Montana's Stillwater Mines are reporting a full recovery from the economic doldrums of a year ago that threatened to put more than a thousand miners in the unemployment line.
Last July, bankrupt U.S. automaker General Motors was scrambling for survival. A bankruptcy court allowed the automaker to scrap a production contract with Montana's Stillwater Mining Company in favor of cheaper foreign suppliers in Russia and South Africa. The move threw the future of the mines into question.
Today, there is no question. Stillwater's not only still in business, they're thriving, even while G.M. continues to struggle in a soft auto market.
Today, the mining company reports market prices for platinum and palladium have completely turned around. The market's bottom of last year is a distant memory and production is up. Stillwater's balance sheet shows the loss of the General Motors contract is no longer a factor.
Stillwater says production at the mine is up 9-percent for the quarter and 16-percent for the year.
Stillwater is the only supplier of platinum and palladium in the western hemisphere. The metals are a critical component in the manufacture of catalytic converters which are used to clean exhaust systems.
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