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Helena, Mont. • Hecla Mining Co. has reached a nearly $30 million deal to acquire Mines Management Inc., the owner of the Montanore Mine in northwestern Montana.
In the proposed merger, announced Tuesday, each outstanding common share of Spokane-based Mines Management will be exchanged for 0.2218 of a common share of Hecla, which is based in Coeur d'Alene.
Hecla officials say they will continue efforts to get the Montanore silver and copper mine near Libby into production.
The Forest Service has given its conditional approval, but other state and federal permits are needed. Last month, environmental groups filed a lawsuit arguing the Forest Service ignored studies that found the mine could drain groundwater supplies in the area.
Mines Management estimates the Montanore deposit contains 230 million ounces of silver and 2 billion pounds of copper.