Platinum producer Stillwater Mining has undergone a restructuring.
Chevron USA has sold its 50% ownership in the company. At the same time, Stillwater has sold, to institutional and other investors, new shares representing 50% ownership. Manville retains its half interest in the company. Stillwater operates a platinum group metals mine and processor near Nye, Mont., and a precious metals smelter in Columbus, Mont.
The company also sold $25 million worth of subordinated notes with warrants to certain institutional investors. The funds will be used for the initial stages of an expansion program designed to double processing capacity to 2,000 tons per day by 1998.
The mine currently operates at 1,000 tons per day and employs about 440 people.
In 1993, Stillwater produced 66,000 oz. platinum and 218,000 oz. palladium.
Be the first to comment on "Chevron sells — Stillwater stake"