Amid pledges to produce high-quality ore, while minimizing investments and optimizing met facilities, Stillwater Mining Co. said they will increase platinum and palladium production by 15,000 oz to 530,000 oz year-on-year, at an average cost of $550 to $600 per mined oz.
“The core strengths of Stillwater Mining Co, including its world-class platinum group metals [PGM] mining assets, as well as processing and recycling capabilities, in Montana, represent true differentiating aspects,” said Stillwater CEO Mick McMullen, who replaced Frank McAllister last year. “Furthermore, the company is uniquely positioned to benefit from forecasted supply side shortages and from growing industrial end market demand.”
McMullen has set some key strategic objectives for the company, which include: Focusing on producing quality ounces from the core Montana mines; Minimizing investments in non-core assets while maintaining their long-term optionality; Optimizing performance of the company’s metallurgical facilities; Reducing expenses, and particularly sales, general, and administrative expenses, in areas that do not impact operational or safety performance; Optimizing the balance sheet; Committing to best-in-class corporate governance; and Focusing on driving return on capital and aligning actions with creating shareholder value.
In addition to its Montana operations, Stillwater also owns the Marathon platinum-copper deposit in Ontario and the Altar porphyry copper-gold deposit in Argentina’s San Juan province.