Acadia moving office to U.S.

The depressed state of the mineral exploration business in Canada is pushing Acadia Mineral Ventures (TSE) south of the border.

The junior, owned 55.5% by Hecla Mining Co. of Canada, says it has decided to help reduce overhead expenses by conducting all administrative, accounting and exploration activities out of the head office of Hecla Mining (NYSE) in Coeur d’Alene, Idaho.

“Hopefully, conditions will improve over the next few years, but in the meantime it is essential that your company conserves its cash and remains in a position to take advantage of opportunities as they may arise, at least until conditions become more favorable at home,” writes the company in a letter to shareholders.

Acadia reported a cash position of about $878,000 as of Sept. 30.