Finally, we can read about how these great companies came about with Company Histories.. Statistics: Public Company Incorporated: 1992 as Stillwater Mining Co. Ltd. Employees: 700 Sales: $277.38 million (2001) Stock Exchanges: New York Ticker Symbol: SWC NAIC: 212299 All Other Metal Ore Mining Company Perspectives: Not only are we a tremendous contributor to clean air throughout the world, but we have been good citizens during 14 years of operation in Montana. In 1994, though, the company posted net income of $2 million on sales of $58.6 million. There was a high ratio of palladium to platinum. Only 15 percent of the company's metals production would be sold forward in 2000. The company produced a record 504,000 ounces of palladium and platinum. The company's hedging policy (agreeing to sell future production at fixed prices) had prevented it from capitalizing on the upturn in PGM prices.
The Stillwater igneous complex is a large layered mafic intrusion (LMI) located in southern Montana in Stillwater, Sweet Grass and Park Counties.The complex is exposed across 30 miles (48 km) of the north flank of the Beartooth Mountain Range.The complex has extensive reserves of chromium ore and has a history of being mined for chromium. In 1967, Manville Products, a unit of Manville Corporation, a Denver-based provider of building products, began intensive exploration of the site and located deposits of platinum group metals (PGMs). Sibanye-Stillwater's Montana operations engaged in development, extraction, and processing of PGMs from a geological formation in south-central Montana known as the J-M Reef, Receive our County's event and business-related information!We promise that we'll be the only ones to email you and will never sell or give your information awayStillwater County Chamber of Commerce • PO Box 783 • Columbus, Montana • 406.322.4505 By 1998, SWC was developing its East Boulder platinum mine in Montana's Absaroka Mountains. Johns Manville Corporation still held a 5 percent royalty in the mine, which it sold to the Franco-Nevada Mining Corporation for $36 million in March 1998. Stillwater Mining Company operates as a mining company. The company also terminated 500 contract employees and 30 of its own employees at the East Boulder mine. The "Good Neighbor Agreement" set out environmental and community protections beyond those required by law and aimed to head off the years of legislative and legal wrangling commonly associated with the impact of mining on communities. After the changeover in management, the company made it a policy to hedge no more than 50 percent of production for no more than two years ahead, a strategy designed to placate investors seeking to take advantage of the "upside" of higher prices.
The investors were rewarded handsomely and quickly as platinum and palladium prices rose. In November, palladium was only selling for $320 an ounce.
Further, under this permit action, SMC added two 1,500 cubic feet per minute Stillwater Mining Co. announced Friday a deal to sell to a South African mining company for $2.2 billion, which would effectively end Stillwater’s two-decade run as a publicly-traded firm. Stillwater had 210 employees by the end of the year. Sibanye-Stillwater's Montana operations engaged in development, extraction, and processing of PGMs from a geological formation in south-central Montana known as the J-M Reef, which is the only known significant source of PGMs in the US and the highest-grade PGM deposit known in the world. Sibanye-Stillwater is an independent, global precious metals mining group and the only US miner of platinum group metals (PGM). 30 reviews. AsPrices began a steep rise in June 1985 on news of racial unrest in South Africa. Employers / Post Job. Stillwater Mining Company operates the world's only viable platinum and palladium mines outside Russia and South Africa.The Stillwater Complex, located near the town of Nye in the Beartooth Mountains of southern Montana, has been mined for various minerals by various companies since the late 1800s. Rumors of a takeover (perhaps by other mining companies, including Lonmin plc or Impala Platinum Holdings Ltd.) abounded throughout 2000 and 2001. The tale was complicated by the bankruptcy of Manville Products and the decision of Atlantic Richfield Co., parent of Anaconda, to abandon metals mining altogether. The palladium market was also tightening.
We see them around but we don't know what goes on behind the scenes. Platinum had peaked at $625 an ounce the previous December.
Click on the job title to learn more about the opening. A number of important changes had occurred by this time. SMC filed a $1.2 million reclamation bond with the state, later increased to $4.2 million; the mine was projected to be in operation for 20 to 30 years.
Stillwater had higher labor costs per miner than its counterparts in Russia and South Africa. However, prices fell sharply during the year. SMC had left the American Stock Exchange to trade on the New York Stock Exchange in June 2001 and had relocated its headquarters from Denver to Columbus, Montana. One Manville executive quoted byMining began in late 1986, and the mine was officially dedicated on August 14, 1987. Frank McAllister, formerly chairman and CEO of copper producer ASARCO Incorporated, took those roles at SMC in February 2001 upon the retirement of William Nettles.
A fall in the price of gold made PGM mining that much more attractive to investors.
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