Silver-producer Coeur d’Alene Mines (NYSE) will sell two of its lesser assets.
Flexaust, a manufacturing division which produces flexible hose and tubing, is being sold to subsidiaries of the German firm Schauenburg GmbH for about US$9.6 million. Schauenburg was previously involved in a joint venture with Flexaust to make wire-reinforced plastic hose.
Also, Livengood Placers, a small placer operation near Fairbanks, Alaska, is being sold to an affiliate of Alaska Placer Development for US$580,000.
Coeur d’Alene expects to realize a pretax gain of US$4.4 million on the transactions.
The company is still in discussions with Echo Bay Mines (AMEX) over the Kensington gold property near Juneau, Alaska. Coeur d’Alene offered to buy out Echo Bay’s half interest for US$32.5 million. Echo Bay is expected to respond in mid-May.
Be the first to comment on "Coeur d’Alene liquidates assets"