Cda Mines Boosts Stake In Eagle Mining

Coeur d’Alene Mines Corp. has filed notice with the Australian Stock Exchange that it now owns 5.5 percent of the Eagle Mining Corp., based in western Australia.

Coeur began buying Eagle shares in May. It has purchased 4.2 million shares of stock for an average of $2.69 a share.

Eagle owns an Australian gold mine that produces 117,000 ounces of gold and has 800,000 ounces in reserve. Eagle’s market value is $190 million, Coeur officials said.

Coeur said it chose to invest in the company for its high ore grades and low production costs.

Last week Great Central Mines Ltd. proposed a takeover of Eagle, but Eagle rejected the deal.

Coeur officials declined comment on whether the company would purchase more Eagle shares. , DataTimes