Stillwater to Buy Canadian Mine

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By Kyle Midura

Story Published: Sep 7, 2010 at 5:40 PM MST

Story Updated: Sep 8, 2010 at 9:54 AM MST

BILLINGS - Stillwater Mining Company is buying a Canadian mining site that company spokespeople said will increase its output by 40%.

Stillwater is North America's largest producer of platinum group metals, and the only one operating in the United States. The Columbus-based company has reached a tentative agreement with Marathon P.G.M to buy a site in Ontario, Canada.

Stillwater ordered layoffs in 2008 after the metals market suffered a steep decline. Spokespeople said it would have been difficult to imagine this move 18 months ago.

"Now that metals prices have recovered, and the prospects for the future of palladium and platinum prices are very strong we can again look at these growth and diversification projects," said John Beaudry, a public affairs officer with mining company.

Once the $118-million dollar deal is approved, the Ontario mine will be Stillwater's first mining site outside Montana.

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