"Coeur has enjoyed a strong relationship with Asarco and Grupo Mexico over the past several years."
(I will also add that the Mexicans believed that they have been swindled in the environmental disaster that encompasses Asarco property from the silver valley to the Butte mining district.I believe its a fair trade on our part that they are stuck with some of the cleanup and we accept a few hundred illegals daily.)D.Austin
Coeur d'Alene Mines and Asarco Inc. Announce Agreement Relating to Common Stock Owned by Asarco
Thursday January 9, 3:46 pm ET
Designees on Board of Directors Resign
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Jan. 9, 2003--Coeur d'Alene Mines Corporation (NYSE:CDE - News) announced today that Coeur and Asarco Inc. have reached an agreement that calls for the resignation of its two designees from Coeur's Board of Directors and contemplates the orderly sale by Asarco in the future of its 7,125,000 shares of Coeur common stock that it owns.
As a result of this agreement, Xavier Garcia de Quevedo Topete and Daniel Tellechea Salido have resigned from Coeur's Board of Directors. These individuals, who are officers of Grupo Mexico, S.A. de C.V., which is the parent of Asarco, were first elected to Coeur's Board in 1999 when Coeur acquired certain silver assets from Asarco in exchange for shares of Coeur common stock. In addition, Asarco has agreed to limit its resale of these common shares it has owned since 1999 to 500,000 shares to any one investor. Finally, this agreement provides for the waiver by Asarco of certain approval authority it has had since the 1999 transaction over certain corporate actions by Coeur.
Dennis E. Wheeler, Coeur's Chairman and Chief Executive Officer, remarked, "Coeur has enjoyed a strong relationship with Asarco and Grupo Mexico over the past several years. We are very appreciative of their contributions to Coeur's Board."
Asarco plans to publicly sell its shares of Coeur common stock either (i) pursuant to Coeur's currently pending universal shelf registration statement that Coeur has on file with the SEC after it is declared effective, or (ii) after April 7, 2003, when an exemption from registration is expected to become available to cover Asarco's sales.
Coeur d'Alene Mines Corporation is the world's largest primary silver producer, as well as a significant, low-cost producer of gold. Coeur has mining interests in Nevada, Idaho, Alaska, Argentina, Chile and Bolivia. |
