Mitsubishi buys into Mont. company's Canada mine
BILLINGS, Mont. (AP) -- Mitsubishi Corp. of Japan will pay $95 million for a
25 percent interest in a Montana company's proposed copper and platinum mine in
Stillwater Mining Co. of Billings says the partnership with Mitsubishi will
help finance an open-pit mine near Marathon, Ontario. Mine development costs are
estimated at $550 million to $650 million.
The company projects initial annual production of about 200,000 ounces of
platinum and palladium and 37 million pounds of copper.
Mitsubishi has an option to purchase 100 percent of the mine's platinum metals.
Stillwater operates the only platinum and palladium mines in the U.S. in south
central Montana. The metals are used in vehicle catalytic converters and for jewelry.
Stillwater shares fell 4 percent to $12.25 in Thursday morning trading on the
New York Stock Exchange.