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Stillwater Mining (NYSE:SWC) reported its fourth quarter and full year results for 2015. Production totals came in at 520,800 ounces of mined palladium and platinum for the year, and 132,400 ounces of mined platinum and palladium for the fourth quarter.
Stillwater Mining (NYSE:SWC) reported its fourth quarter and full year results for 2015. Production totals came in at 520,800 ounces of mined palladium and platinum for the year, and 132,400 ounces of mined platinum and palladium for the fourth quarter.
As quoted in the press release, company President and CEO Mick McMullen said:
Operationally, Stillwater performed well during 2015. Mined production was ahead of guidance and we made notable strides in expanding the recycling business. This, combined with concerted efforts to conserve capital and reduce costs, resulted in the Company generating positive free cash flow for the quarter. While not yet finalized, All-in Sustaining Costs (AISC)* are expected to range from $603 to $623 per mined ounce for the fourth quarter and from $705 to $715 for the full-year 2015, a sharp improvement over the prior year periods and below the low end of our guidance range. We have seen a strong cost reduction trajectory during the last quarter, achieved through productivity gains and a focus on better mining practices. During the quarter, the Company continued to invest in sustaining capital and growth projects while still generating free cash flow.
Even as the PGM pricing environment has continued to decline, we have delivered on our stated goals. We are confident in our ability to withstand this PGM pricing trough with a very strong balance sheet, building on our successes and focusing on additional business improvements to drive costs lower. These efforts will ensure Stillwater maintains its leading position and is positioned for growth when price recovery occurs.