Christopher Wallace
Long/short equity, special situations

The Unique Opportunity In Stillwater Mining

Stillwater Mining (NYSE:SWC) is one of only two North American producers of platinum group metals (platinum, palladium and rhodium). As such it offers some unique investor attributes which will be reviewed in this article.

Platinum Group Metals, or "PGMs" as they are frequently called, are used in the automotive industry to manufacture catalytic converters for emissions control, in technology to make electronics and to make jewelry. There is an increasing amount of investment demand for these metals.

SWC produces PGMs from two mines in Montana. Roughly 80% of their mine production is palladium, 20% is platinum. SWC trades on the NYSE and has a market cap of roughly $1.5 billion. SWC is a relatively low cost producer and...

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