stillwater mining co (SWC) Key Developments
Stillwater Mining Co. Approves Amendment to its Bylaws
May 22 13
In connection with the separation of the roles of Chairman and Chief Executive Officer, the board of Stillwater Mining Co. approved an amendment to the company’s bylaws on May 21, 2013 that eliminates the officer positions of Chairman and Vice Chairman and permits the board to appoint one of its members to serve as Chairman of the board. The bylaws amendment provides that the duties of any Chairman of the board are to preside at meetings of stockholders and of the board and to perform such additional functions as the board may, from time to time, prescribe.
Stillwater Mining Co. Announces Governance Changes
May 20 13
Stillwater Mining Co. announced the election of Brian Schweitzer, the former governor of Montana, as Chairman of the Board. Governor Schweitzer, elected to the Board at the Company's Annual General Meeting of shareholders on May 2, 2013, replaces Frank McAllister as Chairman. Mr. McAllister, who has served as Chairman and Chief Executive Officer (CEO) of the Company since 2001, will continue in the role of CEO and President of the Company during an interim period while the Board seeks a suitable candidate to succeed him.
Stillwater Mining Co. Appoints Directors
May 10 13
The Annual General Meeting of Stillwater Mining Co. was held on 2 May 2013. At the meeting the shareholders elected Craig L. Fuller, Patrick M. James, Steven S. Lucas, Sheryl K. Pressler, Charles R. Engles, Seth E. Gardner, Michael McMullen, Michael McNamara, Patrice E. Merrin and Brian Schweitzer as directors for terms expiring at the company's 2014 Annual Meeting of Shareholders.
Stillwater Mining Co. Elects Four Nominees to the Board
May 2 13
Stillwater Mining Company announced at Annual Meeting of Shareholders held on May 02, 2013, the company elected to the Board of Directors four nominees proposed by Clinton Group, Inc: Charles R. Engles, Michael McMullen, Patrice E. Merrin and Brian Schweitzer.
Stillwater Mining Co. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Reports Operating Results for the First Quarter Ended March 31, 2013; Provides Production Guidance for Fiscal 2013
Apr 29 13
Stillwater Mining Co. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. The company reported consolidated net income attributable to common stockholders for the 2013 first quarter of $14.6 million, or $0.12 per diluted share. Total revenues for the first quarter were $250.6 million. Consolidated net income attributable to common stockholders reported for the 2012 first quarter was $5.9 million, or $0.05 per diluted share on revenues of $203.1 million. Net cash provided by operating activities (which includes changes in working capital) totaled $15.5 million in the first quarter of 2013, compared to $15.1 million of cash provided in the first quarter of 2012. Capital expenditures were $29.4 million in the first quarter of 2013, up from $22.7 million in the first quarter of 2012. The company reported operating income of $19,224,000, income before income tax was $19,154,000 against $1,767,000 and $3,636,000 respectively a year ago.
The company's mines produced a total of 127,100 ounces of palladium and platinum during the first quarter of 2013, a 5.2% increase from the 120,800 ounce production in the first quarter of 2012. The increase in ounces produced between 2012 and 2013 was driven by the selection of developed mining stopes available from period to period, typical variability in mining production, the normal result of changes in mining conditions. Total cash costs per mined ounce averaged $523 in the first quarter of 2013, compared to total cash costs of $514 per ounce for the first quarter of 2012. The increase is primarily the result of the ever-expanding underground mining operations, general wage and other cost inflation and the priority given to the new-miner training programs. The total recycled ounces of 154,200 for the first quarter of 2013 set a new quarterly record for the company and were 15.5% more than the previous quarterly high of 133,500 ounces in the third quarter of 2011. It was up from the 107,300 ounces of palladium, platinum and rhodium (including tolled ounces) recycled during the first quarter of 2012. The increased volumes were primarily attributable to finding and adding new recycling suppliers.
Based on results for the first quarter and projections for the remainder of the year, the company is maintaining its full-year cash cost guidance of $560 per mined ounce.