Venezuela Pulls Already-Sold Hecla Gold Concession
CARACAS, Venezuela — Venezuela is officially taking away a gold concession that Hecla Mining Co. recently sold.
The Idaho-based company sold its Venezuelan subsidiaries to Rusoro Mining Ltd. last month for $25 million. Hecla spokeswoman Vicki Veltkamp says the new action will not affect company assets.
The Mining Ministry resolution published in Tuesday’s Official Gazette says that Hecla may still have to pay taxes, fines or interest. Veltkamp says she is unaware of any outstanding payments.
The ministry was reviewing the concession after a labor dispute at the Isidora mine when Hecla announced the sale.
A Rusoro news release says the ministry has agreed to form a mixed enterprise with the company based in Vancouver, British Colombia.