The US mining industry has been on a bit of an upswing in recent years, and recent news shows that the mini-boom is spreading to Montana.
Montana is home to the Rock Creek Mine project, thought to be one of the largest unmined silver deposits in the United States. In addition to 229 million ounces of silver, Rock Creek is believed to have 2 billion pounds of copper.
This has attracted the attention of Hecla Mining, a major player in the U.S. silver market. Hecla has recently announced plans to acquire Revett Mining, a mineral developer that owns the rights to the Rock Creek project.
Revett has been trying to develop the project for over 10 years, but has met with significant opposition and legal hurdles. Locals and environmentalists oppose any mining in the Cabinet Mountains, home to Rock Creek.
However, in 2011 an appeals court opened up the region to permitting, and it is thought that Hecla, with their superior resources, will have more luck advancing the project than Revett.
To that end, they've earmarked $20 million in stock towards the purchase of Revett and its claim - a 30% premium on recent evaluations. This is a significant vote of confidence in their ability to bring the project to life.
It's not the first time Hecla has invested in a controversial project. The company notes that they've been operating in an Alaskan national monument for nearly 20 years, referencing their silver mine in Greens Creek.
Regardless of the outcome of the Rock Creek project, Hecla's interest shows that there's still a strong interest in U.S. mining.
As the industry continues to grow, this will also lead to an increase in demand for mining supplies and equipment. To find out about our extensive inventory of OTR tires, contact us today. We'll help you choose the tires that best fit your needs and budget.
Image credit: Revett Mining
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