Coeur Adds Aurubis AG as Second Purchaser of Kensington Gold Concentrates
September 07 2010 - 4:05PM
Business Wire
Coeur d’Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC)
today announced that Coeur Alaska, Inc., a wholly-owned subsidiary,
has entered into a contract with Aurubis AG for the treatment and
refining of gold concentrates produced at Coeur’s new Kensington
gold mine.
“Combined with the recently announced agreement with China
National Gold Group Corporation, the sale of Kensington’s gold
concentrates are now secured by contracts with two first-class
smelting and refining companies. We look forward to working with
Aurubis and are delighted to enter into this important commercial
relationship,” said Mitchell J. Krebs, Chief Financial Officer of
Coeur.
The Kensington mine, which began production late last month, is
expected to produce approximately 50,000 ounces of gold this year
and average approximately 125,000 ounces of annual gold production
over an initial 12.5 year life based on current reserves of 1.5
million ounces. Once in full production, cash costs are expected to
average approximately $490 per ounce over the mine life.
About Coeur
Coeur d'Alene Mines Corporation is one of the world's leading
silver companies and also a growing gold producer. Coeur is also a
recognized leader in environmental stewardship and worker safety,
with 13 national and international awards earned over the past
year. The Company’s three new long-life mines include the San
Bartolomé silver mine in Bolivia which began operations in 2008,
the Palmarejo silver/gold mine in Mexico, which began operations in
2009, and the Kensington gold mine in Alaska, which began
production in June of this year. The Company also owns underground
mines in Argentina and one surface mine in Nevada, and owns a
non-operating interest in a low-cost mine in Australia. The Company
conducts exploration activities in Alaska, Argentina and Mexico.
Coeur common shares are traded on the New York Stock Exchange under
the symbol CDE, and the Toronto Stock Exchange under the symbol
CDM, and its CHESS Depositary Interests are traded on the
Australian Securities Exchange under symbol CXC. Further
information is available at www.coeur.com
About Aurubis
The Aurubis Group is the largest copper producer in Europe and
the world leader in copper recycling. Aurubis produces some 1.1
million tonnes of copper cathodes each year and from them a variety
of copper products. The company has sites in seven European
countries with about 4,800 employees.
Thanks to its wide range of services, the company ranks among
the global leaders in its industry. Aurubis’ core business is the
production of marketable copper cathodes from copper concentrates,
copper scrap and recycling raw materials. These are processed
within the Group into continuous cast wire rod, shapes, rolled
products as well as special wire and profiles made of copper and
copper alloys. Precious metals and a number of other products, such
as sulphuric acid and iron silicate, round off its product
portfolio.
Customers of the Aurubis Group include companies in the copper
semis industry, the electrical engineering, electronics and
chemical industries as well as suppliers of the construction and
car industries.
Aurubis’ shares are part of the Prime Standard Segment of the
Deutsche B�rse and are listed in the MDAX, in the European Stoxx
600 and the Global Challenges Index (GCX).
Further information is available at www.aurubis.com
Cautionary Statement
This press release contains forward-looking statements within
the meaning of securities legislation in the United States, Canada,
and Australia, including statements regarding anticipated operating
results. Such statements are subject to numerous assumptions and
uncertainties, many of which are outside the control of Coeur.
Operating, exploration and financial data, and other statements in
this presentation are based on information that Coeur believes is
reasonable, but involve significant uncertainties affecting the
business of Coeur, including, but not limited to, future gold and
silver prices, costs, ore grades, estimation of gold and silver
reserves, mining and processing conditions, construction schedules,
currency exchange rates, and the completion and/or updating of
mining feasibility studies, changes that could result from future
acquisitions of new mining properties or businesses, the risks and
hazards inherent in the mining business (including environmental
hazards, industrial accidents, weather or geologically related
conditions), regulatory and permitting matters, risks inherent in
the ownership and operation of, or investment in, mining properties
or businesses in foreign countries, as well as other uncertainties
and risk factors set out in filings made from time to time with the
SEC, the Canadian securities regulators, and the Australian
Securities Exchange, including, without limitation, Coeur’s reports
on Form 10-K and Form 10-Q. Actual results, developments and
timetables could vary significantly from the estimates presented.
Readers are cautioned not to put undue reliance on forward-looking
statements. Coeur disclaims any intent or obligation to update
publicly such forward-looking statements, whether as a result of
new information, future events or otherwise. Additionally, Coeur
undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of Coeur, its financial
or operating results or its securities.
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