The creation of the world's leading silver company has been finalised following a lengthy and complex transaction between Bolnisi Gold and Coeur d'Alene Mines.
Coeur said on Monday it has completed the acquisition of silver explorer and developer, Bolnisi Gold (BSG).
"The acquisitions of Bolnisi and Palmarejo represent a transforming event for Coeur," said Coeur chairman Dennis Wheeler.
"With our San Bartolome silver mine set to begin producing in early 2008 and the new Palmarejo Project expected to begin contributing low-cost silver and hold ounces in early 2009, we are now positioned to provide our shareholders with the potential for exponential growth and value creation," he said.
The $1.1 billion takeover will make United States-based Coeur the world's largest silver producer and Australian investors will have an opportunity to invest following the recent listing of Coeur on the ASX, under the code CXC.
Announced back in May 2007, the lengthy and complex transaction has finally overcome all the hurdles in its path.
Under the terms of the offer, Coeur has acquired all of the Bolnisi's shares , and all of the shares in Palmarejo (a Bolnisi subsidiary) not owned by Bolnisi.
Coeur owns and operates mines in Australia, North and South America, and is constructing new silver mine in Bolivia and a new gold mine in Alaska.
The common shares of Palmarejo have been halted for delisting from the TSX venture Exchange (Toronto Stock Exchange).
Coeur's Australian-listed CHESS Depositary Interests (CDIs) (ASX: CXC) began trading on the Australian Stock Exchange on 12 December and how now been added to Australia's S&P/ASX 200 indices.
Bolnisi Gold's shares ceased trading around the same time as the CXC listing.
Shares in CXC rose 1 cent to $4.91 as at 11.19am AEST.
