Hecla Mining Company (NYSE:HL) announced that the company has received a $40 million loan investment from Ressources Quebec, a subsidiary of Investissement Quebec. The investment is planned to be used towards the development and expansion of Hecla’s Casa Berardi mine in the region of Abitibi-Témiscamingue, Quebec.
Phillips S. Baker, Jr., Hecla’s President and CEO said:
“Today’s announcement is another example of why Quebec is a leading mining jurisdiction in North America. Since we acquired the Casa Berardi mine, we have seen a significant improvement in its operations, including doubling the throughput, increased gold production and reserves, and a 70% reduction in the All Injury Frequency Rate. We have also added about 250 workers to the mine since it was acquired, bringing the total to around 950 currently. We welcome this opportunity to work closer with the Quebec government as we continue to grow and strengthen the operation.”