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Commodity Boom Turns Bust for Stillwater Holders on Copper Deal
Jul. 14, 2011 09:10AM PST
Precious MetalsBloomberg reports that Stillwater Mining Company (NYSE:NYC) has bid more than its worth for a copper-gold project in Argentina.
Bloomberg reports that Stillwater Mining Company (NYSE:NYC) has bid more than its worth for a copper-gold project in Argentina.
The market news is quoted as saying,
Stillwater, which offered to buy Peregrine Metals Ltd. (PGM) for $487 million in cash and stock this week, projects it will cost as much as $2.5 billion to develop the Altar project in western Argentina over the next seven years, Chief Executive Officer Francis McAllister said on a conference call. The combined cost is about a billion dollars more than the Billings, Montana-based company’s market value, according to data compiled by Bloomberg.