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 but improving cost position, limited reserve base, and 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. Coeur has undertaken several initiatives to improve its cost profile and bolster
