Stillwater Mining: Union Employees Reject Labor Contract

Stillwater Mining Company (NYSE:SWC) reported that union employees at its Stillwater Mine and Columbus processing facility failed to ratify a tentative labour agreement reached on May 27.

As quoted in the press release:

The Negotiating Committee for the Union and the representative for USW International had unanimously recommended that their members approve the tentative agreement.

Stillwater president and CEO, Mick McMullen, said:

We are disappointed that the tentative agreement was not ratified. Based on this decision by the union members, Company management is considering all alternatives to create a situation that will best promote the long-term economic viability of operations at the Stillwater Mine and Columbus processing facility. The current contract will expire at midnight on June 12, 2015. The Company will meet its obligations and work with the Negotiating Committee for the Union and the representative for USW International in an effort to find a solution that is reasonable for all stakeholders.

Click here to read the Stillwater Mining Company (NYSE:SWC) press release