BILLINGS – A southern Montana mining company that warned of possible layoffs after the cancellation of its General Motors contract says higher prices for platinum and palladium have made up for the loss of the automaker.
In a report issued Wednesday, Stillwater Mining Company said precious metals prices had bounced back considerably since hitting bottom last year. The company said that “almost entirely offset” the loss of the GM contract.
Columbus-based Stillwater has two mines in the Beartooth Mountains — the only sources of platinum and palladium in the nation.
The metals are used in vehicle catalytic converters to screen out pollution. GM dropped Stillwater as a supplier when the automaker emerged from bankruptcy protection in July.
Platinum and palladium production from the company’s mines is up a combined 9 percent for the three months ending Sept. 30. It’s up 16 percent for the year.