Hecla agrees to acquire British Columbian mining companyFebruary 28th, 2013
Hecla Mining Co., of Coeur d'Alene, announced this morning that it has agreed to acquire Vancouver, British Columbia-based Aurizon Mines Ltd. in a transaction valued at $796 million.
Aurizon operates the Casa Berardi gold mine in Quebec and expects that property to produce between 125,000 and 130,000 ounces of gold this year.
Through the acquisition, Hecla will buy all of the outstanding shares of Aurizon stock at $4.75 a share, and each Aurizon shareholder will have the option of receiving either cash or Hecla stock.
Hecla President and CEO Phillips S. Baker Jr. said in a press release, "Hecla and Aurizon together create a unique precious metals company with three long-life, high-grade, low-cost mines in some of the best mining jurisdictions in the world."
The acquisition announcement comes two weeks after another Coeur d'Alene mining concern, Coeur d'Alene Mines Corp., announced that it had entered into a definitive agreement to acquire Vancouver-based Orko Silver Corp. in a transaction valued at $350 million.