Coeur Manquiri Receives Assurance from Morales Administration That San Bartolomé Not Subject to Nationalization
April 15 2011 - 1:26AM
Business Wire
Coeur d’Alene Mines Corporation (NYSE:CDE)(TSX:CDM) today
announced that it has received assurances from the Morales
Administration in Bolivia that its San Bartolomé mine is not
subject to any proposed nationalization in Bolivia.
“During a meeting Thursday with Bolivian Mining Minister Jose
Pimentel, the Minister assured Coeur Manquiri and members of the
Federation of Mining Workers Trade Union (FSTMB) that Manquiri will
not be nationalized,” said Humberto Rada, President of Coeur South
America and Coeur Manquiri, the subsidiary of Coeur that operates
San Bartolomé.
Coeur has maintained that its property rights at San Bartolomé
are not the subject of expropriation. The Company operates the
mine in Potosi where title already belongs to Bolivia and backed by
Presidential Supreme Decree.
All surface mining and silver production at San Bartolomé are
operating as usual. The labor unions working with San Bartolomé
management have openly denounced any nationalization and expressed
their support of Manquiri as have the mining Cooperatives in
Potosi, who are a strong social and political influence in
Bolivia.
About Coeur
Coeur d’Alene Mines Corporation is the largest U.S.-based
primary silver producer and a growing gold producer. The Company
has three new, large precious metals mines generating significantly
higher production, sales and cash flow in continued strong metals
markets. In 2011, Coeur will realize the first full year of
production and cash flow from all three of its new, 100%-owned
mines: San Bartolomé in Bolivia; the Palmarejo silver/gold
mine in Mexico, and the Kensington Gold Mine in Alaska.
In addition, the Company is expecting new production from its
long-time flagship Rochester mine in Nevada. The Company also owns
non-operating interest in a low-cost mine in Australia,
and conducts ongoing exploration activities near its
operations in Argentina, Mexico and Alaska.
Cautionary Statement
This press release contains forward-looking statements within
the meaning of securities legislation in the United States and
Canada, 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
United States Securities and Exchange Commission, and the Canadian
securities regulators, 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.
Coeur Mining (NYSE:CDE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Coeur Mining (NYSE:CDE)
Historical Stock Chart
From Jul 2023 to Jul 2024