TORONTO (miningweekly.com) - 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.