May 23, 2012 / 6:54 PM / in 6 years

UPDATE 1-Coeur d'Alene shuts Mexico mine as workers block access

May 23 (Reuters) - Silver miner Coeur d’Alene Mines Corp said it temporarily shut down its Palmarejo mine in northern Mexico, after access to the mine was blocked by a small, unorganized group of employees.

The company at this time does not anticipate the temporary shut-down to have a material impact on 2012 production at the mine located in Chihuahua, Coeur d’Alene said in a statement.

The mine produced 9 million ounces of silver and 125,071 gold ounces in 2011. The company produced 19.1 million ounces of silver and 220,382 ounces of gold last year.

The company said the management supervised an orderly, temporary shut-down of the mine and mill in order to allow for dialogue with the employees, who work for a subsidiary of Coeur Mexicana.

Coeur d’Alene said the employees did not raise their concerns with the Palmarejo mine management before the blockade.

The mine management has requested assistance from the Chihuahuan government after its attempts to resolve the issue through discussions were unsuccessful.

Shares of Coeur d’Alene, which has a market value of $1.51 billion, rose 2 percent to $17.23 on Wednesday on the New York Stock Exchange.

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