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The owner of the Galena Mine in Idaho’s Silver Valley is proposing a merger with another small mining company.
The Galena Mine will cut its workforce by about a third in response to plunging silver prices and high production costs, officials said Tuesday. Layoff notices are being sent to 126 of the underground silver mine’s 351 workers. Affected employees will be given a 60-day notice in compliance with federal law and the mine’s collective bargaining agreement, said Janice Mandel, a spokeswoman for U.S. Silver and Gold Inc., the mine’s owner.
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 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 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 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.
In the days following the 1941 attack on Pearl Harbor, Spokane began preparing for the next major attack. Spokane radio stations went off the air so enemy aircraft couldn’t follow their signals into urban areas. Tall buildings covered their windows for nighttime blackouts (which were never enforced). Young men began enlisting in the military. Local hospitals expanded nurse training. Starlet Lana Turner sold war bonds at a rally in front of the Desert Hotel.
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.
A miner was hospitalized Tuesday after falling down a chute at the Galena Mine in Silverton, Idaho, according to mining officials.
An accident that killed a contract worker at the Galena Mine in June was preventable, according to a federal investigation that cited “more than ordinary negligence” on the part of mine operators. Timothy Allen Bush, 29, died after being struck by a falling rock slab. Bush was a former All-American football player at the University of Montana.
An accident that killed a contract worker at the Galena Mine in June was preventable, according to a federal investigation that cited “more than ordinary negligence” on the part of mine operators.
Carolyn Hage Nunemaker’s new book, “Spokane and the Inland Northwest During World War II” (Gray Dog Press, $14.95) is now in local bookstores. Her previous book, “Downtown Spokane Images: 1930-1949” was a hot local seller and a significant contribution to Spokane history. This second book is equally interesting and useful.
The falling slab of rock that fatally injured a worker at the Galena Mine on Friday was 4 1/2-feet long by 2 1/2-feet wide and 2 feet thick, federal investigators said. The Mine Safety and Health Administration continues to investigate the rock fall that killed Timothy A. Bush.
A former All-American football player at the University of Montana died this morning of injuries he received in an accident at the Galena Mine near Silverton, Idaho.