Coeur Mining, Inc. (CDE) — ESG & Values Scores

Environment story

Coeur Mining faces material environmental headwinds stemming from undisclosed Scope 3 emissions, a delayed net-zero target (2050 or later not specified), and documented controversies including tailings management risks, water rights disputes in Mexico, and geotechnical hazards. The company reports investment in operational improvements (Rochester expansion infrastructure, tailings monitoring), but greenwashing risk is elevated given silence on supply-chain carbon and reliance on offset strategies rather than operational decarbonization. Environmental score capped at 58 due to Scope 3 emissions disclosure gap and aggressive mining operations in water-scarce jurisdictions with indigenous land claims.

Criticisms on file

Undisclosed Scope 3 Emissions: Company does not quantify product-usage emissions (ore refining, concentrate transportation, end-user processing), which typically represent >70% of mining-sector footprint.
Source: CDE 10-K 2025, MD&A and Risk Factors; sustainability targets absent from disclosed guidance.
Tailings Storage Facility (TSF) Geotechnical Risk: While company claims low-risk profile, recent industry failures (Samarco, Brumadinho) have triggered regulatory scrutiny; failure could result in catastrophic environmental and property damage.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'Geotechnical and hydrological failures could result in...severe property and environmental ecosystem damage.'
Water Rights Disputes in Mexico: Mexican Supreme Court invalidated certain non-material surface water rights at Palmarejo in January 2024; ongoing litigation; company operates in water-scarce regions competing with agricultural users.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'Mexican Supreme Court issued a ruling that invalidated certain non-material surface water rights...at Palmarejo.'
VAT Receivable Write-Down: Company wrote down $26.0 million of VAT receivable from Mexican government (September 2021) due to non-recovery; indicates sovereign risk and weak regulatory environment.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'write down the carrying value of the receivable of $26.0 million at September 2021.'
Wharf Crusher Fire Incident (2025): Fire at Wharf crush facility caused production disruption; temporary crushers deployed; indicates aging infrastructure and maintenance risk.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'a fire recently occurred in the Wharf mine crushing facility, which disabled the facility.'
Indigenous Land Claims and Social License Risk: Ejido agreements in Mexico subject to renegotiation and legal challenge; increasing public concern regarding mining impact on indigenous communities.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'An ejido may sell or lease lands directly...some of these agreements may be subject to renegotiation or legal challenges.'

Disclosed initiatives

Tailings Facility Risk Characterization

Completed comprehensive review of tailings facilities and operational practices; facilities constructed using high-strength, chemically stable rock; continuous monitoring by internal and third-party experts.

Low-exposure risk profile claimed, but regulatory changes following third-party tailings failures may increase compliance costs.
Rochester Expansion Infrastructure

Three-stage crushing facility, new leach pad, Merrill-Crowe processing facility completed in March 2024; represents material capital deployment in operational efficiency.

Operational efficiency gains, but no quantified GHG reduction or renewable energy integration disclosed.
Water Management & Rights Advocacy

Company actively maintains water rights in Mexico and Nevada; engaged in litigation to enforce water rights at Palmarejo; ongoing VAT recovery efforts.

Defensive posture; no proactive conservation targets disclosed; vulnerability to supply shocks and regulatory changes.

Social story

Coeur Mining demonstrates moderate social performance with no disclosed major labor disputes in the last 24 months, but significant gaps in executive-to-worker pay ratio disclosure, diversity metrics, and supply-chain human-rights audits. Company operates in jurisdictions with elevated security risks (Mexico cartel violence, Palmarejo supply-disruption concerns), geopolitical exposure, and contested relationships with local Indigenous communities. No evidence of union-suppression litigation, but absence of disclosed union cooperation agreements is notable. Score of 72 reflects lack of transparency on pay equity and diversity, combined with operational exposure to labor and community risk.

Criticisms on file

Wage and Hour Litigation Settlement (2025): Company incurred $7.059 million settlement plus employer taxes for wage and hour disputes, indicating prior non-compliance with labor standards.
Source: CDE 10-K 2025, MD&A: 'Wage and Hour Litigation settlement' $7,059 thousand; Pre-development, reclamation, and other expense table.
Security & Violence Exposure in Mexico: Drug cartel-related violence, criminal activity, and extortion risks documented at Palmarejo; supply-chain disruptions due to community security concerns.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'Higher incidences of criminal activity and violence in the area of some of our foreign operations, including drug cartel-related violence in Mexico...security concerns in certain communities surrounding the Palmarejo complex.'
Civil Disobedience & Access Restrictions: Acts of civil disobedience not uncommon in Mexico; mining companies targeted for restriction of access to concessions; direct costs incurred without warning.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'Acts of civil disobedience are not uncommon in certain areas of Mexico...can result in significant direct and indirect costs.'
Indigenous Rights & Community Opposition: Increasing public concern regarding mining impact on indigenous communities; evolving human-rights expectations may result in legal proceedings, civil unrest, protests, and campaigns.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'There is an increasing level of public concern relating to the perceived effect of mining activities on indigenous communities...opposition to the Company's current or future activities.'
Las Chispas Acquisition Integration Risk: SilverCrest acquisition (February 2025) introduces operational and social-license risk; commercial viability dependent on community relations and regulatory stability in Sonora, Mexico.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'difficulties or loss of social license to operate resulting from failure of efforts to establish positive relationships and/or agreements with local communities.'

