Silver and gold producer Coeur d’Alene Mines Corp (NYSE:CDE) (TSX:CDM) said on Thursday it had authorized a share buyback program of up to $100 million of the company’s common equity.
Based on yesterday’s closing price of $18.95 per share, the authorized program represents approximately 5.3 million, or nearly 6%, of the company’s outstanding shares.
“This program reflects our confidence in the underlying cash flow and long-term value of the company," said president and chief executive officer, Mitchell J. Krebs.
“We view share repurchases as an effective method of returning capital to shareholders while still maintaining our commitment to growth through investing in high-return internal and external growth opportunities,” he added.
Under this program, management is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934.
Depending on market conditions and other factors, repurchases may be made at any time without prior notice.