Stillwater Mining Company (NYSE:SWC) (TSX:SWC.U) (the "Company") reported a fatal accident occurred this afternoon at the Company's Stillwater Mine. An employee was fatally injured while working on the 3800 level of the mine. The accident is being investigated by the Company. The Federal Mine Safety and Health Administration has been notified of the incident. The employee's name has not been released pending notification of the family.
STILLWATER MINING CO Mining News
Stillwater Mining Company (NYSE: SWC) (TSX: SWC.U) ("Stillwater") and Peregine Metals Ltd. (TSX: PGM) ("Peregrine") today announced the completion of the acquisition of Peregrine by Stillwater.
Stillwater Mining Company on Monday became one of the first miners to find funding drying up following the punishment meted out to precious metals recently, when it announced after market close that it is withdrawing its proposed offering of senior notes due to the "dramatic deterioration of the capital markets during the past week." Stillwater said it still has enough funds for the $165 million net cash portion of the Peregrine transaction. The counter shed just over 1% of its value on the NYSE on Monday on a generally positive day for the markets, but is down 35% since last Monday. Stillwater is the only US producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and Russia. Platinum was trading at $1,565/oz on Monday, down from a year-high of $1,916/oz.
Proposed Marathon Platinum Group Metals and Copper Mine Project in Ontario: Availability of $150,000 to Support Participation in the Environmental Assessment-Phase II
The Canadian Environmental Assessment Agency the Agency is making available $150,000 under its Participant Funding Program to assist groups and individuals to participate in the environmental assessment process of the proposed Marathon Platinum Group Metals and Copper Mine Project in Ontario.
[Highlights from] Stillwater Mining Company:
- Net income of $36.2 million or $0.34 per diluted share -- nearly triple first quarter 2010 earnings
- Mined PGM production increased to 131,200 ounces
- Continued strong prices for palladium and platinum
Stillwater Mining Company today reported 2010 net income of $50.4 million, or $0.51 per diluted share, on revenues of $555.9 million. Contributing to the net income in 2010 were higher PGM prices and a recovery in recycling volumes, along with continued focus on productivity and controlling costs.