GOLD 1207.68 $/ozChange: -1.01
PLATINUM 1292.00 $/ozChange: -10.00
R/$ exchange 11.28Change: -0.01
R/€ exchange 14.25Change: 0.06
We have detected that the browser you are using is no longer supported. As a result, some content may not display correctly.
We suggest that you upgrade to the latest version of any of the following browsers:
close notification
powered by
Advanced Search
Most Popular Articles - Americas
Coeur reduces convertible debt
Embed Code Close
2nd July 2009
Text Smaller Disabled Text Bigger

TORONTO ( - US precious-metals miner Coeur d'Alene Mines lowered its convertible debt by more than $150-million, or around 37%, during the first half of 2009, the firm announced on Thursday.

The debt was reduced in a series of privately negotiated transactions, and included the retiring of senior notes due in January 2024 and in March 2028.

“Over the last several months, Coeur has taken advantage of the state of the convertibles market to opportunistically reduce the remaining balance of its two unsecured convertible debentures," said CFO Mitchell Krebs.

“Debt reduction is part of a larger effort to enhance shareholder value that also includes reducing non-operating costs, improving our working capital position, and boosting operating cash flow from the company's new mines."

Coeur operates mines in Chile, Mexico, Argentina, the US and Bolivia. The company produced a best-ever 3,9-million ounces of silver during the first quarter of this year.

Last month, the US Supreme Court upheld a permit allowing the company to pump rock waste from its new Kensington mine, in Alaska, into a nearby lake.

The court ruling opens the way for the remaining construction work, followed by the start of production at Kensington, which is scheduled for the second half of 2010.

Edited by: Liezel Hill


To subscribe to Mining Weekly's print magazine email or buy now.

FULL Access to Mining Weekly and Engineering News - Subscribe Now!
Subscribe Now Login