As a result of a sustained drop in the price of silver, Asarco (NYSE) plans to shut down its 55% owned Coeur silver mine in northern Idaho. The balance of the mine is owned by Coeur d’Alene Mines (NYSE). Asarco plans to discontinue mining operations in early April, but will proceed with a program to locate and develop new reserves.
Coeur d’Alene said the mine’s production accounted for only 8% of its total 1990 revenues.
Mining operations at the company’s 100% owned Rochester mine in northwestern Nevada will continue. The Rochester mine is Coeur d’Alene’s major source of revenue. It produced about 59,000 oz. gold and 4.8 million oz. silver in 1990.
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