Stillwater Mine Reports $201.5M Loss - ABC FOX MONTANA NEWS, WEATHER, SPORTS - KTMF/KWYB

Stillwater Mine Reports $201.5M Loss

Posted: Updated:
STILLWATER COUNTY -

Stillwater Mining Co. is reporting a net loss of $201.5 million for the latest quarter after slashing the value of its copper reserve in Argentina.
 
The Billings-based company announced Tuesday that it had reduced the value of the Altar copper and gold project to $102 million.

The company cited economic uncertainty in Argentina as a reason for the drop in value.
 
The precious metals mining company acquired the Altar reserve in 2011.

Earlier this year, former Montana Governor Brian Schweitzer replaced CEO Frank McCallister as chairman, after McCallister was ousted by investors.

Schweitzer led the effort in ousting McCallister, stating the former CEO put 1,600 Montana jobs at risk by investing in foreign mining exploits -- including the mine in Argentina.

  • Most Popular

Powered by WorldNow

Features

  • More Features
  • Powered by WorldNow
    All content © Copyright 2000 - 2014 WorldNow and Cowles Montana Media. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.