Largest primary silver producer globally; Improved gold and silver industry fundamentals; and Good liquidity High volatility of silver and gold markets; Capital-intensive mining operations; Modest scope of operations and limited reserve base; and Risks associated with aggressive growth plans. The ratings on Coeur D'Alene Mines Corp. reflect its high business risk as a capital-intensive commodity-based company with a modest scope of operations, relatively high cost position, limited reserve base (averaging about three years), and a very weak financial performance. Ratings also incorporate the company's aggressive expansion plans and uncertainties regarding its ability to successfully develop lower-cost mining operations. Meaningful challenges include volatile prices, governmental regulation, environmental issues, permitting, and adverse geological conditions. The majority, about two-thirds, currently, of Coeur's production
