In its year-end earnings report, Stillwater Mining Co. noted total cash and investments of $531.5 million, all-in sustaining costs (AISC) averaging $784/oz of mined palladium and platinum, and production of 517,700 oz of mined palladium and platinum. The company also processed 469,400 oz of recycled palladium, platinum and rhodium. In the fourth quarter, AISC mined costs were averaging $725/oz.
“Last year was a year of significant progress on several key fronts for Stillwater Mining Co.,” said Mick McMullen, president and CEO, Stillwater Mining Co. “Our annual financial results were solid, and we finished the year with a higher cash balance as well as strong fourth quarter production and AISC reductions. This momentum has continued into early 2015, which gives me confidence that the hard work performed in 2014 is starting to pay off. We are continuing to advance our objectives of growing profitability, controlling costs and improving the efficiency of our operations.”
The fourth quarter of 2014 was the year’s strongest mine production quarter, with total mine output of 137,600 oz of palladium and platinum; however, this was down slightly compared to mine production of 141,100 oz in the fourth quarter of 2013. For the year, the company’s Montana mines produced a total of 517,700 oz of palladium and platinum, which was less than the 523,900 combined oz in 2013. The change in total mined ounces was driven by an increase in production at the East Boulder mine, offset by the planned deferral of production at some of the less profitable mining stopes at the Stillwater mine until new infrastructure is in place to improve the profitability of mining in those areas.