Largest primary silver producer globally; and Improving cost structure. Silver and gold markets are very volatile; Capital intensive mining operations; Modest scope of operations; and Risks associated with aggressive growth plans. The ratings on Idaho-based Coeur D'Alene Mines Corp. (Coeur) reflect its high business risk as a cyclical, capital-intensive, commodity-based company with a modest scope of operations. The ratings also reflect the company's very weak financial performance despite improved precious metal prices and challenges and uncertainties regarding the company's ability to continue its past practice of successfully developing new lower cost mining operations. Challenges include volatile prices, governmental regulation, environmental issues, permitting, and adverse geological conditions. Coeur's comparatively small position as a precious metals company has resulted in high operating
