Coeur d'Alene Mines (NYSE:CDE) is to sell its interest in two mines, one in Australia, and one in Chile. The company has entered into a letter of intent with private company XDM to sell its stake in the silver production and reserves from the Endeavor mine in the former, and the royalty from the Cerro Bayo gold and silver mine in the latter.
Coeur stands to make up to $67 million from the transaction. The letter pledges that XDM is to pay $45 million in cash, and $10 million in common equity, to Coeur. Additionally, Coeur will be eligible for two cash payments amounting to $12 million if certain milestones regarding reserve increases and mine development are met.
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