Hecla CEO Reveals Impact Of Closure Of Lucky Friday Mine - Spokane, North Idaho News & Weather KHQ.com

Hecla CEO Reveals Impact Of Closure Of Lucky Friday Mine

COEUR D'ALENE, Idaho (AP) -  The CEO of Hecla Mining says about 200 of the 275 employees at the Lucky Friday Mine in north Idaho will lose their jobs because the mine is being closed for one year on the order of federal safety inspectors.

In a midday news conference streamed live on KHQ.com, Phil Baker said he hopes the company will be able to hire most or all of the workers back when mining operations resume in 2013. Inspectors determined that sand and concrete material that had piled up over the years needs to be removed.

Baker also said expenditures generated by the Lucky Friday mine operation, which total approximately $100 million dollars per year, will fall to roughly $20 million.       

The news caused the stock price of parent company Hecla Mining Co. to lose a quarter of its value on the New York Stock Exchange on Wednesday.

The mine has been shuttered since mid-December when rock burst injured seven miners. Two miners were killed in accidents at the mine over the past year.

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