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LITTLETON, Colo., Feb. 01, 2016 -- Stillwater Mining Company (NYSE:SWC) reported today that union employees at the Company’s Stillwater Mine and Columbus processing facilities, represented by the USW International Union Local 11-0001, have ratified a new four-year labor agreement.
Commenting on the new contract, Mick McMullen, the Company’s President and Chief Executive Officer stated, “I would like to thank the negotiating teams from the Company and the Union in addition to the Stillwater Mine and Columbus processing facilities’ employees for their efforts in reaching this agreement. I believe this agreement represents a reasonable outcome for all stakeholders in this challenging metal price environment.”
The material points of the agreement are:
- No increase in base wages for each of the first two years of the agreement
- Simplification of the incentive program and the introduction of metrics that better align employee and shareholder outcomes
The effective date of the new agreement is June 2, 2015.
About Stillwater Mining Company
Stillwater Mining Company is the only U.S. miner of platinum group metals (PGMs) and the largest primary producer of PGMs outside of South Africa and the Russian Federation. PGMs are rare precious metals used in a wide variety of applications, including automobile catalysts, fuel cells, hydrogen purification, electronics, jewelry, dentistry, medicine and coinage. The Company is engaged in the development, extraction and processing of PGMs from a geological formation in south-central Montana known as the J-M Reef. The J-M Reef is the only known significant source of PGMs in the U.S. and the highest-grade PGM resource known in the world. The Company also recycles PGMs from spent catalytic converters and other industrial sources. The Company owns the Marathon PGM-copper deposit in Ontario, Canada, and the Altar porphyry copper-gold deposit located in the San Juan province of Argentina. The Company’s shares are traded on the New York Stock Exchange under the symbol SWC. Information about the Company can be found at its website: www.stillwatermining.com.
Mike Beckstead (720) 502-7671 [email protected]
