Coeur Mining / CDE (NYSE)

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The Miner With a Heart of Silver
By Christopher Barker March 3, 2008

Recommendations

With silver breaking through to more than $20 per ounce today for the first time since its famous 1980 spike to around $50, what better time to digest earnings from a silver miner that has outlived every rise and fall in the price of silver since 1928?

After struggling for years with an aging mine portfolio, Coeur d'Alene (NYSE: CDE) completed a critical pair of acquisitions in 2007 to secure one of the world's most significant silver reserves: the Palmarejo Project in Mexico. Overnight, the company's silver reserves ballooned to 400 million ounces from 250 million, and an aggressive development plan includes production from the site in early 2009.

Meanwhile, Coeur d'Alene is beginning production at its San Bartolome Project in Bolivia this month and anticipates 6 million ounces of added production for a 40% increase in 2008. With no hedges in place and silver expected to continue its rise, this suggests at least a $108 million increase in revenue for 2008 (partially offset by a projected decline in gold production of 24,000 ounces, or about $20 million).

Although the future is looking up for Coeur d'Alene, it had its share of difficulties in 2007. Cost overruns and production declines at the company's Cerro Bayo Project, for example, dropped EBITDA earnings 30% to $65.7 million for the year and prompted a shakeup of project management. By the fourth quarter, though, costs were back under control. The company recorded a $2.73 cash cost per ounce of silver and commissioned a new mill facility at its Martha Mine in southern Argentina.

So far in the gold and silver bull market cycle, Coeur d'Alene's stock has been a beast of an underperformer compared to competitors Pan American Silver (Nasdaq: PAAS), Hecla Mining (NYSE: HL), and even iShares Silver Trust (AMEX: SLV) bullion ETF. But with 400 million ounces of silver and 3.3 million ounces of gold in the ground at a market value of $10 billion (assuming $18 silver and $850 gold), Coeur d'Alene's market capitalization of $1.43 billion looks intriguingly undervalued in this Fool's eyes.

Furthermore, after witnessing the acceleration in silver's rise right next to gold's in recent weeks, many industry analysts now think that silver is poised to outperform gold. Silver's value is becoming much closer to gold's, breaking out from its recent 50-to-1 gold-to-silver ratio and trending in the direction of its historic range, around 16-to-1.

As always, investments in silver or gold are not for the faint of heart. These metals can experience gut-wrenching corrections at unexpected points in a bull market cycle. Over the long run, though, the stage appears set for further price appreciation.

As Coeur d'Alene's CEO said in the report Friday: "We remain bullish on the outlook for silver prices. The overall supply/demand fundamentals appear to remain strong." As of this writing, Coeur d'Alene is at fresh 52-week highs at $5.18, suggesting a breakout may already be underway.
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Mit Überwinden der 5.-- könnte sich die Bewegung doch noch beschleunigen...

emoba

Coeur Announces Proposed Offering of $150 Million of Convertible Senior Notes
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--March 12, 2008--Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC) announced today that it intends to offer $150 million in aggregate principal amount of convertible senior unsecured notes under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission.
The Company intends to grant the underwriters of the proposed offering an option to purchase up to an additional $22.5 million aggregate principal amount of notes solely to cover over-allotments. Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. will be the underwriters of the offering with Deutsche Bank Securities Inc. acting as sole book-running manager. The interest rate, conversion premium and other terms of the notes will be determined at the time of pricing of the offering.
The notes will be convertible, under certain circumstances, into shares of the Company's common stock and will provide for "net share settlement" of any conversions, which limits the number of shares of common stock to be issued in the future. Pursuant to this feature, upon conversion of the notes, the Company (1) will pay the note holder an amount in cash equal to the lesser of the conversion obligation or the principal amount of the notes, and (2) will settle any excess of the conversion obligation above the notes' principal amount in the Company's common stock, cash or a combination thereof, at the Company's election.
The Company intends to use the proceeds of this offering to complete the construction of the San Bartolome silver project in Bolivia and fund construction of the Palmarejo silver/gold project in Mexico. Any additional remaining proceeds may be used to repay borrowings under the Company's bridge loan facility and bank facility and for general corporate purposes. Holders of the notes may require the Company to repurchase the notes on specified dates and if the Company is involved in certain types of corporate transactions or other events constituting a fundamental change.
The Company has filed a preliminary prospectus supplement with the Securities and Exchange Commission ("SEC") relating to the proposed public offering of the convertible senior notes. Copies of this preliminary prospectus supplement may be obtained from Deutsche Bank Securities Inc. Prospectus Department, 100 Plaza One, Jersey City, NJ 07311-3901, by telephone toll free at 1-800-503-4611, or by email at prospectusrequest@list.db.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy convertible senior notes nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
A registration statement relating to these securities (including a prospectus and applicable prospectus supplement) has been filed with the SEC. Prospective investors should read the prospectus, prospectus supplement, the registration statement and other documents that Coeur d'Alene Mines Corporation has filed with the SEC for more complete information about the Company and this offering. These documents are available at no charge by visiting EDGAR on the SEC's Web site at http://www.sec.gov.
About Coeur
Coeur d'Alene Mines Corporation is one of the world's leading silver companies and also a significant gold producer. Coeur, which has no silver or gold production hedged, is presently constructing two of the world's largest silver mines -- San Bartolome in Bolivia and Palmarejo in Mexico; operates two underground mines in southern Chile and Argentina and one surface mine in Nevada; and owns non-operating interests in two low-cost mines in Australia. The Company also owns a major gold project in Alaska and conducts exploration activities in Argentina, Bolivia, Chile, Mexico and Tanzania. Coeur currently expects to produce approximately 16 million ounces of silver in 2008, representing nearly a 40% increase over 2007 silver production levels. Coeur common shares are traded on the New York Stock Exchange under the symbol CDE, the Toronto Stock Exchange under the symbol CDM, and its CHESS Depositary Interests are traded on the Australian Securities Exchange under symbol CXC.
Cautionary Statement
This press release may contain forward-looking statements within the meaning of securities legislation in the United States, Canada, and Australia, including statements regarding the offering and the use of the net proceeds from the offering. These forward-looking statements involve risks and uncertainties. Factors that could cause actual events to differ materially from those predicted in such forward-looking statements include market conditions, potential fluctuations in the Company's stock price, management's broad discretion over the use of the net proceeds of the offering, changes in U.S. generally accepted accounting principles or in their interpretation. Certain of these risks and others are detailed from time to time in Company's periodic reports filed with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K for the year ended December 31, 2007 and in the registration statement. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities.

