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0000897069-08-001737.txt : 20081114
0000897069-08-001737.hdr.sgml : 20081114
20081114150954
ACCESSION NUMBER: 0000897069-08-001737
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20081110
ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
ITEM INFORMATION: Other Events
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20081114
DATE AS OF CHANGE: 20081114
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: COEUR D ALENE MINES CORP
CENTRAL INDEX KEY: 0000215466
STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040]
IRS NUMBER: 820109423
STATE OF INCORPORATION: ID
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-08641
FILM NUMBER: 081190461
BUSINESS ADDRESS:
STREET 1: 400 COEUR D ALENE MINES BLDG
STREET 2: 505 FRONT AVE
CITY: COEUR D ALENE
STATE: ID
ZIP: 83814
BUSINESS PHONE: 2086673511
MAIL ADDRESS:
STREET 1: 400 COEUR D ALENE MINES BLDG
STREET 2: 505 FRONT AVE
CITY: COEUR D
STATE: ID
ZIP: 83814
8-K
1
cmw3861.htm
CURRENT REPORT
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the
Securities and
Exchange Act of 1934
Date of Report (Date
of earliest event reported): November 10, 2008
COEUR DALENE MINES CORPORATION
|
(Exact name of Registrant as specified in its charter) |
Idaho |
1-8641 |
84-0109423 |
(State or Other Jurisdiction of |
(Commission File Number) |
(I.R.S. Employer |
Incorporation) |
|
Identification No.) |
505 Front Avenue, |
83814 |
Coeur dAlene, Idaho |
(Zip Code) |
(Address of Principal Executive Office) |
Registrants
telephone number, including area code: (208) 667-3511
Not Applicable
|
(Former name or former address, if changed since last report) |
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[__] |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[__] |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[__] |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
[__] |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Item 3.01 Notice of Delisting or
Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
November 10, 2008, Coeur dAlene Mines Corporation (Coeur) received
notice from the New York Stock Exchange (NYSE) that the shares of common stock
of Coeur, which are listed on the NYSE, had fallen below the NYSEs continued listing
standard relating to minimum share price, as set forth in Section 802.01C of the NYSE
Listed Company Manual. Under that provision, a companys securities are considered to
be below such NYSE compliance standard if the average closing price of the security is
less than $1.00 over a consecutive 30 trading-day period. Coeur intends to cure its
failure to meet such continued listing standard in accordance with that NYSE listing rule.
Item 8.01 Other Events.
On
November 14, 2008, Coeur distributed to its employees a letter discussing the NYSE notice
referenced above and other strategic and operational matters. A copy of the letter, which
includes a copy of the press release issued by Coeur on November 13, 2008 related to such
NYSE notice, is filed herewith as Exhibit 99.
Item 9.01 Financial
Statements and Exhibits.
The
following exhibit is filed herewith:
|
99 |
Letter
to Employees, dated November 14, 2008. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
COEUR DALENE MINES CORPORATION |
|
(Registrant) |
Dated: November 14, 2008 |
By: /s/ Mitchell J. Krebs |
|
Mitchell J. Krebs |
|
Senior Vice President and |
|
Chief Financial Officer |
EX-99
2
cmw3861a.htm
LETTER TO EMPLOYEES
EXHIBIT 99
November 14, 2008
Fellow Coeur Employees:
As all of you are aware, markets
around the world are in the midst of an unprecedented period of uncertainty which has had
a material impact on global metals prices. As we work together through this period
of market and economic uncertainty, I want to convey to you that Coeur remains in solid
financial condition and is proactively and aggressively executing a strategy that
drastically reduces costs, conserves cash, and funds our industry-leading growth
profile. 2008 has been a pivotal year for Coeur, and we think 2009 will be even
better.
Earlier this week the Company
received notice from the New York Stock Exchange that Coeurs stock price had fallen
below its continued listing standard of at least $1.00 per share during any consecutive
30-day trading period. We have notified the NYSE that we intend to comply with this price
condition. Attached is the press release we issued today.
I remain confident that our
substantial silver and gold reserve base, our existing mines, and our newest project at
Palmarejo create an excellent platform to create meaningful value for our shareholders and
the Company. While market conditions today have affected our entire industry, we
must keep in mind that we are a very dynamic company and well-positioned to succeed in the
future.
As we continue to execute our
strategy of growth through new, long-life mines, reduced costs, and a continued focus on
exploration, I continue to be excited about Coeurs profile and potential. When
the additional production and cash flow from San Bartolomé in Bolivia and Palmarejo
in Mexico are added to the output from our existing operations, we expect to see
considerable cash flow growth, margin expansion, and value creation for all
stakeholders.
