Calumet and Hecla Mining Company

The Calumet and Hecla Mining Company was a major copper-mining company based in the Michigan Copper Country. In the 1800s, the company paid out more than $72 million in shareholder dividends, more than any other mining company in the United States during that period. In 1864, Edwin J. Hulbert discovered a copper-bearing section of what became known as the Calumet Conglomerate of Precambrian age. The find was in Houghton County, Michigan, between ... more

The Calumet and Hecla Mining Company was a major copper-mining company based in the Michigan Copper Country. In the 1800s, the company paid out more than $72 million in shareholder dividends, more than any other mining company in the United States during that period. In 1864, Edwin J. Hulbert discovered a copper-bearing section of what became known as the Calumet Conglomerate of Precambrian age. The find was in Houghton County, Michigan, between the rich Cliff mine to the northeast, and the copper mines of Portage Lake to the southwest, but a long way from either. Hulbert formed the Calumet Company in 1865, with Boston investors. The company spun off the Hecla Company the following year, and assigned shares in the new company to Calumet shareholders. Hulbert was a major shareholder in both companies, and was in charge of mine operations. But despite the rich ore, Hulbert did not have the practical knowledge to dig out the ore, crush it, and concentrate it. Frustrated with Hulbert’s... less