Hecla Mining Co. and Revett Mining Co. Inc. have entered into a merger agreement where Hecla will acquire Revett in a stock transaction valued at $20 million. Following closing of the deal, Hecla intends to continue to advance permitting of the Rock Creek project. Located in northwest Montana, Rock Creek is considered one of the largest undeveloped silver and copper deposits in North America. Revett has reported inferred resources of 229 million oz of silver and 2 billion lb of copper. The project is approximately 50 miles north of Hecla’s Lucky Friday mine in Idaho. A Supplemental Environmental Impact Statement (SEIS) is in process, and the U.S. Forest Service schedule indicates that the SEIS will be issued later this year for public comment.
This week, heavy rain in northern Chile forced some of the largest copper mines to temporarily idle production. In an area that never usually sees rain, the Atacama Desert, roads were washed out and some villages experienced flooding.