Stillwater Mining Company Announces Suspension of Marathon Permitting Process
BILLINGS, MT -- (Marketwired) -- 01/31/14 -- STILLWATER MINING
COMPANY (NYSE: SWC) (TSX: SWC.U) (the "Company") today announced that
Stillwater Canada Inc has requested that the joint review panel
suspend the Marathon project environmental assessment and panel
hearings until further notice. The panel hearings were scheduled to
begin on February 20, 2014. The joint review panel is responsible for
the evaluation of the Environmental Impact Statement and is comprised
of the Canadian Environmental Assessment Agency and the Ontario
Ministry of the Environment.
Mick McMullen, President and Chief Executive Officer, commented, "We
have been working closely with our partner, Mitsubishi Corporation,
to complete an updated Marathon project feasibility study. The study
is not yet complete but the project team has identified several areas
for further evaluation of operational and processing approaches and
optimization options. As a result we have concluded, due to the
potential for material changes to the project, it is in the best
interest of all stakeholders for the feasibility study to be
completed prior to the investment of further time and resources
needed to facilitate the Environmental Assessment process.
"The Marathon project fits within the Company's strategy of focusing
on PGM assets in mining friendly jurisdictions. However, resuming the
permitting process will depend on the results of the completed
technical review and the degree of any potential scope changes."
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.
Press spacebar to pause and continue. Press esc to stop.