Coeur d’Alene Mines Corp. and New York-based Asarco Inc. Monday finalized the creation of Silver Valley Resources Inc., a new company controlling two Silver Valley silver mines.
The new corporation will control the Coeur and Galena silver mines along with the adjoining Caladay silver property. The Coeur and Galena have been idle since the early ‘90s as silver prices have remained low.
Asarco and Coeur d’Alene Mines each control half the interest in the new corporation. Richard de J. Osborne, Asarco chairman, will chair the new corporation. Dennis Wheeler, chairman of Coeur d’Alene Mines, will be the president.
When announced in October, the creation of Silver Valley Resources hinted that both mines could reopen soon if silver prices continued to rise. If silver remained above $6 an ounce, officials said, the mines would be profitable.
But silver prices recently sunk below $5 an ounce.