Stillwater Mining has posted its highest earnings in a decade for last year, with a net income of $50.4 million (£31.2 million) following 2009's net loss of $8.7 million (£5.4 million).

Boosted by rising pgm prices around the world, a recovery in recycling volumes and increased demand from the automotive sector, the mining firm ended the fourth quarter of 2010 with net income of $16.5 million (£10.2 million).

"Not only did pgm prices increase during 2010 as we had predicted, but the market price of palladium, our principal product, doubled and converged upward toward the market price of platinum," said Francis R McAllister, chairman and chief executive officer of Stillwater.

The company also processed recycling material containing 399,400 oz of platinum, palladium and rhodium last year, a significant increase on the 251,000 oz processed during 2009.

Last month, Stillwater announced its production results for 2010, with a total of 485,100 oz of platinum and palladium drawn from the Stillwater and East Boulder mines.

Source:

http://www.marketwire.com/press-release/Stillwater-Mining-Reports-Highest-Earnings-in-a-Decade-NYSE-SWC-1399154.htm