Stillwater Mining Company Announces Appointment of Michael McMullen as Chief
BILLINGS, MT -- (Marketwired) -- 12/03/13 -- Stillwater Mining
Company (NYSE: SWC) (TSX: SWC.U), a leading producer of platinum
group metals (PGM's), today announced the appointment of Michael
(Mick) McMullen as Chief Executive Officer. Mr. McMullen serves on
the Company's Board of Directors and will continue to do so in
addition to his duties as Chief Executive Officer. Mr. McMullen's
appointment, effective immediately, is the result of a global search
process. He will be based in Billings, Montana.
Brian Schweitzer, Chairman of the Board of Stillwater Mining Company,
said, "Mick McMullen has extensive experience in the metals and
mining industry at the CEO and Board level. He has a proven track
record of building and leading successful teams, employing strict
capital discipline, and delivering outstanding returns to investors.
His time as Chairman of our Technical and Ore Reserves Committee has
provided him with valuable insight into the business and the
opportunities available. The Board of Directors has great confidence
in Mick to pursue the change agenda expected by our shareholders,
building on the existing strengths of Stillwater Mining Company,
while maximizing returns on capital for our investors."
Mr. McMullen stated, "Stillwater Mining Company is a leading PGM
producer through its mines and recycling business, and benefits from
operating in the very stable jurisdiction of Montana. Our two Montana
mines are the highest-grade PGM mines in the world, and have existing
mine lives in excess of 50 years, which I believe makes them unique
and strategic assets in the PGM sector. Our recycling operations
provide the Company with an additional revenue stream and
opportunities to grow in the PGM industry independently of our mines.
Furthermore, Stillwater operates from a strong financial position,
with $464 million of cash and liquid investments, and $95.6 million
of undrawn credit facilities as of September 30, 2013."
Mr. McMullen continued, "Stillwater Mining Company has the potential
to deliver strong returns on capital from our pool of organic growth
opportunities. Our team will work each and every day to run the
business responsibly and make capital allocation decisions that
enhance the value of the Company."
The Board expresses its appreciation to Terrell I. Ackerman, who
served as interim Chief Executive Officer of the Company since June
of 2013, and who remains Vice President of Corporate Development.
Mick McMullen Background
Before joining Stillwater Mining Company, Mr. McMullen previously
served as a Principal at MRI Advisory AG, a private company focusing
on the development of metal and minerals projects in the Americas,
Europe and Africa. He has been responsible for managing the mining
investments of the Principals and supervising the technical due
diligence for a variety of commodity backed funding structures.
During his 21-year career, Mr. McMullen has been responsible for the
development of several large open pit and underground mines in
Australia, Europe and Latin America. He has had detailed involvement
in all aspects of the mining business including exploration,
permitting, mine development, financing, operations, product sales,
and asset acquisition and divestments as well as the debt and equity
markets. He has managed multiple operations across several
jurisdictions during his time as Principal at MRI Advisory AG,
working with large work forces and unions in culturally diverse and
environmentally sensitive areas. His experience covers a range of
commodities including copper, gold, iron ore and PGM's.
Mr. McMullen has served in a variety of management, directorship, and
investment roles in the metals and mining industry. His most recent
experience includes positions as Executive Chairman of Nevada Iron
Limited, a TSX/ASX dual-listed development company with iron ore
assets in Nevada, and Executive Chairman of Lachlan Star Limited, a
TSX/ASX dual-listed mining company where he oversaw the acquisition
and optimization of the CMD Gold Mine in Chile, a 17,000 tpd open pit
gold mine with 650 employees and contractors. Mr. McMullen also
formed Northern Iron Limited in 2007, which developed a 19,000 tpd
iron ore mine in Norway with 400 employees and contractors; at
Northern Iron Limited, he served as Managing Director from 2007 to
2009 and President of Northern Iron Marketing AG until June 2010.
Prior to this, he was a Partner and Audit Manager at RSG Global
Consulting Pty Ltd, a large mining consultancy firm, and was
responsible for bank finance and mergers and acquisitions due
diligence consulting, expert opinions and valuation reports,
including for numerous PGM projects in South Africa. Prior to joining
RSG Global Consulting Pty Ltd, Mr. McMullen was Executive Technical
Director of Tritton Resources Limited, which developed a 2,500 tpd
underground and open pit copper mine with 300 employees and
contractors and Executive Technical Director of Lafayette Mining
Limited, which developed a mine producing copper and zinc
Mr. McMullen holds a Bachelor of Science degree in Geology from
Newcastle University in New South Wales and pursued graduate studies
in Mineral Economics at Western Australian School of Mines.
About Stillwater Mining Company
Headquartered in Billings, Montana,
Stillwater Mining Company is the only U.S. producer of PGM's and the
largest primary producer of PGM's outside of South Africa and the
Russian Federation. PGM's are rare precious metals used in a diverse
number 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 PGM's from a geological formation in southern Montana known as the
J-M Reef. This is the only known significant source of PGM's in the
United States and one of the most significant sources outside of the
Russian Federation and South Africa. 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 can be found at its
Forward Looking Statements
Some statements contained in this news
release are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and, therefore, involve
uncertainties or risks that could cause actual results to differ
materially. These statements may contain words such as "desires,"
"believes," "anticipates," "plans," "expects," "intends," "estimates"
or similar expressions. Such statements also include, but are not
limited to, comments regarding expansion plans, costs, grade,
production and recovery rates; permitting; financing needs and the
terms of future credit facilities; exchange rates; capital
expenditures; increases in processing capacity; cost reduction
measures; safety; timing for engineering studies; environmental
permitting and compliance; litigating; labor matters; and the
palladium, platinum, copper and gold market. These statements are not
guarantees of the Company's future performance and are subject to
risks, uncertainties and other important factors that could cause its
actual performance or achievements to differ materially from those
expressed or implied by these forward-looking statements. Additional
information regarding factors that could cause results to differ
materially from management's expectations is found in the section
entitled "Risk Factors" in the Company's 2012 Annual Report on Form
10-K, in its quarterly Form 10-Q filings, and in corresponding
filings with Canadian securities regulatory authorities. The Company
intends that the forward-looking statements contained herein be
subject to the above-mentioned statutory safe harbors. Investors are
cautioned not to rely on forward-looking statements. The Company
disclaims any obligation to update forward-looking statements.
Investor Relations & Media Contact:
FTI Consulting, Inc.
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