Stillwater Cuts 2010 Full Year Production Guidance By 4.9%

Date : 07/28/2010 @ 1:24PM
Source : Dow Jones News
Stock : Stillwater Mining Company ($0.01 Par Value) (delisted) (SWC)
Quote : 18.0  0.0 (0.00%) @ 2:05AM

Stillwater Cuts 2010 Full Year Production Guidance By 4.9%

Stillwater Mining (NYSE:SWC)
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U.S. platinum producer Stillwater Mining Co. (SWC) Wednesday said it produced 18.2% less platinum and palladium in the second quarter than the same period a year earlier, and lowered its full-year production guidance by 4.9%.

Stillwater said it produced 112,600 troy ounces of palladium and platinum, down from 137,700 ounces in the second quarter 2009. The Stillwater mine produced 79,200 ounces and the East Boulder Mine 33,400 ounces.

Lower grades of ore and safety compliance caused the drop in output, the miner said.

Stillwater lowered its forecasted output for the year to 490,000 ounces at a cash cost of $385/oz, from 515,000 ounces at $360/oz.

Chairman and Chief Executive Francis McAllister said in a webcast that the company expects production in 2011 will be in line with the original guidance for 2010 of 515,000 ounces.

McAllister declined to comment on news reports that Russian platinum miner Norilsk Nickel (GMKN.RS) is considering selling its 51.3% stake in the company.

"We really don't have sufficient information at this point in time to say what may happen there," he said.

-By Matthew Walls, Dow Jones Newswires; +44 (0)20 7842 9412;


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