Stillwater Mining Company confirmed on Monday (10th November) that production at its two Montana-based mines was down by 6.7 per cent in the third quarter of 2008.

The company produced a total of 120,000 oz of palladium and platinum during the quarter, which compares to a figure of 128,600 oz for the equivalent period last year.

Output at the Stillwater mine accounted for 83,800 oz of that total (down from 85,400), while production at the East Boulder mine was 36,200 oz (down from 43,200 oz).

It is believed that the reduced figures are related to lower combined ore grades in the active mining areas, while East Boulder was affected by a shortage of skilled workers.

Francis McAllister, Chairman and CEO of the firm, said: "Our initial 2008 production guidance for the full year was in the range of 550,000 to 565,000 oz, which would have been stronger than 2007 performance.

"However, in our second quarter reporting we reduced our production guidance for full-year 2008 to a range between 515,000 and 525,000 oz."

Mr McAllister added that in light of the adjustments the company is now considering, he was expecting total mine production for 2008 to be lower than recorded last year.



Source:

Stillwater Mining Reports Third Quarter 2008 Results (10/11/08)
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