Stillwater Mining Company posted a 3.4 per cent pgm production increase for the first quarter of 2010, it was confirmed on Monday (3rd May).

The Montana-based firm produced 129,000 oz of platinum and palladium from its two mines, compared to the figure of 124,800 oz recorded during the same period in 2009.

Output at the flagship Stillwater Mine rose from 92,900 oz to 96,300 oz, while production at East Boulder increased slightly from 31,900 oz to 32,700 oz.

However, Chairman and Chief Executive Francis McAllister revealed that the company is sticking with its full-year production target of 515,000 oz at a cash cost of $360 per oz.

"Despite the relatively good production rates and cost performance during the first quarter of 2010, we have concluded to leave our public guidance for the full year 2010 unchanged at this time," he said.

Stillwater also revealed that it processed recycling material containing 119,300 oz of platinum, palladium and rhodium from its smelting and refining complex in Columbus.

This represented a significant rise of over 200 per cent from the total of 38,600 oz processed during Q1 2009 and was mainly as a result of improving pgm prices.

The firm also announced that it sold 135,100 oz of pgms in the three-month period - up from 115,000 oz in the same period last year - at an average of $644 per oz.

Stillwater Mining Company is currently the only US-based producer of platinum and palladium.

Source:

Stillwater Mining Reports Profit for First Quarter 2010 (03/05/10)

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