Hecla Mining Co. sells $25 million in Venezuela assetsadmin
Hecla Mining Co. says it is selling its subsidiaries in Venezuela to Rusoro Mining Ltd. in a deal worth $25 million.
The company says Rusoro, of Vancouver, British Columbia, will pay $20 million and give up Rusoro stock worth $5 million to purchase assets including leases for the Isidora gold mine and La Camorra mining facility in southeastern Venezuela.
The transaction depends upon regulatory approval.
Coeur d’Alene, Idaho-based Hecla made the announcement Thursday.
Venezuela’s Mining Ministry recently said the government was considering rescinding Hecla’s concessions over a labor dispute that interrupted operations at the Isidora mine.
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