HL operates in USA which has: EPA, MSHA, OSHA, Union,Politicians, Environmentalists, Global warmers etc.
From HL 10k: they have spent around $20M in 2010 for lobbying the politicians; In 2007-2010 HL had to pay out over $200M to EPA.
EXK has all mines in Mexico - best mining jurisdiction. No interruptions or work stoppages. When Union decided to block entrance to one of EXK mines local authorities sided with the company and sent cops to remove the Union.
I do agree that CDE and PAAS have some limited political risk and should trade at slightly lower multiples. But the difference is still too big.
Right now HL - 8.5 and CDE 5.3 that's 60% difference ??? This is ridiculous. All things equal CDE has 60% more upside than HL. Don't wast your time and money - invest in CDE !!!