Stillwater Mining Company: Difference between revisions
Corporate headquarters is in Billings, MT rather than Nye, MT |
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{{short description|Palladium and platinum mining company}} |
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{{infobox company |
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| traded_as = {{nyse|SWC}}<br>[[S&P 600|S&P 600 Component]] |
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[[File:Sulfidic serpentintite (platinum-palladium ore) Johns-Manville Reef, Stillwater Complex.jpg|thumb|Sulfidic serpentintite platinum-palladium ore, Stillwater Mine. This ore sample grades to around 2.5 ounces of Pd-Pt per ton of rock, with a Pd-Pt ratio of about 3:1.]] |
[[File:Sulfidic serpentintite (platinum-palladium ore) Johns-Manville Reef, Stillwater Complex.jpg|thumb|Sulfidic serpentintite platinum-palladium ore, Stillwater Mine. This ore sample grades to around 2.5 ounces of Pd-Pt per ton of rock, with a Pd-Pt ratio of about 3:1.]] |
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[[File:Platinum-palladium ore, Stillwater mine MT.JPG|thumb|Another sample of Platinum-palladium ore from the Stillwater mine.]] |
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[[File:Stillwater mine.jpg|thumb|The Stillwater mine and mill]] |
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'''Stillwater Mining Company''' ({{nyse|SWC |
'''Stillwater Mining Company''' ({{nyse|SWC}}) is a [[palladium]] and [[platinum]] [[mining]] [[company]] with headquarters located at [[Littleton, Colorado]], [[United States]]. It is the only palladium and platinum producer in the USA.<ref>[http://seekingalpha.com/article/57518-stillwater-mining-or-north-american-palladium-which-is-the-better-investment Stillwater Mining or North American Palladium: Which is the Better Investment? – Seeking Alpha<!-- Bot generated title -->]</ref> The only other [[North America]] based palladium/platinum producer is [[North American Palladium]], located in Canada. In 2017 it was acquired by Sibanye Gold Limited, who then began trading as [[Sibanye-Stillwater]]. |
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| ⚫ | In December 2010, the Company acquired Marathon PGM Corporation.<ref>[http://www.google.com/finance?q=NYSE:SWC Google Finance]</ref> It was renamed Stillwater Canada.<ref>[http://www.dcnonl.com/article/id43631 Federal environment agency assessing Ontario copper, platinum mine]</ref><ref>[http://stillwatercanadainc.com Stillwater Canada]</ref> |
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==Processing Mined Material== |
==Processing Mined Material== |
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==Business== |
==Business== |
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Norilsk Nickel had bought a 51% stake in Stillwater in 2003, but in November 2010 Norilsk Nickel announced plans to sell this stake.<ref>{{cite web|url=http://www.mining-journal.com/finance/norilsk-selling-stillwater|accessdate=2010-11-30|title=Mining Journal - Norilsk selling Stillwater}}</ref> The South African mining company [[Sibanye Gold|Sibanye Gold Limited]] proposed in December 2016 to acquire Stillwater for $2.2 billion ($18/share, a 61-percent premium over its average share price during the previous 52 weeks). The merger was approved by the Committee on Foreign Investments in April 2017 and was completed in May. The new owners pledged to honor Stillwater's Good Neighbor Agreement, which requires notification of surrounding communities about anything which might affect them.<ref>http://billingsgazette.com/news/state-and-regional/montana/south-african-company-to-acquire-stillwater-mining-company-for-b/article_005e58ff-021b-59ff-bb1b-255947063e46.html Title: South African company to acquire Stillwater Mining Company for $2.2B (Billings Gazette)</ref> |
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| ⚫ | In December 2010, the Company acquired [[Marathon PGM Corporation]].<ref>[https://web.archive.org/web/20090225083433/http://www.google.com/finance?q=NYSE:SWC Google Finance]</ref> It was renamed Stillwater Canada.<ref>[http://www.dcnonl.com/article/id43631 Federal environment agency assessing Ontario copper, platinum mine]</ref><ref>[http://stillwatercanadainc.com Stillwater Canada]</ref> |
