Coeur Mining

Last updated
Coeur Mining, Inc.
Type Public
NYSE:  CDE
Russell 2000 Component
Industry Mining
Founded1928
Headquarters
Chicago, Illinois
,
United States
Key people
Mitchell J. Krebs, President and CEO
Robert E. Mellor, Chairman of the Board<
Products Silver, gold
RevenueUS$665.777 million (2016) [1]
US$69.104 million (2016) [1]
US$55.352 million (2016) [2]
Number of employees
1898 (December 31, 2012) [1]
Divisions Coeur Mexicana S.A. de C.V. ("Coeur Mexicana")
Coeur Alaska, Inc.
Coeur Rochester, Inc.
Coeur Wharf
Coeur Silvertip
Website www.coeur.com

Coeur Mining, Inc. is a precious metals mining company listed on the New York Stock exchange. It operates five mines located in North America. Coeur employs 2,200 people and in 2012 it was the world's 9th largest silver producer. [3] In 2013 the company changed its name to Coeur Mining, Inc. from Coeur d'Alene Mines [4] and moved its head office to Chicago, Illinois from Coeur d'Alene, Idaho.

Contents

History

Coeur Mining was formed in 1928 to mine silver in the Coeur d'Alene region of Idaho. The company was an important mine operator in northern Idaho for many decades and among others operated the Coeur d'Alene Silver Mine, the Coeur Mine and the Galena Mine. [5] The firm sold its remaining assets in the region in July, 2006. [6]

In the past 30 years, Coeur has acquired and operated mines in the US, Mexico, Bolivia, Chile, Argentina and New Zealand and has had operating interests in mines in Australia. It also held investments in various exploration and mining companies. For a short while, it manufactured hose, duct and metal tubing. . [7] [8] [2]

Operations

Kensington Mine is an underground gold mine located in the Alaskan panhandle about 75 km northwest of Juneau, Alaska. The Kensington property consists of 14,000 acres of mineral claims held by Coeur Alaska, [20] a subsidiary of Coeur Mining. Mining in the Kensington region first took place in the late 1800s and early 1900s and has occurred intermittently since that time. [10] Coeur acquired 50% of the Kensington property in 1987 and then 100% in 1995. After considerable exploration work involving option agreements with a number of different companies and a court case that contested permits issued by the US Army Corps of Engineers, the Kensington mine was finally put into Production on July 3, 2010. [10] [2] The Kensington mine is an underground vein-style gold mine with several individual vein systems including the Kensington, Eureka, Raven, Elmira and Julian-Empire veins. [10] The mine uses the cut-and-fill or stope-and-fill underground mining method. In 2012, the mine produced 82,125 ounces of gold at a grade of 0.22 oz./ton and a total production cost of $18.65/oz.[ dubious – discuss ] Reserves at the end of 2012 were just over 1 million ounces of gold. [2]

Rochester Mine is a heap-leach surface silver and gold mine located in the Humboldt Mountains near Lovelock, Nevada. The property consists of 9724 acres of mineral claims, [9] in the district of the historic mining town of Rochester, Nevada. Historic mining in the Rochester Mine area occurred from 1909 to 1935 and consisted of underground mining of high grade silver and gold veins. Coeur acquired the property in 1983 and restarted mining operations as a surface mine in 1986. Except for a three-year shut down from 2007 to 2010 due to low reserves and metal prices, the mine has operated continuously since re-opening. [9] The Rochester Mine produces ore from a conventional open pit operation, and from surface stockpiles of ore. The ore is processed using cyanide heap-leaching to produce silver-gold bars. In 2012 the mine produced 2.8 million ounces of silver and 38,066 ounces of gold at a grade of 0.55 oz./ton silver and 0.0047 oz./ton gold and at a total production cost of $14.05 per ounce of silver. Reserves at the end of 2012 were 44.9 million ounces of silver and 308,000 ounces of gold. [2]

Palmarejo Mine is a surface and underground gold and silver mine located about 420 kilometers by road southwest of the city of Chihuahua in northwestern Mexico. [15] The property consists of over 12,000 hectares of mineral claims encompassing several silver and gold veins systems. Small-scale underground mining for silver veins in the Palmarejo area has occurred intermittently since the early 1800s. [21] Coeur acquired the property in 2007 and mining commenced in 2008. [15] The Pamerejo mine produces ore from surface and underground operations that target a number of silver-gold vein systems. The ore is processed using flotation and cyanide leaching to produce silver-gold bars. [15] In 2012, the mine produced 8.2 million ounces of silver and 106,038 ounces of gold at a grade of 4.7 oz./ton silver and 0.05 oz./ton gold and at a total production cost of $19.26/oz. of silver. Reserves at the end of 2012 were 5.3 million ounces of silver and 665,000 ounces of gold. [2]

