Officials at Stillwater Mining Co. have reported the scaling back of the Marathon PGM-copper project owned by their subsidiary, Stillwater Canada Inc. Limited exploration will continue for the current season and continuation contingent on positive results; permitting had previously been suspended.
Although alternatives are under review with potential to enhance the project’s economic performance, “today’s markets do not provide an acceptable return,” the Billings, Montana-based Stillwater said in a statement.
Stillwater previously advised 2014 project expenditures between $5 and $10 million; reductions now mean a range of $4 to $6 million, according to company officials. Representatives also forecast annual project costs between $1 to $3 million based on exploration activity.
