Stillwater Mining (SWC) wants to develop new U.S. palladium and platinum mines in the longer term, but won't accelerate plans in response to soaring prices for the metals, President/CEO Mick McMullen says.
SWC will focus on increasing processing of recycled palladium and platinum by deploying unused capacity, allowing it to cash in on higher prices, as well as reducing costs, to maximize returns to shareholders, McMullen says.
Since hitting a 2014 low of just less than $700/oz. in February, palladium reached a three-year high yesterday of $852.25/oz.; platinum also has been climbing, with both driven up by a prolonged mining strike in South Africa.