https://www.miningweekly.com

Hecla plans to buy ATAC Resources for C$31m

21st February 2023

By: Creamer Media Reporter

     

Font size: - +

US silver miner Hecla Mining has entered into a nonbinding letter of intent to acquire Vancouver-based exploration company ATAC Resources and its Rackla and Connaught projects, in Yukon, Canada.

Hecla will acquire all the issued and outstanding shares of ATAC for C$0.14 a share for a consideration of C$31-million, payable in stock.

ATAC CEO Graham Downs says Hecla is the “ideal acquirer” for the Rackla gold property, given its adjacent Keno Hill mining project.

“As an established and successful multi-asset producer, Hecla has the resources, strengths and experience to meaningfully advance the known targets at Rackla and Connaught,” states Downs.

The remaining ATAC assets will be spun out into a copper-focused exploration company, SpinCo, which will hold all ATAC’s rights and interests in the Idaho Creek, Catch, Rosy and PIL project, as well as ATAC’s cash balance following the proposed transaction.

Hecla will make a C$2-million strategic investment into Spinco.

The company has entered into an exclusivity period of 30 days with ATAC.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.05 0.935s - 128pq - 2rq
Subscribe Now