SOURCE: Stillwater Mining Company

Stillwater Mining Company

January 21, 2014 08:00 ET

Stillwater Mining Company Reports Fourth Quarter 2013 Mined Production and Recycling Results

BILLINGS, MT--(Marketwired - Jan 21, 2014) - STILLWATER MINING COMPANY (NYSE: SWC) (TSX: SWC.U) (the "Company") today announced production from its Montana mines and recycling results for the fourth quarter of 2013. Total recycled material processed during 2013 of 616,700 ounces resulted in a record recycling year for the Company. 

Production from Montana Mines

Production of palladium and platinum from the Company's Montana mine operations totaled 141,100 ounces in the fourth quarter of 2013, a 6.5% increase over the same period in 2012. Total Montana mine production for 2013 was 523,900 ounces, a 2.0% increase from the 513,700 ounces reported in fiscal 2012. Total mined production for 2013 exceeded the Company's most recent guidance range of 505,000 to 515,000 ounces.

    4Q 2013   4Q 2012   Change   FY 2013   FY 2012   Change
                         
Stillwater Mine   98,700   97,500   1.2%   366,100   377,400   -3.0%
Palladium   75,900   75,200   0.9%   281,900   290,100   -2.8%
Platinum   22,800   22,300   2.2%   84,200   87,300   -3.6%
                         
East Boulder Mine   42,400   35,000   21.1%   157,800   136,300   15.8%
Palladium   32,800   27,100   21.0%   122,300   105,900   15.5%
Platinum   9,600   7,900   21.5%   35,500   30,400   16.8%
                         
Total   141,100   132,500   6.5%   523,900   513,700   2.0%
Palladium   108,700   102,300   6.3%   404,200   396,000   2.1%
Platinum   32,400   30,200   7.3%   119,700   117,700   1.7%
                         

Recycling Activities

During the fourth quarter of 2013, total volumes of palladium, platinum and rhodium (PGMs) processed from recycled material increased by 1.2% to 120,000 ounces compared to the same period of 2012. The Company processed a record 616,700 ounces of PGMs from recycled material during 2013, a 38.5% increase from approximately 445,200 ounces processed during the prior year.

    4Q 2013   4Q 2012   Change   FY 2013   FY 2012   Change
                         
Total   120,000   118,600   1.2%   616,700   445,200   38.5%
Palladium   66,600   64,500   3.3%   345,800   258,500   33.8%
Platinum   44,400   44,300   0.2%   223,800   154,900   44.5%
Rhodium   9,000   9,800   -8.2%   47,100   31,800   48.1%
                         

Note: Historical production information is available at www.stillwatermining.com.

About Stillwater Mining Company

Headquartered in Billings, Montana, Stillwater Mining Company is the only U.S. producer of platinum group metals (PGMs) and the largest primary producer of PGMs outside of South Africa and the Russian Federation. PGMs are rare precious metals used in a wide variety of applications, including auto catalysts, fuel cells, hydrogen purification, electronics, jewelry, dentistry, medicine, coinage and other uses. Stillwater Mining Company is engaged in the development, extraction, processing, smelting, refining and marketing of PGMs from a geological formation in southern Montana known as the J-M Reef. This is the only known significant source of PGMs in the United States and one of the highest grade PGM resources in the world. The Company also owns the Marathon PGM-copper deposit in Ontario, Canada and the Altar porphyry copper-gold deposit located in the San Juan province of Argentina. The Company's shares are traded on the New York Stock Exchange under the symbol SWC and on the Toronto Stock Exchange under the symbol SWC.U. Information about Stillwater Mining Company can be found at its website: www.stillwatermining.com.