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Stillwater swings to Q1 loss on tumbling platinum, palladium prices

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Stillwater swings to Q1 loss on tumbling platinum, palladium prices

Stillwater MiningCo. on May 6 reported a consolidated first-quarter net loss attributableto shareholders of US$9.9 million, or 8 cents per share, swinging from a year-agoprofit of US$23.0 million, or 17 cents per share.

The company attributed the fall to a 29.7% year-over-year dropin the average sales price per mined palladium and platinum ounce to US$612.

Total revenues were US$133.6 million, down from US$200.5 milliona year ago. Revenue from mine production, including the sale of byproducts, totaledUS$85.8 million, down from US$125.7 million a year ago.

Stillwater booked an operating loss of US$8.3 million in thequarter, as opposed to an operating profit of US$21.2 million a year earlier.

The NYSE-listed company's all-in sustaining costs improved 19.7%on a yearly basis to US$613 per mined ounce of palladium and platinum, comparedto US$763 per mined ounce. President and CEO Mick McMullen said the figure was "slightlybetter" than the lower end of its current annual guidance range of US$615 toUS$665 per mined ounce.

McMullen noted that the company will continue to further improveproductivity and expand its recycling business.

The company has maintained its previously stated fiscal 2016mined production guidanceof 515,000 ounces to 535,000 ounces of palladium and platinum.