CdA Mines closes gap on losses

Coeur d’Alene Mines Corp. stemmed its losses during the second quarter, citing higher metals prices and increased shipments of gold and silver.

The company reported a second-quarter loss of $1.5 million, or 1 cent per share, compared to a loss of $5.4 million, or 3 cents per share, during the same period a year ago. The results, released Tuesday, included nearly $4 million in pre-construction activities related to the company’s proposed Kensington gold mine in Alaska. The mine is expected to start producing in early 2007.

In other news, CEO Dennis Wheeler announced that Coeur d’Alene Mines has signed a memorandum of understanding with Shanghai Kuntai Non-Ferrous Metals Co. Ltd. to establish silver market investment, exploration and mining activities, primarily in China. Under the agreement, Shanghai Kuntai would help Coeur d’Alene Mines find business opportunities and act as a liaison. Coeur d’Alene Mines would provide mining and exploration expertise.

Company drops charter flights to Hawaii

After two seasons of flying weekly charters from Spokane to Hawaii, Anchorage-based Hawaiian Vacations said it’s halting those flights this year.

The travel company began with two dozen weekly nonstop flights from Spokane to Maui in 2003. Last year it reduced the number of charters to five, changing the destination to Oahu.

Spokesman David Karp said, “Our biggest challenge is finding the right aircraft at the right time.” Flights last year used 260-seat Boeing 767 aircraft, which left Spokane on Thursday evening.

The better choice, he said, would have been to use smaller 202-seat Boeing 757s. “And the market has told us people prefer late Friday or early Saturday (departures),” Karp said.

The company does not have its own aircraft. The 2004 charters relied on aircraft leased from Hawaiian Airlines. “Finding a plane and an available crew is also another challenge in the current environment,” Karp said.

Turkish Airlines buys more Boeing 737s

Seattle

The Boeing Co. said Tuesday that Turkish Airlines has added eight more narrow-body 737s to an order it made last year, exercising options worth $542 million at 2004 list prices.

The options, which reserve the airline spots in the production line, were part of a September 2004 order for 15 single-aisle, twin-engine 737-800s.

All told, the 23 737s Turkish has ordered are valued at $1.5 billion, though airlines typically negotiate discounts.

Chicago-based Boeing, which builds most of its commercial jets in the Seattle area, said the first of the planes in the order announced Tuesday are scheduled for delivery in 2008.

Unocal shareholders meet on Chevron offer

Los Angeles

After months of haggling and international intrigue, Unocal Corp. shareholders will finally meet today to approve a takeover by Chevron Corp.

The vote will mark the end of Unocal as an independent company and a rebuff of Chinese attempts to secure much-needed energy resources by buying an American oil company.

Unocal’s institutional shareholders, who own a majority of the stock, are expected to give easy approval to the deal. The nation’s top proxy advisory firm endorsed Chevron’s bid and most institutional shareholders take their lead from such advisers.

The Unocal board approved the Chevron bid after rejecting a more lucrative offer from Chinese oil and gas company CNOOC Ltd.