Coeur d'Alene Mines Corporation and Asarco Incorporated Complete Combination of Silver Interests.NEW YORK--(BUSINESS WIRE)--Sept. 9, 1999-- ASARCO ASARCO American Smelting and Refining Company Incorporated (NYSE NYSE See: New York Stock Exchange :AR) announced today it has completed the transaction in which Asarco acquires a fully diluted 19.3% common stock interest in Coeur d'Alene Coeur d'Alene, city, United States Coeur d'Alene (kûrdəlān`), city (1990 pop. 24,563), seat of Kootenai co., N Idaho, near the Wash. line; inc. 1907. Mines in exchange for most of Asarco's silver mining interests. Coeur d'Alene Mines shareholders approved the transaction at their annual meeting yesterday in Coeur d'Alene. Terms of the transaction specify that Asarco has acquired today 7.125 million newly issued common shares of Coeur d'Alene Mines in exchange for: Asarco's 50% interest in Silver Valley Resources Corporation, which operates the Coeur and Galena galena (gəlē`nə) or lead glance, lustrous, blue-gray mineral crystallizing usually in cubes, sometimes in octahedrons. It is the most important ore and the principal source of lead. silver mines; Asarco's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Empresa Minera Manquiri S.A., which owns an advanced Bolivian silver exploration project; 1.5 million shares and warrants, representing an approximate 5% interest in Pan American Silver Corporation Pan American Silver Corporation (TSX:PAA, NASDAQ:PAAS) is a large mining company in Canada beeing one of the largest silver producers in the world. The company has mines and other projects in the USA, Mexico, Peru, Bolivia and Argentina. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PAAS US) of Vancouver, British Columbia, and a 20% net profits interest in the Quiruvilca silver mine in Peru, operated by Pan American Silver. As part of the agreement, Asarco is entitled to nominate two directors to the Coeur d'Alene Mines' Board of Directors. The transaction represents the latest restructuring of Asarco and Coeur d'Alene Mines' joint mining interests in Idaho. The Galena mine, near Wallace, Idaho, was developed by Asarco under terms of a lease from Coeur d'Alene Mines and its predecessor companies originally executed in 1947. The Coeur mine, also near Wallace, was developed by Asarco under a joint agreement with Coeur d'Alene Mines entered into in 1964. In October 1994, Asarco and Coeur d'Alene Mines agreed to form the jointly owned Silver Valley Resources Corporation, which now owns and operates both the Galena and Coeur mines. With completion of this transaction, Coeur d'Alene Mines owns 100% of Silver Valley Resources. ASARCO Incorporated is one of the world's leading integrated producers of copper, as well as a producer of specialty chemicals, aggregates and other metals. |
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