BILLINGS – Representatives for Stillwater Mining Co. say General Motors Corp. has petitioned the bankruptcy court handling the auto manufacturer’s case to reject an existing metal supply agreement between the two companies
Stillwater CEO Francis McAllister says the mining company will file an objection to the proposal, which involves the metals rhodium and palladium.
McAllister says he is disappointed by GM’s request, but Stillwater will be able to absorb the $5 million to $10 million annual loss if the contract is thrown out.
Stillwater spokesman John Beaudry has said that all the palladium produced by the company’s mines near Nye goes toward filling contracts with GM and Ford. Palladium and rhodium are used in the catalytic converters of automobiles.