Stillwater Mining Reports Record Quarterly Earnings

Stillwater Mining Company (NYSE:SWC) reports a net income for the 2011 second quarter of $42.7 million, or $0.39 per diluted share.

The press release is quoted as saying,

The Company mines palladium and platinum from two underground mines located in south-central Montana. The mines produced a total of 142,700 ounces of palladium and platinum during the second quarter of 2011, a 26.7% increase from the 112,600 ounces produced during the second quarter of 2010. Production at the Company’s Stillwater Mine increased to 108,900 ounces in the second quarter of 2011, compared to 79,200 ounces in the same quarter of 2010. Production at the Company’s East Boulder Mine was 33,800 ounces in the second quarter of 2011, compared to 33,400 ounces in the same quarter of 2010. Ore tons milled were 12.9% higher in the second quarter of 2011 than in the second quarter of 2010, and higher ore grades in the lower off-shaft area and the contribution of higher grades in the east area of the Stillwater Mine, resulted in higher production for the quarter ended June 30, 2011.

For the complete press release, click here.