Hecla Mining Company continued from page 35
Hecla Mining Company continued from page 35
HOW MUCH DO YOU KNOW ABOUT FINANCIAL HISTORY ?
TRIVIA
By Elisa Saska QUIZ
Idaho State Historical Society
Idaho Governor H . C . Baldridge ( center ) visiting the Hecla mine in 1927 . Hecla President James F . McCarthy is at far left .
Tough times returned when the recession hit in 2008 – 2009 . In that period , Hecla acquired the remaining interest in Greens Creek , straining its finances at a time when bank lending was tight . However , with 100 % ownership of Greens Creek , the company saw its highest annual revenue and operating cash flow in 2010 . In addition , it reported the highest level of silver reserves and resources in the company ’ s history . Hecla then turned to acquisition mode once again , completing its purchase of Aurizon Mines Ltd . in 2013 and acquiring the Revett Mining Company in 2015 .
With Baker at the helm , Lucky Friday underwent a massive upgrade in 2016 , expanding the mine two-fold . “ We actually knew the ore body continued , but we didn ’ t know how rich it was , so we drilled and determined this is a very , very high grade ore body and it can support the costs [$ 250 million ],” Baker said .
That same year , Hecla received the mining industry ’ s top safety certification from the National Mining Association . After 125 years in business , Baker said Hecla is , “ the last of those original , gutsy Silver Valley mining companies still standing .”
Bart Ward is CEO of the Investment Advisory firm of Ward & Company , Ltd . Since 1993 he has written the weekly Wall Street history and market-oriented column , “ The Corner .” He has his degree in history from UCLA .
Sources
2015 Hecla Annual Report . Hecla Mining Company . 2016 .
Bruner , Robert F . and Sean D . Carr . The Panic of 1907 : Lessons Learned from the Market ’ s Perfect Storm . John Wiley & Sons , Inc . 2009 .
Celebrating 125 Years . Hecla Mining Company . 2016 .
Fahey , John . Hecla : A Century of Western Mining . University of Washington Press . 1990 .
“ The Floor Department Memorandum .” December 9 , 1964 . NYSE Archives .
Humphrey , Jeff . “ Hecla Mining Digs Massive Expansion of Lucky Friday Mine .” kxly . com . May 23 , 2016 .
“ Minutes from the Special Meeting of the Listing Committee .” American Stock Exchange . September 23 , 1915 . NYSE Archives .
1 . Who will be the first Black person and first woman to appear on the front of US paper money , beginning in 2020 ?
2 . What occasion did financial “ tombstones ,” or “ deal toys ,” mark ?
3 . What was the median household income for the United States in 2015 ?
4 . Which bank is the world ’ s oldest in continuous operation from its founding through today ?
5 . When did Facebook hold its initial public offering ?
6 . Which financier helped the United States avoid a more severe financial crisis in 1907 ?
7 . Who authorizes commemorative coins in the United States , and who produces them ?
8 . Which important monument did Victor Lustig pretend he was able to sell for scrap metal , on behalf of its city , in one of the most famous financial frauds in history ?
9 . When Nasdaq was founded , in 1971 , what did the acronym stand for ?
10 . Which allegorical feminine shape will be featured as a Black woman on a commemorative coin in April 2017 ?
1 . Harriet Tubman 2 . Initial public offerings ( IPOs ) 3 . $ 55,775 4 . Banca Monte dei Paschi di Siena in Italy 5 . May 18 , 2012 6 . J . P . Morgan , who pledged his own money and persuaded other New York bankers to do the same 7 . Commemorative coins are authorized by the US Congress through legislation that is signed by the US President . They are produced by the US Mint . 8 . The Eiffel Tower , in 1925 9 . National Association of Securities Dealers Automated Quotations 10 . Lady Liberty www . MoAF . org | Winter 2017 | FINANCIAL HISTORY 39