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Stillwater Mining slips on news it will scale back Marathon project activities

  • Stillwater Mining (NYSE:SWC) fell 4.5% today after saying it will scale back activities associated with the Marathon PGM-copper project.
  • The permitting process for the project has been suspended previously, with limited exploration activities continuing for the current field season and continuation depending on positive results, SWC says.
  • SWC's 2014 capex for the Marathon PGM-copper project are now seen at $4M-$6M vs. previous guidance for $5M-$10M; going forward, SWC expects project costs of $1M-$3M/year, depending on the level of exploration activity.
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Comments (1)
  • bellbell63
    , contributor
    Comments (52) | Send Message
    Since it has been know for a long time that Marathon was a non-starter, cutting back expenditures even more would seem bullish to me. They had previously announced layoff of some personnel at Marathon. I think this is a knee-jerk reaction to meaningless news (along with the 20 drop in PD).
    2 Sep 2014, 07:34 PM Reply Like
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