Coeur d’Alene Mines announced in March that it will move its corporate headquarters from Coeur d’Alene, Idaho, to a location in downtown Chicago, Illinois, USA. The company expects to complete the move in the third quarter of 2013 and to hire at least 60 employees at its new Chicago headquarters by the end of 2014.
Coeur also announced that it intends to change its name to Coeur Mining following its annual meeting in mid-May.
The city of Coeur d’Alene has been Coeur’s home since 1985. The company has 65 employees at its Coeur d’Alene headquarters. About 20 of these employees will move to Chicago with the company.
Coeur is the largest U.S.-based primary silver producer and a growing gold producer. The company produced 18 million oz of silver in 2012. The bulk of this production came from three wholly owned mines: The Palmarejo mine in Mexico (8.2 million oz), the San Bartolomé mine in Bolivia (5.9 million oz), and the Rochester mine in Nevada (2.8 million oz). The company also owns the Kensington gold mine in Alaska and conducts exploration in Mexico, Argentina, Nevada, Alaska, and Bolivia.
“Relocating our headquarters to Illinois will improve our access to key stakeholders and to our operations,” Coeur president and CEO Mitchell J. Krebs said.
Subsequent to Coeur’s announcement of its planned move to Chicago, the company announced on April 11, 2013 that it had agreed to sell its interest in the silver production and reserves of the Endeavor mine in Australia and a royalty on production from the Cerro Bayo gold and silver mine in southern Chile to XDM Royalty Corp. for up to $67 million in total cash and XDM equity.
And, on April 16, 2013, Coeur announced completion its acquisition of Orko Silver Corp. for approximately $350 million in cash and Coeur shares. Orko is developing one of the world’s largest undeveloped primary silver deposits, La Preciosa, near the city of Durango, Mexico.