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The company has long-term sales agreements with several auto companies. One of these agreements expired in the fourth quarter of 2006 and the remaining ones will expire by the end of 2010. The company also had sales agreements under which it sold palladium from the stock collected in the 2003 [[Norilsk Nickel]] transaction.<ref name="Norilsk-Stillwater Transaction">{{cite web | title = Stillwater, MMC Norilsk Nickel Complete Largest Russian-American Acquisition | publisher = PR News Wire | date = 2003-06-23 | url = http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=105&STORY=/www/story/06-23-2003/0001970349}}</ref> This sales program ended in 2006 when the company sold the remainder of its palladium stores by the first quarter of 2006. Norilsk Nickel had bought a 51% stake in Stillwater in 2003, but in November 2010 Norilsk Nickel announced plans to sell this stake.<ref>{{cite web|url=http://www.mining-journal.com/finance/norilsk-selling-stillwater|accessdate=2010-11-30|title=Mining Journal - Norilsk selling Stillwater}}</ref> |
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==Controversies== |
==Controversies== |
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In 2002, two class action suits were filed against the company, wherein stakeholders claimed that the Stillwater was artificially inflating the price of its securities.<ref> |
In 2002, two class action suits were filed against the company, wherein stakeholders claimed that the Stillwater was artificially inflating the price of its securities.<ref>{{cite web|url=http://billingsgazette.com/news/local/two-class-action-lawsuits-filed-against-stillwater-mining/article_bd62eef6-614e-5a94-9c5e-2dee97a399bb.html | title=Two class action lawsuits filed against Stillwater Mining|publisher=[[Billings Gazette]]|last=Burkhart|first=Dan|date=April 12, 2002}}</ref> On Nov 1, 2004, Stillwater Mining restated its third quarter results, during which payment for debt issuance costs was $3.8 million, not a receipt of $0.8 million as originally reported.<ref>{{cite web |url= http://www.prnewswire.com/news-releases/stillwater-mining-announces-amendment-to-2004-third-quarter-results-75119162.html| title=Stillwater Mining Announces Amendment to 2004 Third Quarter Results}}{{Self-published source|date=June 2014}}</ref> |
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In 2006, a group of shareholders won a $2.6 million settlement against the company for "misleading statements about the company's financial performance" and its ore reserves.<ref> |
In 2006, a group of shareholders won a $2.6 million settlement against the company for "misleading statements about the company's financial performance" and its ore reserves.<ref>{{cite web |url=http://billingsgazette.com/news/state-and-regional/montana/stillwater-investors-prevail-in-lawsuit/article_b4b6cf40-a479-5267-9228-2d00f84e82ed.html | title=Stillwater investors prevail in lawsuit |publisher=[[Billings Gazette]]|last=Falstad|first=Jan|date=December 11, 2007}}</ref> |
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==References== |
== References == |
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{{reflist}} |
{{reflist}} |
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==External links== |
==External links== |
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*[ |
*[https://www.sibanyestillwater.com/ Stillwater Mining Company website] |
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{{Authority control}} |
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[[Category:Companies listed on the New York Stock Exchange]] |
[[Category:Companies listed on the New York Stock Exchange]] |
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[[Category:Companies listed on the Toronto Stock Exchange]] |
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[[Category:Palladium mining companies]] |
[[Category:Palladium mining companies]] |
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[[Category:Platinum mining companies]] |
[[Category:Platinum mining companies]] |
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[[Category:Companies based in Montana]] |
[[Category:Companies based in Montana]] |
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[[Category: |
[[Category:Non-renewable resource companies established in 1992]] |
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[[Category: |
[[Category:Stillwater County, Montana]] |
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Latest revision as of 18:51, 12 November 2024
| NYSE: SWC S&P 600 Component | |
| Headquarters | , Canada  |
| Website | stillwatermining |
_Johns-Manville_Reef,_Stillwater_Complex.jpg)
Stillwater Mining Company (NYSE: SWC) is a palladium and platinum mining company with headquarters located at Littleton, Colorado, United States. It is the only palladium and platinum producer in the USA.[1] The only other North America based palladium/platinum producer is North American Palladium, located in Canada. In 2017 it was acquired by Sibanye Gold Limited, who then began trading as Sibanye-Stillwater.
