-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MpbgZVkuXOJisDPbaS9na4xLUoSougLH7r9KV420KquOWxkNsJ/AjY/3sYln8ynf aPnJVrF7hjKfDtlwJ6z5yg== 0000904456-99-000089.txt : 19990909 0000904456-99-000089.hdr.sgml : 19990909 ACCESSION NUMBER: 0000904456-99-000089 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990908 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990908 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: SEC FILE NUMBER: 001-08641 FILM NUMBER: 99707865 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'ALENE STATE: ID ZIP: 83814 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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): September 8, 1999 COEUR D'ALENE MINES CORPORATION ----------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Idaho 1-8641 82-0109423 ---------------------------- ------------ -------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification Number) 400 Coeur d'Alene Mines Bldg. 505 Front Avenue Coeur d'Alene, Idaho 83814 ---------------------------------------- ---------- (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (208) 667-3511 -------------- Not Applicable ----------------------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS On September 8, 1999, the Board of Directors of Coeur d'Alene Mines Corporation (the "Company") announced that it accepted the offer of Cyprus Minerals Company ("Cyprus") to settle the Company's lawsuit against Cyprus relating to the Golden Cross Mine in New Zealand for $31.5 million, and that the Company expects to record other income of approximately $19 million during the third quarter 1999. A copy of the Company's press release, dated September 8, 1999, announcing the settlement is filed as exhibit to this report. Item 7. Financial Statements, Pro Forma Financial Information And Exhibits (c) EXHIBITS. The following exhibit is filed herewith: Exhibit Number Description ------- ----------- 99(a) Press Release of Coeur d'Alene Mines Corporation, dated September 8, 1999 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 D'ALENE MINES CORPORATION (Registrant) Dated: September 8, 1999 By: /s/GEOFFREY A. BURNS -------------------- Geoffrey A. Burns Vice President and Chief Financial Officer EX-99 2 EXHIBIT 99(A) PRESS RELEASE COEUR D'ALENE MINES SETTLES LAWSUIT Coeur d'Alene, Idaho, September 8, 1999 - Coeur d'Alene Mines Corporation (NYSE:CDE) announced today that it has reached agreement with Cyprus Minerals Company to settle Coeur's lawsuit against Cyprus relating to the Golden Cross Mine in New Zealand for $31.5 million. Coeur's lawsuit against Cyprus, instituted in July 1996 in the District Court of Kooteani County, Idaho, arose from Cyprus' sale in April 1993 to Coeur of the New Zealand-based corporation that owned an 80% interest in the Golden Cross Mine located in that country. Coeur's lawsuit, as amended, sought damages arising from ground movement and instability, threatening the integrity of the mine site. Due to such ground movement and instability, Coeur effected a $53 million write-down of its interest in the Golden Cross Mine and a nearby property during the second quarter of 1996. During the second quarter of 1997, Coeur received its 80% share of a $10 million flood insurance recovery relating to the business interruption and property damage at the mine, which proceeds were recorded by Coeur as other income in 1997. As announced by Coeur earlier this year, in May 1999 Coeur settled the class action lawsuit filed by certain purchasers of its common stock in July 1997 in the Federal District Court for the District of Colorado against Coeur and certain of its officers. The plaintiffs in that lawsuit alleged that the defendants knew but did not publicly disclose adverse financial information relating to certain mining properties, including the Golden Cross Mine. Although Coeur denied the plaintiffs' allegations, it determined it would be in the best interests of Coeur to settle the class action and entered into a settlement agreement that was approved by the Court in July 1999. The settlement contained an acknowledgement by the plaintiffs that they were unable to identify evidence to support a charge that the officers of Coeur had been responsible for violations of the federal securities laws. The terms of that settlement provided that the plaintiffs would be entitled to 50% of the net proceeds, up to a maximum of $6 million, recovered by Coeur from its lawsuit against Cyprus after Coeur has first recouped its costs and expenses incurred in litigating the lawsuit and after the payment of $4 million to settle the subrogation claim of Coeur's flood insurance carrier. As a result of the settlement of this lawsuit, Coeur expects to record other income of approximately $19 million during the third quarter of 1999. (This is the net amount of settlement proceeds after deducting the $4 million payment to Coeur's flood insurance carrier, $6 million payment to the plaintiffs in the class action and $2.5 million for estimated legal costs.) -----END PRIVACY-ENHANCED MESSAGE-----