Stillwater Mining , SWC (former PGMS) Message Board

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Gold/Mining/Energy : Stillwater Mining , SWC (former PGMS)

SWC 18.00

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May 12 5:00 PM EST

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To: Bob Howarth who wrote (1065)	1/27/2000 1:59:00 PM
From: Sunny Jim	Read Replies (1) of 1336

From the announcement in December re. where they are. I am including the price capped as hedged (they appear to also include it). <<Metals Marketing As previously disclosed, contracts signed with end users of palladium and platinum in 1998 for a five-year period contain ceilings on approximately 25% of metals produced...For 2000, Stillwater Mining has established put and call options on 57,500 ounces of palladium production at $326 and $418, respectively. Platinum put and call options in 2000 are for 1,000 ounces at $349 and $370, respectively. In addition, the Company has sold forward 20,000 ounces of platinum for delivery in 2000 at an average price of $404 per ounce. "For 2000 we have hedged a small percentage of our production, about 15%, in order to raise the floors established under our marketing contracts. We believe this is a prudent business decision that provides additional security for our cash flow, while still preserving the upside price potential for the majority of our production. Next year (2000) about 60% of our production is unhedged on the upside, and beyond 2000 approximately 75% is unhedged," said Nettles.>>

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