UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
|
Date of Report: July 11, 2011
(Date of earliest event reported)
|
||
Stillwater Mining Company
(Exact name of registrant as specified in its charter)
|
||
DE
(State or other jurisdiction
of incorporation)
|
001-13053
(Commission File Number)
|
81-0480654
(IRS Employer
Identification Number)
|
1321 Discovery Drive, Billings, Montana
(Address of principal executive offices)
|
59102
(Zip Code)
|
|
(406) 373-8700
(Registrant's telephone number, including area code)
|
||
Not Applicable
(Former Name or Former Address, if changed since last report)
|
EXPLANATORY NOTE
This Amendment No. 1 on Form 8-K/A (this “Amendment”) amends our Form 8-K relating to preliminary second quarter results and guidance as filed with the Securities and Exchange Commission on July 11, 2011 (the “Original Filing”) under the incorrect item number. The Form 8-K filed earlier today was incorrectly filed under Item 8.01 (Other Events) when in fact the disclosure needed to be and herein is reclassified correctly as furnished under Item 2.02 (Results of Operations and Financial Condition). Exhibit 99.1 filed with the Original Filing is hereby furnished (and not filed) as Exhibit 99.1. This Amendment contains the complete text of the original report with the corrected information appearing in the correct Item numbers.
Item 2.02 Results of Operations and Financial Condition
On July 11, 2011, Stillwater Mining Company issued a press release announcing preliminary second quarter results and increased 2011 production guidance.
Item 9.01. Financial Statements and Exhibits
(a) Financial statements:
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
99.1 Press Release of Stillwater Mining Company dated July 11, 2011
|
Dated: July 11, 2011
|
STILLWATER MINING COMPANY
By: /s/ Brent R. Wadman
Brent R. Wadman
Corporate Secretary
|
Exhibit Index
|
|
Exhibit No.
|
Description
|
|
Press Release of Stillwater Mining Company dated July 11, 2011
|
Stillwater Mining Company Announces Preliminary Second Quarter Results and Increases 2011 Production Guidance
BILLINGS, MT -- (Marketwire - July 11, 2011) - STILLWATER MINING COMPANY (NYSE: SWC) announced today that second quarter 2011 mined production of palladium and platinum totaled 142,700 ounces, an increase of 26.7% over the 112,600 ounces produced during the same period last year and 8.8% more than the 131,200 ounces produced during the first quarter of 2011.
Mined production of palladium and platinum has exceeded original estimates for the first two quarters of 2011. Production has exceeded expectations due primarily to more tons mined than anticipated, higher ore grades in the lower off shaft area of the Stillwater Mine and the contribution of higher grades from the east side of the mine. In addition, no disruption in production or productivity was experienced as a result of the recent labor contract negotiations. Based on updated estimates, the Company is increasing its 2011 annual forecast for mined palladium and platinum production to 515,000 ounces from its original guidance of 500,000 ounces. Although the Company believes that production for 2011 is likely to be higher than originally planned, this cautious increase recognizes that mining conditions at both mines may be more difficult during the second half of this year.
While the financial close of the second quarter of 2011 is not yet complete, the Company currently expects to report total revenues for the second quarter of $222.6 million, including $139.7 million from sales of mined production and $82.9 million from recycling.
Total mined palladium and platinum sold increased to 136,600 ounces in the second quarter of 2011, compared to the 116,700 ounces sold during the second quarter of the same period last year and 115,100 ounces sold during the first quarter of 2011. Combined sales realizations for mined palladium and platinum increased to $964 per ounce for the quarter, a significant increase from the $725 per ounce realized during the second quarter of 2010 and slightly less than the $994 per ounce realized during the first quarter of 2011. The Company processed recycling material containing 125,200 ounces of palladium, platinum and rhodium at its smelter and refinery during the second quarter, up from 99,200 ounces recycled during the second quarter of 2010 and up from 115,600 ounces fed during the first quarter of 2011.
The Company's total cash and cash equivalents, including available-for-sale investments, totaled approximately $240.0 million at June 30, 2011. The corresponding total at December 31, 2010 was $208.4 million.
Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and the Russian Federation. The Company's shares are traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining can be found at its Web site: www.stillwatermining.com.
|