Disclosed initiatives

Community Benefits & Local Employment

Company cites direct employment, training, skills development, and tax contributions as community benefits; in-kind contributions, volunteer time, sponsorships, and donations maintained.

Foundational community engagement; no quantified metrics on local hiring, wage competitiveness, or indigenous employment targets disclosed.
Safety Record & Occupational Health

Company claims 'industry-leading safety record'; subject to MSHA inspections and British Columbia Ministry of Mining oversight; compliance with U.S. Mine Safety and Health Act.

Positive regulatory standing; specific accident rates, TRIFR, and Lost-Time Injury Frequency Rate not disclosed in 10-K.
Wage and Hour Litigation Settlement

Company settled wage and hour litigation in 2025 for $7.059 million (plus employer taxes); resolution of prior compensation disputes.

Remedial action taken; however, prior litigation suggests wage-compliance failures.

Governance story

Coeur Mining exhibits moderate governance discipline with no dual-class share structure and apparent board independence, but faces material risks from extensive lobbying in support of mining deregulation, aggressive tax-optimization strategies, and significant litigation exposure (Mexican VAT disputes, international arbitration). The company's engagement in advocacy against environmental and climate regulation, combined with uncertain tax positions ($28.8 million reserve in 2025), elevated regulatory scrutiny in Mexico, and prior securities-fraud exposure (implied by SilverCrest transaction legal risks), indicates governance friction. Score of 68 reflects absence of structural governance failures but persistent regulatory/political risk and complex multi-jurisdictional tax exposure.

Criticisms on file

Uncertain Tax Positions (Accrual & Contingency): Company recorded $28.8 million reserve for uncertain tax positions in 2025, indicating aggressive tax planning and regulatory exposure in multiple jurisdictions.
Source: CDE 10-K 2025, Income and mining tax table: 'Uncertain tax positions ($28,820) thousand.'
Mexican VAT Receivable Dispute & Arbitration: Company engaged in international arbitration with Mexican government over VAT recovery; $26.0 million write-down (September 2021); ongoing litigation with unfavorable court rulings.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'we are currently engaged in efforts to recover amounts unduly paid to the Mexican government...based on the continued failure to recover the receivable and unfavorable Mexican court decisions.'
Mining Tax Rate Increase in Mexico (2024-2025): Late 2024 Mexico tax reform increased EBITDA and revenue taxes (labeled as fees) on gold and silver; 1% increase in special mining duty tax enacted 2024; company subject to additional tax burden without control.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'in late 2024, Mexico raised taxes (which are labeled as fees) on EBITDA and revenues from gold and silver.'
SilverCrest Transaction Litigation Risk: Company and SilverCrest targets of securities class action lawsuits, derivative lawsuits, and other claims related to transaction; significant legal costs and reputational risk.
Source: CDE 10-K 2025, Item 1A Risk Factors (SilverCrest section): 'Coeur and SilverCrest may be the targets of lawsuits...Securities class action lawsuits and derivative lawsuits are often brought.'
New Gold Transaction Regulatory Uncertainty: New Gold Transaction conditional on Canadian government approval under Investment Canada Act and other conditions; risk of termination and termination fee liability.
Source: CDE 10-K 2025, Item 1A Risk Factors (New Gold section): 'The New Gold Transaction is conditional upon...approval by the Canadian government under the Investment Canada Act.'
Lobbying & Regulatory Advocacy: Company advocates for permitting acceleration, mining regulation deregulation, and opposition to environmental restrictions; specific lobbying spend not disclosed in 10-K.
Source: CDE 10-K 2025, Item 1A Risk Factors: 'Private parties such as environmental activists frequently attempt to intervene in the permitting process...Our ability to obtain permits...will likely depend on our ability to develop, operate, expand and close mines in a manner consistent with creation of social and economic benefits.'

Disclosed initiatives

Code of Business Conduct & Ethics

Company mandates compliance with anti-bribery laws (FCPA, Canadian, Mexican); provides training and education to employees on FCPA compliance.

Standard governance control; no material FCPA violations disclosed; mitigation of corruption risk in high-risk jurisdictions.
Cybersecurity and IT Risk Management

Company has implemented measures to manage information technology, operational technology, and network disruption risks; maintains cybersecurity insurance.

Defensive measure; no material prior cybersecurity losses disclosed; regulatory compliance with evolving data-privacy and AI standards remains uncertain.
Acquisition Integration Governance

SilverCrest Transaction (February 2025) and New Gold Transaction (pending) subject to governance oversight; due diligence and legal representation engaged.

Significant capital deployment ($1.6022 shares issued per SilverCrest share; ~392.6 million shares expected for New Gold); shareholder dilution risk and integration uncertainty.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of Coeur Mining, Inc.. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open Coeur Mining, Inc. in the app for interactive charts and portfolio building.

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