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Coeur Mining puts Joaquin silver project on hold

  • Coeur Mining (CDE -3.5%) says it has put its Joaquin silver and gold prospect in Argentina on hold, citing the inability to get an adequate return to compensate for the risks involved in getting capital in and out of the country.
  • The project was in an advanced exploration stage, the Argentine government has imposed controls on capital flows; the mining sector also has been hurt by an unstable exchange rate, high inflation and a penchant by provincial governments to arbitrarily increase royalties.
  • CDE also expects to release a feasibility study for its $350M La Preciosa precious metals project in Mexico later this year, but mining sector analysts expect that project also will be put on hold.
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