Stillwater Mining (SWC-N) has signed long-term secondary metal sourcing agreement that will see Kentucky-based Power Mount supply automobile catalytic converters to Stillwater’s Montana smelting and refining facility.
The spent catalytic converters, which contain platinum group metals, will be processed in tandem with mine production. Stillwater chief executive Frank McAllister said the contract would allow Stillwater’s smelter and refinery complex to increase the amount of metals it recovered.
“The metals we mine are used by the automotive industry to protect the environment by cleaning auto emissions. Recycling these metals back into commerce after they have been used is also environmentally responsible,” said McAllister.
Stillwater Mining is the lone U.S. producer of palladium and platinum. The company’s third-quarter financial results are due out on Oct. 27.
Shares in Stillwater were a nickel lower at US$6.72 in late afternoon trading in New York following the news on Oct. 15.
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