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 (63) | 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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