Officials from Coeur d'Alene Mines Corporation (NYSE: CDE, TSX:CDM) today joined Governor Pat Quinn’s administration and Chicago Mayor Rahm Emanuel to announce that Coeur will move its corporate headquarters to downtown Chicago.
Coeur is currently headquartered in Coeur d’Alene, Idaho, the company’s home since 1985, and employs nearly 2,000 people worldwide. The company expects to complete the move to Chicago in the third quarter of 2013 and to hire at least 60 employees at its downtown headquarters by the end of 2014. In addition, Coeur intends to change its name to Coeur Mining in mid-May following its Annual Meeting.
“Coeur today joins the growing number of companies that are choosing Illinois to invest and grow their business,” Governor Quinn said. “With our diverse economy, our pool of highly-skilled workers and our world-class transportation infrastructure, Illinois has what it takes for businesses to grow. We welcome Coeur and look forward to bringing more global corporations to Illinois.”
Because of Governor Quinn and Mayor Emanuel’s consistent message heralding the advantages of doing business in Chicago and Illinois, Coeur was able to quickly and confidently make their decision.
“Coeur could have chosen any number of cities for its home, but they chose Chicago because Chicago gives the company its best opportunity to grow, expand and thrive,” said Mayor Emanuel. “Coeur needs a global city with a deep talent pool and access to international markets. I am proud that the city worked to put its best foot forward and attract this vital company. I look forward to working with Coeur as they make Chicago their new home.”
Coeur is the largest U.S.-based primary silver producer and a growing gold producer. The Company has four precious metals mines in the Americas generating strong production, sales and cash flow in continued robust metals markets. Coeur produces from its wholly owned operations: the Palmarejo silver-gold mine in Mexico, the San Bartolomé silver mine in Bolivia, the Rochester silver-gold mine in Nevada and the Kensington gold mine in Alaska. The Company also owns a non-operating interest in a mine in Australia, and conducts ongoing exploration activities in Mexico, Argentina, Nevada, Alaska and Bolivia.
“Relocating our headquarters to Illinois will improve our access to key stakeholders and to our operations,” said Mitchell J. Krebs, Coeur’s President and CEO. “Chicago is a global, pro-business city, an international transportation hub and provides access to a broad and deep talent pool. We look forward to our active involvement in our new community and are proud to call Chicago our new home.”
Coeur will receive a state investment package, administered by the Department of Commerce and Economic Opportunity (DCEO). The package will consist of Economic Development for a Growing Economy (EDGE) corporate income tax credits, which are based on job creation, and Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of its workforce. The tax credits are performance-based, meaning until local workers are hired, the company is not eligible for them.
“Today’s announcement is a testament to Governor Quinn’s commitment to helping employers create and keep jobs in our state,” DCEO Director Adam Pollet said. “Last year, more than 300 corporate facilities moved to or expanded in Illinois, putting our state among the top five states in the nation for attracting business.”
To attract Coeur, Mayor Emanuel and Governor Quinn worked with World Business Chicago and other organizations to ensure that the Company had a good sense of what the city and state could offer. One of the key tenets of World Business Chicago’s Plan for Economic Growth and Jobs is the attraction of corporate headquarters to Chicago, and staff from WBC and DCEO worked with Coeur through every step of the process to ensure that Chicago was the company’s ultimate choice. Coeur’s relocation to Chicago marks the 14th corporate headquarters to come to the City during Mayor Emanuel’s administration.
“World Business Chicago helps advance the Mayor’s mission to attract companies to Chicago,” said Michael Sacks, vice-chairman of World Business Chicago. “In the case of Coeur, WBC was able to bring business and civic leaders into the discussion to showcase the city’s assets. We look forward to helping Coeur integrate into Chicago’s business community.”