Asarco to dump Coeur d’Alene shares

Asarco, a subsidiary of the world’s third-largest copper miner, Grupo Mexico, plans to sell off more than 7.1 million shares of Idaho-based Coeur d’Alene Mines (CDE-N), the world’s largest primary silver producer.

The move will also see Asarco lose two members from Coeur’s board of directors. The two, Xavier Garcia de Quevedo Topete and Daniel Tellechea Salido (also officers of Grupo Mexico) were first elected to Coeur’s board in 1999 when Coeur acquired some of Asarco’s silver assets in return for shares.

The silver assets included a half interest in Delaware-based SVR Resources, 100% of Bolivian-based Empresa Minera Manquiri , 1.5 million Pan American Silver shares and warrants good for another 500,000 Pan Am shares, and 100% of the outstanding capital stock of NPMC, another Delaware corporation.

Asarco has agreed not to sell more than 500,000 shares to any one party, and will sell the shares under Coeur’s currently pending universal shelf registration statement or after April 7, 2003, when an exemption from registration is expected for Asarco’s sales.

Says Dennis E. Wheeler, Coeur’s chairman and chief executive officer: “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.”