Let me briefly update you on these
two projects:
|
San
Bartolomé: San Bartolomé is now achieving full capacity and
we are currently producing approximately 4,500 tons of silver per day. We expect this
long-life asset will reach our stated goal of 3.2 million ounces this year and
approximately 9 million ounces of silver next year. We are very excited about the
future of this mine, the largest pure silver mine in the world, and look forward to years
of strong production and the continued strong relationships we have built with the people
of Potosi. |
|
Palmarejo:
Construction continues to be on-budget and on-schedule for a March 2009 startup. In 2009,
we expect that Palmarejo will be Coeurs largest producer and cash flow generator,
with approximately 5.1 million ounces of silver and approximately 67,000 ounces of gold in
its first, partial year of production next year. While Palmarejos expected
production is encouraging, we are even more excited about the opportunity for consistent
expansion in this large, evolving mining district that we control. |
While our production and cash flow
growth potential for the upcoming year is significant, our revenues have been greatly
impacted by the dramatic reduction in silver prices that we have experienced over the last
few months. The Company has taken several aggressive steps to significantly reduce
costs in order to provide Coeur with greater flexible in todays challenging market
environment.
|
|
All
country locations through the organization have implemented steps to reduce the Companys
overall general and administrative expenses by approximately $10 million annually, or
about 40%. |
|
|
We
have temporarily suspended mining operations at Cerro Bayo in Chile in order to conserve
cash and to focus on exploration activities at recent discoveries and known areas of
mineralization in order to develop a robust mine plan with reduced costs and enhanced
economic viability of the operation. |
|
|
At
Kensington, while we await a decision from the U.S. Supreme Court regarding the
previously-permitted tailings facility sometime in the second quarter of 2009, we have
taken steps to reduce capital expenditures, headcount and exploration by 60%. Once
in production, Kensington will contribute approximately 140,000 ounces of gold production
annually and provide another key source of cash flow. |
In addition, the required
expenditures to construct these new mines will begin to decline next quarter as we see the
Companys production and cash flow increase from these investments.
Id like to thank each of you
for your commitment to Coeur and for helping to make it the undisputed world leader in
silver that it is. I ask each of you to continue your hard work and commitment to ensure
that we all benefit from the opportunities that lie ahead for our Company.
Sincerely,
/s/ Dennis E. Wheeler
Dennis E.
Wheeler
Chairman, President and Chief Executive Officer
NEWS RELEASE
COEUR NOTIFIED BY NYSE
OF CONTINUED LISTING STANDARDS
COEUR DALENE, IDAHO
November 13, 2008 Coeur dAlene Mines Corporation (NYSE:CDE, TSX:CDM, ASX:CXC)
today announced that it has received notice from the New York Stock Exchange
(NYSE) that the Company has fallen below the NYSEs continued listing
standard relating to minimum share price. This standard requires that a
companys common stock trade at a minimum average closing share price of $1.00 during
any consecutive 30-day trading period. The Company has notified the NYSE that it intends
to comply with the price condition.
We continue to believe that
Coeur is well positioned to capitalize on the significant growth projects that are now in
the process of coming on-line, said Dennis E. Wheeler, Chairman, President and Chief
Executive Officer. With production at our San Bartolomé silver mine in
Bolivia now reaching full capacity and our Palmarejo silver-gold project in Mexico
on-budget and on-schedule for a March 2009 start up, we expect to produce significantly
more silver and gold over the coming months at lower cost than we have in the past.
The expected additional revenue combined with other corporate initiatives aimed at
streamlining costs will put the Company on a strong footing and help it satisfy the NYSE
price condition.
About Coeur
Coeur dAlene Mines Corporation
is one of the worlds leading silver companies and also a significant gold producer.
Coeur, which has no silver or gold production hedged, is now producing silver at what is
considered to be the worlds largest pure silver mine San Bartolomé in
Bolivia and is currently constructing another world-leading silver mine
Palmarejo in Mexico. The Company also operates underground mines in southern Chile and
Argentina and one surface mine in Nevada; and owns non-operating interests in two low-cost
mines in Australia. The Company also owns a major gold project Kensington in Alaska
and conducts exploration activities in Argentina, Bolivia, Chile, Mexico and
Tanzania. Coeur common shares are traded on the New York Stock Exchange under the
symbol CDE, the Toronto Stock Exchange under the symbol CDM, and its CHESS Depositary
Interests are traded on the Australian Securities Exchange under symbol CXC.
Investor Contact
Karli Anderson
Director
of Investor Relations
208-665-0345
Media Contact
Tony Ebersole
Director of Corporate Communications
208-665-0777
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, Coeurs 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.
GRAPHIC
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coeurpressreleaselogo.gif
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