HELENA – Stillwater Mining Co. officials say the company lost $11.9 million during the three-month period that ended Sept. 30.
Company officials said in a statement Friday that platinum and palladium production was higher compared to the same period last year, but the market price continued to drop and sales were down.
Stillwater CEO Mick McMullen says the company eliminated some of its outstanding debt and reduced its mining costs to $677 per mined ounce, down from $837 per mined ounce in 2014.
However, metal prices dropped to $693 per mined ounce, down from $842.
The company sold 10,800 ounces less than it produced for the period.
During the quarter, 159 workers were laid off or left the company. Company officials say the workforce reduction has resulted in improved efficiencies.