San Bartolomé mine is a surface silver mine located near the historic mining city of Potosi, Bolivia; a world heritage site. [22] Mining of silver and silver-tin veins from Cerro Rico, a volcanic mountain adjacent to Potosi, began in the mid 1500s and has been continuous for over 450 years. In the 1650s, Potosi was the largest city in the western hemisphere with 160,000 residents. [23] Today, up to 15,000 people make a living mining small underground silver-tin veins. The property consists of approximately 4,800 hectares of surface mineral claims that encompass gravel deposits or silver-bearing rock along the flank of Cerro Rico. [23] Coeur acquired the San Bartolome property in 1999 and began current mining operations in 2008. The San Bartolomé Mine involves free digging of mineralized gravels along the flanks of Cerro Rico. This material is processed in a conventional cyanide leaching operation using the Merrill–Crowe process. [23] In 2012, the mine produced 5.9 million ounces of silver at a grade of 4.49 oz./ton and at a total operating cost of $15.81/oz. At the end of 2012 reserves are at 109 million ounces of silver. [2]

Wharf Mine is an open pit, heap leach gold operation located in the northern Black Hills of western South Dakota. The property consists of several areas of gold mineralization, which have been mined as a series of open pits. The Wharf mine is located approximately four miles southwest of Lead, South Dakota, and is the only known mining operation to share a hillside with a ski hill, Terry Peak ski resort. Gold was discovered in the Black Hills in 1874 and the first claims were staked over the current-day Wharf mine in 1877. Through the decades, exploration continued as did ownership of the area mines. In 1984, through the merger of Wharf Ltd. and Wharf USA, Inc., Coeur Mining became the sole owner of Coeur Wharf. Today, Coeur Wharf remains the only operating gold mine in South Dakota. Coeur Wharf employs approximately 260 mining professionals of which approximately 98% live in the Black Hills. The Wharf mine has been in operation since 1982 and represents 24% of Coeur's gold production (2022). In January 2022, the Lawrence County Commission approved Coeur Wharf's Conditional Use Permit application, also known as the Boston Expansion. This approval, which is one of the two needed, the other being the State Mine Permit approval, allows for an expansion of Coeur's mining operations by 48.7 acres and potentially extends the mine life for one to three years. Coeur continues to work with State-level regulatory authorities to secure the other requisite authorizations which is anticipated in the second half of 2023. [24]

Projects

As of January, 2014 Coeur Mining holds two main exploration projects: Joaquin in Argentina and La Preciosa in Mexico. [25]

Joaquin is an advanced stage silver-gold exploration project located in Santa Cruz province of southern Argentina. Gold and silver mineralization was discovered on the property by Mirosal Resources in 2004. Coeur began exploring the property in 2007 under an option agreement and acquired 100% of the property from Mirosal Resources in 2012. [26] The property contains oxide and sulphide silver-gold mineralization in epithermal veins, breccias and stockworks hosted in acid volcanic rocks of the Deseado Massif; a well-known mineralized belt in southern Argentina. In January, 2013 Joaquin has a measured and indicated mineral resource estimate of 15.7 million tonnes at 128.9 g/t Ag and 0.12 g/t Au and an inferred mineral resource estimate of 1 million tonnes at 100.7 g/t Ag and 0.12 g/t Au. [26]

La Preciosa is an advanced stage silver-gold project located in Durango State Mexico. Coeur acquired the La Preciosa property through the acquisition of Orko Silver Corporation on April 16, 2013. [27] The property contains epithermal silver and gold veins and breccia bodies. As of July 26, 2013 La Preciosa had a measured and indicated mineral resource estimate of 51.9 million tonnes at 87.54 g/t Ag and 0.166 g/t Au and an indicated mineral resource estimate of 17.7 million tonnes at 66.31 g/t Ag and 0.106 g/t Au at a NSR cut off of $20.43/tonne. [28]

Silvertip is a silver-zinc-lead project located in northern British Columbia, Canada, just south of the Yukon border. Silvertip is one of the highest-grade silver-zinc-lead operations in the world and sites within a highly prospective land package. Coeur suspended mining and processing activities at Silvertip in early 2020 and has since commenced evaluation of a larger potential expansion and restart of the project. The Silvertip project is situated on a relatively small footprint in the Rancheria watershed and is accessible via an existing British Columbia and Yukon forestry road. Exploration and mining activity in the area dates back to the 1960s. Coeur purchased the Silvertip claims and infrastructure in 2017 and currently employs approximately 60 mining professionals. [29]

Coeur Capital, Inc.

