Business in brief: State leads nation in phone service

Washington state has the largest percentage of households with telephone service, a new federal report says.

More than 98 percent of Washington households subscribe to a telephone service, an increase of 2.2 percentage points from 2006, according to Federal Communications Commission data cited in a Washington Utilities and Transportation Commission news release. The national average is 94.6 percent, up 1.8 percent from last year.

The state “has continually ranked in the top 10 states when it comes to the number of households connected to the telephone network,” according to the release.

“Over the years, state regulators have been diligent in ensuring that basic telephone service is affordable,” said Philip Jones, a utilities and transportation commissioner. “Our state has promoted policies that encourage coverage in rural areas and provide assistance for low-income families to subscribe to services.”

In Idaho, 96.5 percent of households are subscribed.

Coeur d’Alene

CdA Mines moves closer to merger

Coeur d’Alene Mines Corp. has finished the due diligence on a $1.1 billion merger with an Australian and a Canadian firm, clearing the way for the deal to close during the fourth quarter, company officials said Tuesday.

Through the merger, Coeur d’Alene Mines will gain a Mexican silver mine. The Palmarejo property, located about 260 miles south of Chihuahua, Mexico, would nearly double the company’s yearly silver output, according to company estimates.

The $1.1 billion merger is largely a stock transaction, in which Coeur d’Alene Mines would acquire the outstanding shares in the two other firms, Bolnisi Gold NL of Australia and Montreal’s Palmarejo Silver and Gold Corp. The deal requires approval from the companies’ shareholders, whose voting results are expected by October.

Construction of the Palmarejo mine will cost about $200 million, officials said. It could begin initial production by late 2008.

Coeur d’Alene Mines has been looking for new properties to replenish its portfolio. Its flagship Rochester Mine in Nevada is winding down and expected to close within four years.

Spokane

Markets report will return Friday

The stock markets are closed today in honor of Independence Day. As such, no stocks will appear on the business page of The Spokesman-Review on Thursday. Stocks will return on Friday.

Washington

SEC will vote on hedge fund rule

The Securities and Exchange Commission will vote July 11 on whether to adopt a new rule to counter what is considered to be a side effect of a 2006 appeals court decision that invalidated the agency’s oversight regulation of hedge funds.

The commission first outlined the details in December, when it proposed making it clear that the agency has the power to crack down on fraud against hedge fund investors.