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Hecla Mining Company (NYSE:HL) announced the dismissal of the 'bad actor' lawsuit targeting its Libby Exploration Project in Montana. The lawsuit was dismissed following the retirement of Hecla's former CEO, Phillips Baker Jr. Filed by environmental groups and tribes against the Montana Department of Environmental Quality (MDEQ), the lawsuit claimed Baker's past involvement with Pegasus Gold's bankruptcy should disqualify Hecla from receiving exploration and mining permits. With the lawsuit dismissed, Hecla now aims to advance the permitting of its silver-copper Libby Project.
Positive
Dismissal of the 'bad actor' lawsuit positively impacts Hecla's Libby Exploration Project's future permitting and exploration activities.
Hecla is now able to focus on advancing the permitting process for the Libby Project, which includes dewatering and rehabilitation efforts and new underground development.
Negative
The lawsuit was originally filed due to historical issues with the former CEO's involvement in a previous company's bankruptcy and default on reclamation obligations.
Recent retirement of former CEO leads to voluntary dismissal by plaintiffs
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--
Hecla Mining Company (NYSE:HL) (“Hecla” or “Company”) today announced that the “bad actor” lawsuit impacting its Libby Exploration Project in Montana was dismissed as a result of the recent retirement of the Company’s former CEO Phillips Baker Jr.
On July 11, 2024, the Montana First Judicial District Court (Lewis and Clark County) dismissed a lawsuit filed by environmental groups and tribes against the Montana Department of Environmental Quality (“MDEQ”) alleging that Hecla’s former CEO, Phillips Baker, Jr. was a “bad actor” and as a result, MDEQ should deny exploration and mining permits to Hecla’s subsidiaries. The lawsuit sought declaratory relief and a writ of mandamus to compel enforcement of provisions in the Metal Mines Reclamation Act, precluding MDEQ from renewing or issuing exploration and mining permits, including those applicable to the Company’s Libby Exploration Project. The plaintiffs alleged that Mr. Baker was a “bad actor” not based on his roles with Hecla, but because of his prior leadership positions with Pegasus Gold in the leadup to its bankruptcy in 1998, and subsequent default on reclamation obligations at the Zortman-Landusky, Basin Creek, and Beal Mountain mines in Montana. With Mr. Baker’s recent retirement from the Company, the plaintiffs voluntarily dismissed the lawsuit.
With the dismissal of the “bad actor” lawsuit, the Company is focused on advancing permitting of the Libby Exploration Project (“Project”), a silver-copper project located 23 miles south of Libby, Lincoln County, Montana (about 50 miles north of the Company’s Lucky Friday Mine in Idaho). The Company’s subsidiary owns the HR 133 and HR 134 patented mining claims, in addition to other patented lands, and numerous unpatented mining claims at the Project, and has submitted a Plan of Operations to the U.S. Forest Service, which is currently under an Environmental Assessment review in accordance with the National Environmental Policy Act. The Plan of Operations, if approved, would allow for dewatering and rehabilitation of an existing 14,000’ adit, completion of 10,500’ of new underground development, and the commencement of exploration activities at the Project.
ABOUT HECLA
Founded in 1891,Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.
The 'bad actor' lawsuit against Hecla's Libby Exploration Project was dismissed following the retirement of the former CEO, Phillips Baker Jr.
Why was Hecla's 'bad actor' lawsuit dismissed?
The lawsuit was dismissed because it was tied to the retirement of Hecla's former CEO, Phillips Baker Jr., who was linked to past issues with Pegasus Gold.
How does the dismissal of the lawsuit affect Hecla's Libby Exploration Project?
The dismissal allows Hecla to focus on advancing the permitting and commencing exploration activities at the Libby Exploration Project.
What is the Libby Exploration Project?
Hecla's Libby Exploration Project is a silver-copper project located 23 miles south of Libby, Montana.
What are the future plans for Hecla's Libby Project after the lawsuit dismissal?
Hecla plans to advance the permitting process, which includes dewatering, rehabilitation, and new underground development.
