported Tuesday a first-quarter net income of $12.4 million, or 4 cents per share, on revenues of $91.2 million. That's down from a net income of $43.2 million in the first-quarter of 2011, or 16 cents per share.

Feds say mine not inspected as ordered

After a violent rock burst at the Lucky Friday Mine on Nov. 16, federal inspectors ordered mine managers to conduct twice-daily monitoring to check if stress was building up in the rocks. The rock burst had registered as a 2.8-magnitude quake on seismographs. No one was in the mine when it occurred, but residents as far away as Wallace reported feeling the earth rumble.

Repairs to closed mine will cost $30 million

Repairing and upgrading the Lucky Friday Mine’s main shaft will cost about $30 million, Hecla Mining Co. said Tuesday. Company officials expect to start repairs within a few weeks, which will include removing cement deposits from the shaft’s walls, repairing steel in the shaft, installing a new power cable and other work. The federal Mine Safety and Health Administration closed the shaft in early January, citing safety concerns about the buildup of loose material on the shaft’s walls.

Lucky Friday shaft repairs to start soon

Repairing and upgrading the Lucky Friday Mine’s main shaft will cost about $30 million, Hecla Mining Co. said today. Company officials said they expect to start repairs within a few weeks, which will include removing cement deposits from the shaft’s walls, repairing steel in the shaft, installing a new power cable and other work.

Shareholders file suit against Hecla

COEUR D’ALENE, Idaho (AP) — Some shareholders have sued Hecla Mining Co. for stock losses they endured after the federal government shut down the Lucky Friday Mine for safety violations. The Bricklayers of Western Pennsylvania Pension Plan this week filed the lawsuit in federal court in Idaho against Hecla, which is based in Coeur d’Alene.

Questions erupt over Lucky Friday

WALLACE – Idaho Gov. Butch Otter will ask federal regulators to hold a public meeting in the Silver Valley to explain their decision to shut down the Lucky Friday Mine’s shaft for safety reasons. “When I get home, that letter will be on its way to Washington, D.C.,” the governor told a standing-room-only crowd Monday during a town hall meeting in Wallace.

Otter asks feds to explain mine shaft closure

Idaho Gov. Butch Otter will ask federal regulators to hold a public meeting in the Silver Valley to explain their decision to shut down the Lucky Friday Mine’s shaft for safety reasons.

Lucky Friday Mine families explore ways to wait out closure

WALLACE – Mark Miller’s baby girl is just learning how to crawl. She has three rambunctious older brothers, ages 2, 7 and 9. Miller hopes he can find a job in the area during a yearlong shutdown of the Lucky Friday Mine. But he may end up commuting to another state to work while his wife, Heidi, stays behind in the Silver Valley with the kids.

Resource fair set for miners

A yearlong closure of the Lucky Friday Mine could reduce income in the Silver Valley by more than $25 million, state officials said. The figure represents lost wages and the multiplier effect of that money being spent in the community.