Coeur Capital, Inc. was formed in 2013 to hold Coeur's existing and future royalty and streaming interests along with its portfolio of strategic equity investments. In December 2013 it acquired Global Royalty Corp, a private company with royalty interests in mines in Mexico and Ecuador. As part of the acquisition, Mark Kucher, President and CEO of Global Royalty, joined Coeur Capital as the Managing Director. [30] [31]

Coeur Capital holds a non-operating interest in the Endeavor Mine in New South Wales Australia. It acquired this interest in 2005 for $44.0 million and it entitles the firm to all of the silver production and reserves (up to 20.0 million payable ounces) contained at the Endeavor Mine. [2] The company also owns net smelter royalties on the Cerro Bayo Mine in Chile, the El Gallo complex in Mexico, and the Zaruma Mine in Ecuador. [30] [31] Coeur Capital also maintains shareholdings in a number of junior exploration companies for investment purposes. These include Hudra Silver, Pershing Gold, Commonwealth Silver, International Northair Mines, Silver Bull Resources, Soltoro, Caracara Silver, and Apogee Silver. [18]

See also

Related Research Articles

<span class="mw-page-title-main">Newcrest Mining</span> Australian-based mining company

Newcrest Mining Limited is an Australian-based corporation which engages in the exploration, development, mining and sale of gold and the froth flotation product, gold-copper concentrate. It is Australia's leading gold mining company and its operations have expanded beyond Australia, for example Indonesia, thus becoming a prominent international mining corporation. Newmont initially started the company as a subsidiary in 1966. The subsidiary became Newmont Holdings Pty Ltd in 1980 and in 1990 acquired 100 per cent of Australmin Holdings Limited taking the current name.

Yamana Gold Inc. is a Canadian company that owns and operates gold, silver and copper mines in Canada, Chile, Brazil and Argentina. Headquartered in Toronto, the company was founded in 1994 and became listed on the Toronto Stock Exchange in 1995, the New York Stock Exchange in 2007, and the London Stock Exchange in 2020. The company became a gold producer after its 2003 re-restructuring in which Peter Marrone took over as chief executive officer and it merged with Brazilian company Santa Elina Mines Corporation. The combined company was able to use Yamana's access to capital with Santa Elina development properties to bring the Chapada mine into production. From there the company combined with other TSX-listed companies RNC Gold, Desert Sun Mining, Viceroy Exploration, Northern Orion Resources, Meridian Gold, Osisko Mining and Extorre Gold Mines which each contributed either a producing mine or a development project that was able to come into commercial production. The company was acquired by Pan American Silver in March 2023.

U.S. Silver & Gold Inc. was a mining company based in Wallace, Idaho near Coeur d'Alene, Idaho. The chairman of the company was Bobby E. Cooper, the CEO was Tom Parker.

The Silver Valley is a region in the northwest United States, in the Coeur d'Alene Mountains in northern Idaho. It is noted for its mining heritage, dating back to the 1880s.

<span class="mw-page-title-main">Gold mining in the United States</span>

In the United States, gold mining has taken place continually since the discovery of gold at the Reed farm in North Carolina in 1799. The first documented occurrence of gold was in Virginia in 1782. Some minor gold production took place in North Carolina as early as 1793, but created no excitement. The discovery on the Reed farm in 1799 which was identified as gold in 1802 and subsequently mined marked the first commercial production.

<span class="mw-page-title-main">Silver mining in the United States</span>

Silver mining in the United States began on a major scale with the discovery of the Comstock Lode in Nevada in 1858. The industry suffered greatly from the demonetization of silver in 1873 by the Coinage Act of 1873, known pejoratively as the "Crime of 73", but silver mining continues today.

Silver mining in Nevada, a state of the United States, began in 1858 with the discovery of the Comstock Lode, the first major silver-mining district in the United States. Nevada calls itself the "Silver State." Nevada is the nation's second-largest producer of silver, after Alaska. In 2014 Nevada produced 10.93 million troy ounces of silver, of which 6.74 million ounces were as a byproduct of the mining of gold. The largest byproducers were the Hycroft Mine, the Phoenix Mine, the Midas Mine and Round Mountain.

<span class="mw-page-title-main">Sunshine Mine</span> Silver mine in Silver Valley, Idaho, USA

The Sunshine Mine is located between the cities of Kellogg and Wallace in northern Idaho. It has been one of the world's largest and most profitable silver mines, having produced over 360 million ounces of silver by 2001.

