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Pharmaceutical industry

ASARCO Completes Transaction with Coeur d'Alene Mines

Strategic Insights

— 1 min read

ASARCO Incorporated, one of the world's leading integrated producers of copper, has completed a transaction with Coeur d'Alene Mines where it acquires a 19.3% common stock interest in the latter in exchange for its silver mining interests. The transaction, approved by Coeur d'Alene Mines shareholders, involves Asarco acquiring 7.125 million newly issued common shares in Coeur d'Alene Mines in exchange for its stake in various silver mining operations, including the Coeur and Galena mines in Idaho. As part of the agreement, Asarco is entitled to nominate two directors to Coeur d'Alene Mines' Board of Directors.

Key Takeaways:

  • ASARCO acquired a 19.3% common stock interest in Coeur d'Alene Mines, exchanging its silver mining interests, including the Coeur and Galena mines in Idaho.
  • The transaction involved 7.125 million newly issued common shares of Coeur d'Alene Mines in exchange for Asarco's stake in various silver mining operations.
  • Asarco acquired Asarco's 50% interest in Silver Valley Resources Corporation, which operates the Coeur and Galena silver mines.
  • The agreement also includes Asarco acquiring a 20% net profits interest in the Quiruvilca silver mine in Peru, operated by Pan American Silver.
  • In addition, Asarco acquired 1.5 million shares and warrants representing an approximate 5% interest in Pan American Silver Corporation.
  • As part of the agreement, Asarco is entitled to nominate two directors to the Coeur d'Alene Mines' Board of Directors.

Statistics:

  • 19.3% - the percentage of Coeur d'Alene Mines' common stock owned by Asarco following the transaction
  • 7.125 million - the number of newly issued common shares of Coeur d'Alene Mines acquired by Asarco
  • 50% - the interest in Silver Valley Resources Corporation owned by Asarco, which was acquired by Coeur d'Alene Mines as part of the transaction
  • 5% - the approximate interest in Pan American Silver Corporation acquired by Asarco through 1.5 million shares and warrants

Sources:

  • "ASARCO Incorporated Completes Transaction with Coeur d'Alene Mines." Business Wire, 9 Sept. 1999.

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