Coeur d’Alene Mines Corp. will move its headquarters to Chicago this year, leaving no company presence in Idaho since it was established in 1928.
Coeur has 65 employees in the building it owns in downtown Coeur d’Alene, and about 20 of them have opted to move to Illinois and remain with the company, spokeswoman Stefany Bales said today. The rest may stay on until Sept. 30, she said.
The mining company, which employs 2,000 people worldwide, sold its Galena Mine in the Silver Valley to U.S. Silver Corp. in mid-2006. The headquarters has been in Coeur d’Alene since 1985.
Coeur told employees in December that it was considering the move and made it official today. The relocation is expected to be completed in the third quarter.
In a statement, President and CEO Mitchell Krebs said the new headquarters would improve access to key stakeholders.
“Chicago is a global, pro-business city, an international transportation hub, and provides access to a broad and deep talent pool,” said Krebs, who worked for the company for seven years in Chicago before moving to Coeur d’Alene in 2008 to become chief financial officer.
Bales added, “It’s less about what Coeur d’Alene or Idaho didn’t have, and more about where the company is headed. The company is in the middle of a complete transformation right now, from a regional interest into a more global company.”
Chicago, she continued, offers an international presence and access to more industries for building business partnerships.
The company also said Wednesday it will change its name to Coeur Mining in mid-May following its annual meeting.
The $1.5 billion corporation, traded on the New York Stock Exchange, operates silver and gold mines in Nevada, Alaska, Mexico, Bolivia, Argentina and Australia. It also owns strategic minority shareholdings in eight silver and gold development companies in North and South America.
Bales said she did not know what Coeur will do with its building at 505 Front Ave., across the street from McEuen Park.