Gold mining in Alaska, a state of the United States, has been a major industry and impetus for exploration and settlement since a few years after the United States acquired the territory in 1867 from the Russian Empire. Russian explorers discovered placer gold in the Kenai River in 1848, but no gold was produced. Gold mining started in 1870 from placers southeast of Juneau, Alaska.

<span class="mw-page-title-main">Mining industry of Ghana</span>

The Mining industry of Ghana accounts for 5% of the country's GDP and minerals make up 37% of total exports. Gold contributes over 90% of the total mineral exports. Thus, the main focus of Ghana's mining and minerals development industry remains focused on gold. Ghana is Africa's largest gold producer, producing 80.5 t in 2008. Ghana is also a major producer of bauxite, manganese and diamonds. Ghana has 20 large-scale mining companies producing gold, diamonds, bauxite and manganese; over 300 registered small scale mining groups; and 90 mine support service companies.Other mineral commodities produced in the country are natural gas, petroleum, salt, and silver.

The Juneau mining district is a gold mining area in the U.S. state of Alaska.

The Admiralty mining district is a mining area in the U.S. state of Alaska which consists of Admiralty Island. Silver and base metals are mined, with gold recovered as a by-product.

Iamgold Corporation is a Canadian company that owns and operates gold mines in Burkina Faso, Suriname and Canada. Headquartered in Toronto, the company was incorporated in 1990, and went public on the Toronto Stock Exchange in 1996, with additional shares being listed on the New York Stock Exchange beginning in 2005. The company formerly owned or had stakes in the Sadiola and Yatela gold mines in Mali, the Mupane gold mine in Botswana, the Niobec niobium mine in Quebec, as well as a royalty in the Diavik Diamond Mine.

Golden Star Resources Ltd was a Canadian company that owned and operated the Wassa gold mine in Ghana. The company formerly owned and operated the Bogoso-Prestea gold mine, also in Ghana, from 1999 to 2020. Headquartered in London, but with a registered office in Toronto, it was a public company with shares listed on the Toronto Stock Exchange and cross-listed on the NYSE American and Ghana Stock Exchange. In 2022 the company was acquired by Shanghai Stock Exchange-listed Chifeng Jilong Gold Mining. Golden Star Resources was founded in 1984 by geologist Roger Morton and former football player Dave Fennell to pursue mineral interest in Guyana and formed a joint venture with Cambior to develop the Omai Mine. They changed their focus in 1999 to pursue owning and operating its own gold mines in Ghana.

<span class="mw-page-title-main">Hecla Mining</span>


Hecla Mining is a gold, silver and other precious metals mining company based in Coeur d'Alene, Idaho. Founded in 1891, is the second-largest mining company that produces silver in the country. This area is known as the Silver Valley (Idaho). In 1983, this entire area was designated as a Superfund site by the Environmental Protection Agency, because of land, water, and air contamination resulting from a century of mostly unregulated silver and gold mining.

The Telfer Mine is a gold, copper and silver mine located at Telfer on the land of the Martu people, in the Great Sandy Desert of Western Australia. It is owned by Newcrest Mining, the largest gold producer listed on the Australian Securities Exchange.

<span class="mw-page-title-main">Orex Exploration</span>

Orex Exploration is a former Canadian gold mining company that conducted exploration work on mining properties it owned in the Goldboro and Guysborough County areas of Nova Scotia. The properties owned by Orex were the sites of the former Boston Richardson Mine, Dolliver Mountain Mine, West Goldbrook Mine, and East Goldbrook Mine which operated between 1892 and 1912. Headquartered in Rouyn-Noranda, Quebec, the company was founded in 1987 and raised funds for exploration work, in part, by issuing stocks traded on the Montreal Stock Exchange and then the TSX Venture Exchange. It became a subsidiary of Anaconda Mining Inc. after Anaconda acquired the company in a stock swap deal in 2017.

New Gold Inc. is a Canadian mining company that owns and operates the New Afton gold-silver-copper mine in British Columbia and the Rainy River gold-silver mine in Ontario, Canada. Through a Mexican subsidiary company, they also own the Cerro San Pedro gold-silver mine in San Luis Potosí, Mexico, which ceased operation in 2017. While New Gold was founded in 1980 for the purposes of mineral exploration, the company became a mine operator with its merger of Peak Gold and Metallica Resources in 2008. A fourth company, Western Goldfields, joined in 2009. Together they operated the Peak mine in Australia and Mesquite Mine in California but sold both in 2018. Headquartered in Toronto, shares of the company are traded on the Toronto Stock Exchange and NYSE American.