Kann mir jemand von euch Profis erklären, warum so ein Wandler nicht zuerst ausschliesslich den Aktionären angeboten wird? Heute Coeur gestern STP. Was soll das!?

Da schieben sich die Beschlippsten die schönsten Wandler zu. Und ich? Sauerei! Da erkennt man wohl den Unterschied zwischen Aktionärsfreundlichen Firmen und den Anderen.

Oder könnt Ihr mir erklären warum das so ist?
Mein Business-Englisch reicht nicht um zu verstehen was da läuft. Oder kann ich mich für einen 4-5 stelligen Betrag sinnvoll mit so was eindecken?

Fragen über Fragen.

Das ist die einzige Mine wo ich im Plus bin und jetzt das!

...Emissinonsbedingungen für die bis 230 Mio "Convertible...Notes):

...Kurs bis gestern Börsenschluss (Stichtag) 10% nach unten af 4,37...

"......The notes will be convertible under certain circumstances, at the holder’s option, at an initial conversion rate of 176.0254 shares of the Company’s common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $5.68 per share of common stock (representing a 30% conversion premium based on the closing price of $4.37 per share of the Company’s common stock on March 12, 2008), subject to adjustment in certain circumstances. ....."

...Und die Umtauschbedingungen sind 10% günstiger für die Akteure

....Da freut sich der dumme kleine Aktionär
....über das fähige Management...

...emoba

Hi emoba,

ich habe sie noch nicht.
Mit diesem englischen Text kann ich leider nichts anfangen.
Ich bitte um Übersetzungshilfe.
Wie siehst Du CDE auf diesem Niveau?
Irgendwann müssten sie sich ja bei den Ressourcen trotz der vielen Verwässerungen mal in Bewegung setzen.

Danke Vatapitta

...vereinbart worden war, dass die Konditionen für die Wandelung abhängig vom Schlusskurs , Stichtag 12. März, ( runter 10% auf 4,37) festgelegt werden.

...Auf Grund der Substanz der übernommenen Juniors im vergangenen Jahr

...und des kurzfristig rel. stark gedrückten Kurses

..sehe ich im Moment Kaufkurse,

...weshalb ich die letzten Tage wieder eingestiegen bin,

...in der Hoffnung dass sie sich demnächst aus dem Wellental herausbewegen ...werden

...grüsse

...emoba

Die leerverkauften CDE-Aktien sind seit einer Woche von ca. 45 Mio (8,..%)
auf über 60 Mio (10,9.%) gestiegen
hmmm...

emoba

...sahen zumindest diese Herren auch,

...die zumindest die CDE kennen sollten

...und deren Perspektiven...

...Grüsse

...emoba

Coeur d'Alene Mines CorporationCDE (NYSE) 3.30Change:+0.02+0.61%Volume:9.10M Last 10 Insider Actions for Coeur d'Alene Mines Corporation

Date Name Shares Stock Transaction 05/15/2008 MITCHELL J KREBS
Chief Financial Officer & Senior Vice President 10,000 CDE Open Market Purchase
Cost $32,500.00 [Blockierte Grafik: http://www.marketwatch.com/1.gif] 05/15/2008WESTON RICHARD M
Senior Vice President-Operations 20,000 CDE Open Market Purchase
Cost $65,000.00 [Blockierte Grafik: http://www.marketwatch.com/1.gif]

CDE ist erst dann ein eindeutiger Kauf, wenn die 3,50 USD überwunden wird.

Zitat von Pandadler

CDE ist erst dann ein eindeutiger Kauf, wenn die 3,50 USD überwunden wird.

Update: (kurzfristiger) Kauf, wenn CDE 3,09 USD überwindet.

Schlusskurs heute: 2,81 USD.

Gestern 40 Mio Stck Umsatz und zum Schluß Kurs-Anstieg um 11% !!!!