an interest in the Radon and Hot Rock uranium deposits in Utah . In nine years , the two mines yielded a net income of $ 9.3 million .
Then , on December 12 , 1954 , Hecla made one of the smartest moves in its history by buying 184,000 shares in the Lucky Friday Silver-Lead Mines Company . Shortly thereafter , the company took on another 644,000 shares to control the largest interest in Lucky Friday . This was a major turning point for Hecla .
The Lucky Friday — a deep underground silver , lead and zinc mine — began in 1942 and is still producing today . With recent improvements , it is expected to have another 33 years of mine life . To date , it has produced over 160 million ounces of silver .
By 1964 , Hecla ’ s board included Marcus Banghart , vice president of Newmont ; John Grunow , president of Newmont ’ s cement company ; and others who were experienced in both mining and finance . After some battles with investors , Randall and the board moved to have Hecla listed on the New York Stock Exchange ( NYSE ),
Three miners with hand tools underground at the original Hecla mine in Burke , Idaho , which yielded more than nine million tons of ore before closing in 1944 .
after nearly 50 years on the American Stock Exchange . On December 21 , 1964 , NYSE specialist firm H . L . Goldberg & Company opened Hecla ’ s stock under the ticker symbol “ HL .”
For the next decade , Hecla worked Lucky Friday , purchased the Morning mine and entered into a costly agreement to develop the Lake Shore copper mine in Arizona . By 1977 , that mine was closed , at a cost of $ 96 million .
Eastern Washington State Historical Society
In 1979 , Nelson and Herbert Hunt tried to corner the silver market , and Hecla ’ s stock ran from $ 5.25 to a high of $ 53.50 within 12 months . In 1981 , the company merged with Day Mines , opening gold mining to Hecla , and the following year the company shut down the Star mine , the deepest mine in North America at a depth of 8,100 feet .
By 1984 , Lucky Friday silver shaft was 6,200 feet deep , concrete lined and hoisting ore at 2,250 feet per minute . Also that year , then president of Hecla , Bill Griffith , moved the company ’ s headquarters from Wallace to Coeur d ’ Alene , Idaho . Then , in 1987 , the company made another strategic decision that would have lasting benefits . It purchased a large interest in the Greens Creek mine , a large silver , gold , zinc and lead mine near Juneau , Alaska .
Business was good for Hecla around the turn of the 21st century , and in 2002 it was the top performer on the NYSE . The following year , Phillips “ Phil ” Baker was named president and CEO , and in 2006 the company reported its highest earnings and lowest cost structure .
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WALL STREET WALKS
Wall Street Walks takes visitors through the historic capital of world finance — the onesquare-mile of downtown Manhattan known as “ Wall Street .” Our visitors learn about people , places and events comprising over 200 years of history , as they walk among locations where it all happened .
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