The Stillwater Mining Co. has reported 2012 fourth quarter palladium and platinum production at 132,500 oz and for the year 2012 was 513,700 oz—exceeding the 2012 guidance of 500,000 oz.
“These are dynamic times in the PGM industry,” said Chairman and CEO Frank McAllister. “Our mines continue to perform very well, with stable production, well controlled, competitive cost structures and comparatively modest capital requirements.”
Mined production for 2011 was 517,900 oz. The company again projected mine production guidance for 2013 at 500,000 oz. Total 2012 cash costs are forecast to be at, or slightly below, this year’s guidance of $500/oz. These will be above total cash costs $420/oz for 2011.
Stillwater’s Montana expansion includes production from its Graham Creek project at the East Boulder mine by late next year expected to boost output by 30,000 oz annually from 2015. Coupled with the Far West project and its attractive ore, the company will see a further 16,000 oz increase by 2016, growing to approximately 45,000 oz in 2017 and beyond.
With both online by 2017, estimated annual production should total approximately 575,000 oz. Beyond 2017, with the commencement of the Blitz project, Stillwater will produce 600,000 oz.
