Stillwater Mining Reports $270M Net Loss for 2013

By Beacon Staff

BILLINGS — Montana’s largest mining company racked up a $270 million net loss last year after writing down the value of two foreign properties and putting more focus on its precious metal mines in the Beartooth Mountains.

Stillwater Mining Co. said in its recently released annual report that it expects to ramp up capital spending for 2014 by as much as $26 million. Much of that will go into new areas under development at its mines near Nye and East Boulder.

The company added 109 jobs last year and has about 1,770 employees.

It was seeking to expand into Canada and Argentina until disgruntled investors joined by former Gov. Brian Schweitzer staged a corporate board takeover last year. Stillwater has since taken $461 million in lost value charges on its foreign acquisitions.

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