<SEC-DOCUMENT>0001193125-16-666588.txt : 20160915
<SEC-HEADER>0001193125-16-666588.hdr.sgml : 20160915
<ACCEPTANCE-DATETIME>20160801161655
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-666588
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160801

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HECLA MINING CO/DE/
		CENTRAL INDEX KEY:			0000719413
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				770664171
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6500 N MINERAL DRIVE SUITE 200
		STREET 2:		NONE
		CITY:			COEUR D'ALENE
		STATE:			ID
		ZIP:			83815-9408
		BUSINESS PHONE:		2087694100

	MAIL ADDRESS:	
		STREET 1:		6500 N MINERAL DRIVE SUITE 200
		STREET 2:		NONE
		CITY:			COEUR D'ALENE
		STATE:			ID
		ZIP:			83815-9408
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<TYPE>CORRESP
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<TD VALIGN="top">August&nbsp;1, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J. Craig Walker</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">craig.walker@klgates.com</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">T +1 312 807 4321</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Reynolds
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assistant Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street NE
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Hecla Mining Company</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration
Statement on Form S-4</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Filed June&nbsp;29, 2016</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment No. 1 to Registration Statement on Form S-4</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Filed August&nbsp;1, 2016</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>File No.
333-212313</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Reynolds: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
letter sets forth the responses of Hecla Mining Company (the &#147;<U>Registrant</U>&#148;) to the comments of the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the United States Securities and Exchange Commission
(the &#147;<U>Commission</U>&#148;) set forth in its letter dated July&nbsp;26, 2016, which pertain to the Registration Statement on Form S-4 filed by the Registrant with the Commission on June&nbsp;29, 2016 (as amended, the &#147;<U>Registration
Statement</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Through EDGAR, the Registrant is concurrently filing Amendment No.&nbsp;1 to the Registration Statement (&#147;<U>Amendment
No.&nbsp;1</U>&#148;). For the Staff&#146;s convenience, we are enclosing with this response letter a marked copy of the Registration Statement as amended by Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In this letter, we have recited the Staff&#146;s comments in italicized, bold type and have followed each comment with the Registrant&#146;s response. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Summary </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Interests of Directors and Officers
of Mines Management in the Merger, page 15 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please revise to indicate the aggregate amount of payments that the certain officers will receive in connection with the merger. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">K&amp;L GATES LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">70 W. MADISON ST. SUITE 3100 CHICAGO IL 60602
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T +1 312 372 1121 F +1 312 827 8000 klgates.com </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following language has been added under the caption &#147;Interests of Directors and Officers of Mines
Management in the Merger&#148; on page 15 disclosing the aggregate amount of payments that could be received by certain officers of Mines Management: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Assuming that the closing of the merger had occurred on July&nbsp;27, 2016, and the employment of each of the officers of Mines Management was
terminated immediately following the merger, they would be entitled to receive the following aggregate payment amounts: Glenn Dobbs - $1,116,275; Douglas Dobbs - $718,275; and Nicole Altenburg - $228,275. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proposal 1: The Approval and Adoption of the Merger Agreement, page 39 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Opinion of Mines Management&#146;s Financial Advisor, page 49 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that the financial advisor delivered its fairness opinion and presented the related analysis to the board. Please provide us with supplemental copies of any materials, such as board books, used in the
presentations to the board or the special committee. We may have additional comments after reviewing these materials. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mines
Management is delivering separately to the Staff, on a supplemental basis, hard copies of the materials used in the financial advisor&#146;s presentations to the Mines Management board and special committee. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General, page 55 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please disclose the amount of the success fee to be paid to Canaccord Genuity. If the amount is not determinable at this time, provide an estimate as of a recent date. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An estimate, as of July&nbsp;28, 2016, of the success fee is now disclosed on page 58 of the proxy statement/prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Board of Directors and Management of Mines Management Following the Merger, Page&nbsp;60 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please revise to expand this disclosure to address the management changes, if known. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
disclosure under this heading on page 62 has been revised as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">At the effective time, certain directors and executive officers of
Hecla will become all of the directors and executive officers of Mines Management, and the current directors and executive officers of Mines Management will resign. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Shareholder Agreements, page 64 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please disclose whether any separate consideration was provided in order to induce the shareholders to enter into the shareholder agreements. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Disclosure has been added on page 67 stating that no separate consideration was provided to the shareholders in order to induce them to enter into the
shareholders agreements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Part II </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibits and Financial Statement Schedules, page II-1 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>6.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Pursuant to Item&nbsp;601(b)(2) of Regulation S-K please file a list briefly identifying the contents of all omitted schedules or similar supplements to the merger agreement. In addition, please file an agreement
to furnish the staff with a copy of any omitted schedule upon request, which agreement may be included in the exhibit index to the registration statement. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, a list of the omitted schedules and similar supplements has been included on page A-53 of the merger agreement
attached as Appendix A to the proxy statement/prospectus. An agreement to furnish the Staff with a copy of any such omitted schedules upon request is also included in the exhibit index to the Registration Statement. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>7.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that your tax opinion by Davis Graham&nbsp;&amp; Stubbs LLP will be filed by amendment. Please file the tax opinion as promptly as possible since we will review the tax opinion prior to granting
effectiveness of the registration statement and may have further comments after our review. Please allow for sufficient time to resolve any issues raised in our comments. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The tax opinion has been included in Amendment No.&nbsp;1 as Appendix C to the proxy statement/prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Registrant acknowledges that the Registrant, its management, and all other persons who are responsible for the filing recognize that they are responsible
for the accuracy and adequacy of the disclosures in the filing and for ensuring that the filing contains all information that the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), and all applicable Securities Act rules
require. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Registrant acknowledges in connection with any request for the acceleration of the effective date of the Registration Statement
that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">should the Commission or the Staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the
Commission from taking any action with respect to the filing; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">the action of the Commission or the Staff, acting pursuant to delegated authority, in declaring
the filing effective, does not relieve the Registrant from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">the Registrant may not assert Staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission or
any person under the federal securities laws of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please direct your questions or comments regarding the Registrant&#146;s responses or
Amendment No.&nbsp;1 to the undersigned at (312)&nbsp;807-4321 or craig.walker@klgates.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">Regards,</TD></TR>
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<TD VALIGN="top" COLSPAN="3">K&amp;L Gates LLP</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ J. Craig Walker</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Name: J. Craig Walker</TD></TR>
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<TD VALIGN="top">cc:</TD>
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<TD VALIGN="top">Ronald E. Alper, United States Securities and Exchange Commission</TD></TR>
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<TD VALIGN="top">Michael Killoy, United States Securities and Exchange Commission</TD></TR>
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<TD VALIGN="top">David Link, United States Securities and Exchange Commission</TD></TR>
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<TD VALIGN="top">David C. Sienko, Hecla Mining Company</TD></TR>
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