0001102624-11-000411.txt : 20110711 0001102624-11-000411.hdr.sgml : 20110711 20110711171421 ACCESSION NUMBER: 0001102624-11-000411 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110711 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110711 DATE AS OF CHANGE: 20110711 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STILLWATER MINING CO /DE/ CENTRAL INDEX KEY: 0000931948 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS METAL ORES [1090] IRS NUMBER: 810480654 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-13053 FILM NUMBER: 11962310 BUSINESS ADDRESS: STREET 1: 1321 DISCOVERY DRIVE CITY: BILLINGS STATE: MT ZIP: 59102 BUSINESS PHONE: 406.373.8700 MAIL ADDRESS: STREET 1: 1321 DISCOVERY DRIVE CITY: BILLINGS STATE: MT ZIP: 59102 8-K/A 1 stillwatermining8ka.htm STILLWATER MINING COMPANY 8-K/A stillwatermining8ka.htm
 


 

 
 
 
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)

 
 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 

 
 
 
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
 
 
 
 
 
 
 

 
 
SIGNATURE
 
      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 
 
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

 
 
 
 
 
 


 
 
EX-99.1 2 exh99_1.htm EXHIBIT 99.1 exh99_1.htm
 



 
99.1 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.
 
 
 
 

 
 
Some statements contained in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, therefore, involve uncertainties or risks that could cause actual results to differ materially. These statements may contain words such as "believes," "anticipates," "plans," "expects," "intends," "estimates," "forecast," "guidance," or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Such statements include, but are not limited to, comments regarding expansion plans, costs, grade, production and recovery rates, permitting, financing needs, the terms of future credit facilities and capital expenditures, increases in processing capacity, cost reduction measures, safety, timing for engineering studies, and environmental permitting and compliance, litigation, labor matters and the palladium and platinum market. Additional information regarding factors, which could cause results to differ materially from management's expectations, is found in the section entitled "Risk Factors" in the Company's 2010 Annual Report on Form 10-K. The Company intends that the forward-looking statements contained herein be subject to the above-mentioned statutory safe harbors. Investors are cautioned not to rely on forward-looking statements. The Company disclaims any obligation to update forward-looking statements.
 
CONTACT:
Mike Beckstead
406-373-8971