<span class="mw-page-title-main">First Majestic Silver</span> Canadian silver mining company operating in Mexico

First Majestic Silver Corp. is a Canadian silver-mining company that operates in Mexico and the United States. It has four producing mines under its control: San Dimas Silver/Gold Mine, Santa Elena Silver/Gold Mine, La Encantada Silver Mine, and Jerritt Canyon Gold Mine. First Majestic also produces and sells its own bullion rounds and bars.

AuRico Gold was an intermediate gold mining and exploration company that, until August 2011, operated only in Mexico. It reached intermediate gold producer status in August 2011 when Northgate Minerals agreed to be taken over for C$1.46 billion. Gammon Gold was an exploration company until 2004 when it started producing for the first time. Assets also include silver and copper.

References

  1. 1 2 3 "Coeur Mining 2016 10-K Annual Report". December 31, 2016.
  2. 1 2 3 4 5 6 7 8 9 "Coeur Mining 2012 10-K Annual Report". December 31, 2012.
  3. ↑ "The Silver Institute's Top 20 Silver Producing Countries in 2012". Archived from the original on December 20, 2011. Retrieved December 15, 2013.
  4. ↑ "Coeur Mining May 14, 2013 news release". Archived from the original on February 3, 2014. Retrieved December 15, 2013.
  5. 1 2 "Coeur d'Alene Mines 10-K 1993 Annual Report". December 31, 1993.
  6. 1 2 "Coeur d'Alene Mines 10-K 2006 Annual Report". December 31, 2006.
  7. ↑ "History of Coeur d'Alene Mines" . Retrieved December 15, 2013.
  8. ↑ "Coeur d'Alene Mines 1994 10-K Annual Report". December 31, 1994.
  9. 1 2 3 "Rochester Mine 2013 Technical Report, Effective Date September 16, 2003" (PDF). Retrieved December 15, 2013.
  10. 1 2 3 4 "Kennsington Mine Technical Report January 1, 2013" (PDF). Retrieved December 15, 2013.
  11. 1 2 3 4 "Coeur d'Alene Mines 1995 10-K Annual Report". December 31, 1995.
  12. ↑ "Coeur d'Alene Mines 2010 10-K Annual Report". December 31, 2010.
  13. ↑ "Companies Announce Merger - NY Times Archives". The New York Times. 19 September 1991. Retrieved February 10, 2014.
  14. ↑ "Coeur d'Alene Mines 1998 10-K Annual Report". December 31, 1998.
  15. 1 2 3 4 5 "Palmarejo Mine Technical Report Dated January 1, 2013" (PDF). Retrieved December 15, 2013.
  16. ↑ "Coeur d'Alene Mines 2002 10-K Annual Report". December 31, 2002.
  17. ↑ "Coeur d'Alene Mines 2005 10-K Annual Report". December 31, 2005.
  18. 1 2 "Home". coeur.com.
  19. ↑ "Coeur Mining Reports Q4 and Full Year 2016 Production Results and Provides 2017 Production Guidance". Junior Mining Network. January 6, 2017.
  20. ↑ Thomson, Lori (July 9, 1997). "Shareholders sue Kensington parent company over stock prices". Juneau Empire. Archived from the original on May 3, 2012. Retrieved 2009-06-25.
  21. ↑ "Report of International Arbitral Awards: The Palmarejo and Mexican Gold Fields (Ltd.) (Great Britain) v. United Mexican States" (PDF). August 6, 1931.
  22. ↑ "City of Potosí Unesco World Heritage Site" . Retrieved December 15, 2013.
  23. 1 2 3 "San Bartolome Technical Report Dated January 1, 2013" (PDF). Retrieved December 15, 2013.
  24. ↑ https://www.coeur.com/operations-projects/wharf-sd/default.aspx
  25. ↑ "Coeur Mining's Exploration and Development Projects". Archived from the original on February 3, 2014. Retrieved January 18, 2014.
  26. 1 2 "Joaquin Property Technical Report Dated February 22, 213" (PDF). Retrieved January 18, 2013.
  27. ↑ "Coeur Mining Completes Acquisition of Orko Silver Corp". April 16, 2013. Archived from the original (PDF) on February 3, 2014. Retrieved January 19, 2014.
  28. ↑ "La Preciosa Silver-Gold Project Preliminary Economic Assessment Effective Date July 26, 2013" (PDF). Retrieved September 22, 2013.
  29. ↑ https://www.coeur.com/operations-projects/silvertip-bc/default.aspx
  30. 1 2 "Coeur Capital Overview". Archived from the original on February 3, 2014. Retrieved February 10, 2014.
  31. 1 2 "Coeur Completes Acquisition of Global Royalty Corp". December 12, 2013. Archived from the original on February 3, 2014. Retrieved January 19, 2014.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.