Processing Mined Material
[edit]Stillwater Mining Company is engaged in the development, extraction, processing, refining and marketing of palladium, platinum and associated metals (platinum group metals or PGMs) from a geological formation in the Stillwater igneous complex in south central Montana known as the J-M Reef and from the recycling of spent catalytic converters. The J-M Reef is the only known significant source of platinum group metals inside the United States and one of the significant resources outside South Africa and Russia. Associated by-product metals at the Company’s operations include minor amounts of gold, silver, nickel and copper. The J-M Reef is a narrow but extensive mineralized zone containing PGMs, which has been traced over a strike length of approximately 28 miles (45 km).
The company conducts mining operations at the Stillwater Mine near Nye, Montana and at the East Boulder Mine near Big Timber, Montana. Both mines are located on the J-M Reef. The company operates concentrating plants at each mining operation to upgrade mined production to a concentrate form. The company operates a smelter and base metal refinery at Columbus, Montana at which it further purifies the mined production to a PGM-rich filter cake. The filter cake is shipped to third-party custom refiners for final refining before being sold.
The company recycles spent catalyst material to recover PGMs at the smelter and refinery. The company has a longterm catalyst sourcing agreement and spot contracts with other suppliers who ship spent catalysts to the company for processing to recover PGMs. The company smelts and refines the spent catalysts by the same process as the mined production is purified.
Business
[edit]Norilsk Nickel had bought a 51% stake in Stillwater in 2003, but in November 2010 Norilsk Nickel announced plans to sell this stake.[2] The South African mining company Sibanye Gold Limited proposed in December 2016 to acquire Stillwater for $2.2 billion ($18/share, a 61-percent premium over its average share price during the previous 52 weeks). The merger was approved by the Committee on Foreign Investments in April 2017 and was completed in May. The new owners pledged to honor Stillwater's Good Neighbor Agreement, which requires notification of surrounding communities about anything which might affect them.[3]
In December 2010, the Company acquired Marathon PGM Corporation.[4] It was renamed Stillwater Canada.[5][6]
Controversies
[edit]In 2002, two class action suits were filed against the company, wherein stakeholders claimed that the Stillwater was artificially inflating the price of its securities.[7] On Nov 1, 2004, Stillwater Mining restated its third quarter results, during which payment for debt issuance costs was $3.8 million, not a receipt of $0.8 million as originally reported.[8]
In 2006, a group of shareholders won a $2.6 million settlement against the company for "misleading statements about the company's financial performance" and its ore reserves.[9]
References
[edit]- ^ Stillwater Mining or North American Palladium: Which is the Better Investment? – Seeking Alpha
- ^ "Mining Journal - Norilsk selling Stillwater". Retrieved 2010-11-30.
- ^ http://billingsgazette.com/news/state-and-regional/montana/south-african-company-to-acquire-stillwater-mining-company-for-b/article_005e58ff-021b-59ff-bb1b-255947063e46.html Title: South African company to acquire Stillwater Mining Company for $2.2B (Billings Gazette)
- ^ Google Finance
- ^ Federal environment agency assessing Ontario copper, platinum mine
- ^ Stillwater Canada
- ^ Burkhart, Dan (April 12, 2002). "Two class action lawsuits filed against Stillwater Mining". Billings Gazette.
- ^ "Stillwater Mining Announces Amendment to 2004 Third Quarter Results".[self-published source]
- ^ Falstad, Jan (December 11, 2007). "Stillwater investors prevail in lawsuit". Billings Gazette.
External links
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