Separately, the detailed engineering study is progressing at the Marathon project in Canada and is expected to be completed during the third quarter of 2013. The environmental review at Marathon is also proceeding; the Company currently is responding to sufficiency comments received during the fourth quarter of last year from the joint federal and provincial environmental review panel related to the Marathon environmental assessment.
The Company believes the Altar project is a low-cost option on copper-gold with significant resource potential upside. To that end, the capital spending program for Altar remains highly disciplined and focused on defining and ultimately valuing that upside. Stillwater plans to reduce spending significantly at Altar in 2013. Importantly, this limited spending at Altar will not divert capital away from the Company's core palladium-focused operations and growth projects.
The Company continues to be extremely positive on the outlook for palladium and its position to benefit from that outlook. The Company has a strong balance sheet and stable base of cost-competitive palladium-focused operations, both of which will enable the Company to further its palladium-based growth projects at a time when other major companies in the PGM industry face significant challenges.
About Stillwater Mining Company
Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and the Russian Federation. The Company's shares are traded on the New York Stock Exchange under the symbol SWC and on the Toronto Stock Exchange under the symbol SWC.U. Information on Stillwater Mining Company can be found at its website: www.stillwatermining.com.
Some statements contained in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, therefore, involve uncertainties or risks that could cause actual results to differ materially. These statements may contain words such as "believes," "anticipates," "plans," "expects," "intends," "projects", "estimates," "forecast," "guidance," or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Such statements include, but are not limited to, comments regarding expansion plans, costs, grade, production and recovery rates, permitting, financing needs, the terms of future credit facilities and capital expenditures, increases in processing capacity, cost reduction measures, safety, timing for engineering studies, and environmental permitting and compliance, litigation, labor matters and the palladium and platinum market. Additional information regarding factors, which could cause results to differ materially from management's expectations, is found in the section entitled "Risk Factors" in the Company's 2011 Annual Report on Form 10-K and in subsequent filings with the United States Securities & Exchange Commission. The Company intends that the forward-looking statements contained herein be subject to the above-mentioned statutory safe harbors. Investors are cautioned not to rely on forward-looking statements. The Company disclaims any obligation to update forward-looking statements.
Most Popular Stories
- Boehner Lashes Out Against Ted Cruz, Far Right
- TFA Recruiting DACA Recipients
- Hawaii Official Who Release Obama Certificate Only Victim of Plane Crash
- Holiday Shopping Off to a Slow Start This Season
- Ford Plans New Cars, Jobs in 2014
- Gold, Silver Slide on Prospects of Fed Exit
- 'Rape Insurance' Bill Passes in Michigan
- Ted Cruz Coloring Book Selling Briskly
- Kim Jong Un's Uncle Executed
- Grizzly Bears Could Be Taken Off Endangered List