Hecla Mining history

The Hecla district was a solid producer for almost two decades but the silver panic of 1893 was the beginning of the end.

Hecla Mining Company is incorporated in Washington State on July 12, 1898.

On July 5, 1900, just as Amasa Campbell had forecast, Hecla pays its first dividend of 2¢ per share.

James F. McCarthy takes over Hecla’s daily operations in 1903 and James R. Smith is voted president.

On July 10, Hecla president Bill Griffith announces the company’s intentions to move its headquarters from Wallace, where it had been since 1904, to Coeur d’Alene, Idaho.

Frank Upman is named president in 1908.

General manager James F. McCarthy is voted in as president in 1911, the first time the office is not held by one of Hecla’s major shareholders.

Hecla stock begins trading on the New York Curb Exchange – later the American Stock Exchange – on September 23, 1915.

Fire sweeps through Burke, Idaho on July 13, 1923 – a Friday – destroying the Hecla mine buildings, damaging the hoist, and decimating the Burke business district along with 50 homes.

Hecla acquires the Polaris in 1930.

While Hecla uses the lean Depression years to look for new mines and to develop those it owns within its means, a reviving market in 1935 enables the company to reopen the Star mine in October.

And by 1938, 18.85 percent of Hecla’s profits are claimed by state and federal governments as taxes.

Though some are initially skeptical of Hecla’s first real silver venture, a spectacular ore intercept of 24% lead and 125 ounces of silver per ton is discovered in 1944.

In 1945, using a clamshell muckraking machine, Hecla-Polaris crews began driving down the Silver Summit shaft, their intent to explore deeper in the silver belt.

In 1946, Hecla acquires 131 claims and take options on others in the Rock Creek drainage southwest of Wallace.

Hecla signs a deal in 1954 to acquire an interest in the rich Radon and Hot Rock uranium deposits in Utah.

On December 12, 1958, Hecla purchases 184,000 shares in the Lucky Friday Silver-Lead Mines Company, and with an additional acquisition of 644,058 shares becomes the largest shareholder in the Lucky Friday silver-lead mine in Mullan, Idaho.

A merger between Hecla and Lucky Friday Silver-Lead Mines Company is consummated April 1, 1964.

In 1967, Hecla makes what becomes the most costly move in its history: an agreement to develop the Lakeshore copper mine in Arizona in 1967.

By 1977, with falling copper prices, 1,500 employees are let go at Lakeshore and the mine is closed.

The huge upsurge in price enables Hecla to get out of the debt caused by the Lakeshore venture within 18 months. As a result, Hecla’s stock price shoots up from $5.25 in January of 1979 to a high of $53.50 12 months later, making it the year’s best performer on the New York Stock Exchange.

In 1981, Hecla turns to gold mining with the merger of Day Mines, Inc. into Hecla.

The Star mine – the deepest in North America at 8,100 feet – is shut down in 1982.

To take advantage of Delaware’s comprehensive and modern corporation laws, Hecla reincorporates as the new Hecla Mining Company of Delaware in 1983.

1984 also marks the discovery of the Golden Promise vein at the Republic gold mine.

On May 9, 1986, the day of the dedication of Hecla’s new headquarters, Arthur Brown is named president and chief operating officer.

In 1987, Hecla purchases a 28% interest in the massive Greens Creek silver-gold-zinc-lead mine on Admiralty Island near Juneau, Alaska.

The mine began production in 1989 and today operates 24-hours a day, 365 days a year.

Hecla celebrates 100 years of mineral production in 1991 – and completes a merger with CoCa Mines, Inc., which brings with it the undeveloped Grouse Creek gold property in central Idaho.

Hecla’s board of directors approves the purchase and development of the La Choya gold property in Sonora, Mexico in 1992.

In 1993, Hecla issues 2.3 million shares of Series B Cumulative Convertible Preferred stock, raising $100 million to be used to develop the La Choya and Grouse Creek properties.

Hecla Mining Company is awarded two of Idaho’s top reclamation awards in 1994, based on performance at the company’s Grouse Creek property.

In 1996, Hecla announces that mining will continue at the Grouse Creek property for one more year while the Sunbeam deposit is mined out.

The Rosebud gold mine in Nevada successfully begins commercial production in 1997.

In 1998, Lucky Friday begins production out of the new expansion area and doubles annual production to 4.1 million ounces of silver.

Hecla Mining Company acquires the assets of Monarch Resources Limited in 1999, bringing the La Camorra gold mine in Venezuela and Mexico’s Saladillo silver / gold exploration property into the Hecla fold.

After four years of operation and a total production of about 375,000 ounces of gold, the Rosebud gold mine in Nevada is mined out and closed down in 2000.

In 2001, Hecla completes the sale of its industrial minerals operations, K-T Group, which includes Kentucky-Tennessee Clay Company, K-T Feldspar, and K-T Mexico.

Hecla is the best percentage performer on the New York Stock Exchange in 2002 – the second time in the company’s history.

In 2003, Arthur Brown steps down as CEO of Hecla after 36 years with the company.

In 2005, after four years of operation and a total production of about 11.2 million ounces of silver and 155,937 ounces of gold, the San Sebastian mine in Mexico is mined out and closed down.

In March 2007, Hecla Mining Company’s market capitalization reaches $1 billion.

Also, recorded the highest zinc reserves since 2009.

In 2010, Hecla reports the highest annual revenue ($418.8 million) and operating cash flow ($197.8 million) in the company’s history.

In August 2011, Hecla Mining Company received final approval from its Board of Directors for completion of the #4 Shaft Project at the Lucky Friday mine.

In 2012, Hecla Mining Company increased silver reserves to the highest in the company’s history, increasing for the seventh consecutive year.

In June 2013, Hecla Mining Company completes the transaction to acquire Aurizon Mines Ltd.

In 2014, Hecla Mining Company increased proven and probable silver reserves (173 million ounces) to the highest in the company’s history, increasing for the ninth consecutive year.

In June 2015, Hecla Mining Company completes the transaction to acquire Revett Mining Company.

In September 2016, Hecla Mining Company completes the transaction to acquire Mines Management, Inc.

In 2017, Hecla recorded record silver (177 million ounces), gold and lead reserves and the highest zinc reserves in five years.

In 2018, Hecla recorded record silver (191 million ounces), gold (2.85 million ounces), and lead reserves, calculated using some of the lowest price assumptions in the industry.

In 2019, Hecla recorded record silver (212 million ounces), lead and zinc reserves, calculated using some of the lowest price assumptions in the industry.

In 2020, Hecla hit annual revenue of $691.9 million, the highest in the Company’s history.