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Hecla Mining to use C$40M loan for Casa Berardi mine expansion

Investissement Québec's Ressources Quebec unit will invest C$40 million in Hecla Mining Co. in the form of a senior unsecured term loan, Hecla said March 5.

The loan will bear a coupon rate of 4.68% and will mature in 37 months, at the same time as the company's outstanding high-yield notes. Proceeds are earmarked for developing and expanding Hecla's Casa Berardi gold mine in Quebec.

Hecla President and CEO Phillips Baker said the company has improved Casa Berardi's operations since acquiring the asset, doubling the throughput, increasing gold production and reserves, and adding approximately 250 workers at the mine, bringing the total number of employees to about 950.