Posted: Jan 17, 2013 7:20 PM by MTN News
COLUMBUS, MT - Stillwater Mining Company says it exceeded its production guidance for 2012, but decreased the amount of palladium and platinum mined.
The company released figures this week, showing it mined 513,700 ounces, which is 4,200 fewer ounces than in 2011. The amount still exceeded Stillwater's 2012 guidance of 500,000 ounces, the same guidance for 2013.
"These are dynamic times in the PGM industry," said Frank McAllister, Stillwater Mining Company chairman and CEO. "Our mines continue to perform very well, with stable production, well controlled, competitive cost structures and comparatively modest sustaining capital requirements, while other PGM producers face very significant production, labor and cost challenges."
The dynamics of our industry are driven by continued strong growth in demand, particularly for palladium, in the face of ever increasing supply constraints globally. At this point, we find ourselves one of the few PGM producers projecting a long-term growth profile in PGMs, which we believe is built atop a foundation of stable, highly cost-competitive and long-lived existing operations. In particular, I am pleased to observe that the significant investment we have made in the development of our Montana operations these past several years has now progressed to the point where we can begin to quantify the level of future growth achievable at those operations.
Stillwater also says several expansion projects and its recycling operation have also helped the company.