Stillwater Mining Reports Quarterly Loss Of $11.9 Million
Stillwater Mining Co. officials say they lost $11.9 million during the three-month period that ended September 30.
Company officials said in a statement today that platinum and palladium production was higher compared to the same period last year, but the market price continued to drop and sales were down.
Stillwater CEO Mick McMullen says the company eliminated some of its outstanding debt and reduced its mining costs by $160 per mined ounce. But metal prices also dropped by $150 per ounce.
“So the rate that we were sustaining capital at, was not just sustaining the business but actually adding to our developed state. We are now spending at a rate where we are not eating into our developed state but we’re also not adding to our developed state.”
The company sold just over 10,000 ounces less than it produced for the period.
During the quarter, 159 workers were laid off or left the company. Company officials say the workforce reduction has resulted in improved efficiencies.