The rating on Coeur D'Alene Mines Corp. reflects the company's high business risk as a capital-intensive commodity-based company with modest scope of operations, somewhat limited reserve base, and political and operating risk at most of its operations. The rating also incorporates the company's aggressive expansion plans. Meaningful challenges continue to include volatile prices, governmental regulation, environmental challenges, and adverse geological conditions. Coeur has undertaken several initiatives to improve its cost profile and bolster its reserve base. The company has been acquiring and developing lower-cost mines to increase its reserve base. Most recently, the company merged with Bolnisi Gold NL and Palmarejo Silver and Gold Corp., which added measured and indicated resources totaling 89.3 million ounces of silver and 1 million
