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Message: Velardeña Mill

Velardeña Mill

posted on Apr 28, 2009 08:08AM

Hecla writes the following in its first quarter report:

"April 26 (Reuters) - Hecla Mining Co (HL.N) reported a quarterly profit, helped in part by a surge in silver production, and said it had reached an agreement with its lenders to reschedule its 2009 term debt payments until 2010 and 2011.

For the latest first quarter, the precious metals company earned $3.9 million, or 2 cents a share, compared with $12.1 million, or 10 cents a share, last year. Revenue jumped 46 percent to $54.7 million.

The results include a $6.2 million gain on the sale of the company's Velardena mill in Mexico and a gain of $9.0 million from the curtailment of a corporate non-pension benefit plan, Hecla said."



I suppose they made a gain of $6.2 million on the sale of the mill to ECU, because the mill had been mostly written off. Does anyone know, if ECU wrote down any losses when they lost/sold the mill to Hecla initially, when was it, in 2001?

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