Coeur d'Alene evaluating Argentina mine, offers $350m in senior notes
US-based precious metals producer Coeur d'Alene Mines Corp said Monday it would evaluate strategic and operational alternatives for its silver and gold Martha mine in Argentina to reduce its high operating costs during the rest of the mine’s short life.
The New York and Toronto-listed miner (NYSE:CDE, TSX:CDM) also plans to maximize cash flows from the underground silver and gold mine by reducing operating costs and increasing the processing of above ground stockpile material during the remainder of 2012, according to Reuters.
In a press release, the company added it plans to offer $350 million of Senior Notes due 2020, which will be fully and unconditionally guaranteed by certain of its subsidiaries.
The company intends to use the net proceeds from the notes offering to fund internal and external growth initiatives and for general corporate purposes.
The notes will be offered and sold to qualified institutional buyers in the U.S., pursuant to Rule 144A and outside the U.S., pursuant to Regulation S under the Securities Act of 1933, as amended, Coeur added.
Coeur d'Alene Mines operates the San Bartolomé silver mine in Bolivia, the Palmarejo silver and gold mine in Mexico, the Martha silver and gold mine in Argentina and the Kensington gold mine in Alaska.