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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stillwater Mining Company ($0.01 Par Value) (delisted) | NYSE:SWC | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.00 | 0.00 | 01:00:00 |
Delaware
|
|
81-0480654
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Title of each class
|
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Name of each exchange on which registered
|
Common Stock, $0.01 par value
|
|
The New York Stock Exchange
|
Large Accelerated Filer
ý
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Accelerated Filer
¨
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Non-Accelerated Filer
¨
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Smaller reporting company
¨
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GLOSSARY OF SELECTED MINING TERMS
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ITEM 1A
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ITEM 3
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ITEM 4
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ITEM 5
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ITEM 6
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ITEM 7
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ITEM 7A
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ITEM 8
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ITEM 9A
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ITEM 10
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ITEM 11
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ITEM 12
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ITEM 13
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ITEM 14
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ITEM 15
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Adit
|
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A horizontal tunnel or drive, open to the surface at one end, which is used as an entrance or access to a mine.
|
|
|
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Concentrate
|
|
A mineral processing product that generally describes the material that is produced after crushing and grinding ore, effecting significant separation of gangue (waste) minerals from the metal and / or metal minerals, and discarding the waste and minor amounts of metal and / or metal minerals. The resulting “concentrate” of metal and/or metal minerals typically has an order of magnitude higher content of metal and / or metal minerals than the beginning ore material.
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|
|
|
Cut-off grade
|
|
The lowest grade of mineralized material that qualifies as ore in a given deposit. The grade above which minerals are considered economically mineable considering the following parameters: estimates over the relevant period of mining costs, ore treatment costs, smelting and refining costs, process and refining recovery rates, royalty expenses, by-product credits, general and administrative costs and PGM prices.
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Dilution
|
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An estimate of the percentage of waste or low-grade mineralized rock which is included with the ore as part of normal mining practices in extracting an ore body.
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Developed state
|
|
The portion of proven and probable ore reserves that is fully accessible and ready to mine at any point in time.
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ETF
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An exchange-traded fund is a security that tracks an underlying index, commodity or basket of assets like an index fund, but trades continuously like a stock on an exchange.
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Exploration stage
|
|
The earliest stage of mineral commercialization, in which a potential mineral asset is being investigated, explored, defined and evaluated, but for which no decision has yet been reached to actively prepare it for commercial development.
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Grade
|
|
The average metal content, as determined by assay of a volume of ore. For precious metals, grade is normally expressed as troy ounces per ton of ore or as grams per metric tonne of ore. One troy ounce per short ton is equivalent to approximately 34.3 grams per tonne.
|
|
|
|
Mill
|
|
A processing plant that produces a concentrate of the valuable minerals or metals contained in an ore. The concentrate must then be treated in some other type of plant, such as a smelter, to effect recovery of the pure metal. Term used interchangeably with concentrator.
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MSHA
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Mine Safety and Health Administration is the U.S. federal regulatory agency charged with overseeing and enforcing regulations pertaining to the safety and health of workers in the nation's mines. The Company's mining properties fall under MSHA jurisdiction.
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Mineral deposit
|
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Geologic term measuring an aggregate of a mineral or metal in an unusually high concentration. The term deposit does not distinguish whether the mineral can be extracted economically.
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Mineralization
|
|
The concentration of metals and their compounds in rocks, and the processes involved therein.
|
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Mineralized material
|
|
A mineralized body which has been delineated by appropriately spaced drilling and / or sampling to support a general estimate of available tonnage and average grade of metals. Such a deposit does not qualify as a reserve until a comprehensive evaluation based upon unit cost, grade, recoveries, and other material factors conclude legal and economic feasibility.
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OSHA
|
|
Occupational Safety and Health Administration is the U.S. federal regulatory agency charged with overseeing and enforcing regulations pertaining to workplace health and safety. The Company's processing facilities in Columbus, Montana fall under OSHA jurisdiction.
|
|
|
|
Ore
|
|
That part of a mineral deposit which could be economically and legally extracted or produced at the time of reserve determination.
|
|
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|
PGM
|
|
The platinum group metals collectively and in any combination of palladium, platinum, rhodium, ruthenium, osmium, and iridium. Reference to PGM grades for the Company’s mine operations include measured quantities of palladium and platinum only. References to PGM grades associated with recycle materials typically include palladium, platinum and rhodium.
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|
|
|
PGM-rich matte
|
|
Matte is an intermediate product of smelting, an impure metallic sulfide mixture made by melting sulfide ore concentrates. PGM-rich matte is a matte with an elevated level of platinum group metals.
|
|
|
Probable
reserves
|
|
Reserves for which quantity and grade and / or quality are computed from information similar to that used for proven reserves, but the sites for inspection, sampling, and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation.
|
|
|
|
Proven reserves
|
|
Reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and / or quality are computed from the results of detailed sampling; and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well established.
|
|
|
|
Recovery
|
|
The percentage of contained metal actually extracted from ore in the course of processing such ore.
|
|
|
|
Reef
|
|
A layer precipitated within the Stillwater Layered Igneous Complex enriched in platinum group metal-bearing minerals, chalcopyrite, pyrrhotite, pentlandite, and other sulfide materials. The J-M Reef, which the Company mines, occurs at a regular stratigraphic position within the Stillwater Complex. Note: this use of “reef” is uncommon and originated in South Africa where it is used to describe the PGM-bearing Merensky, Upper Group 2, and other similar layers in the Bushveld Complex.
|
|
|
|
Reef Waste Material
|
|
PGM-bearing mined material below the cutoff grade for proven and probable reserves but with sufficient economic value to justify processing it through the concentrator along with the mined ore.
|
|
|
|
Refining
|
|
The final stage of metal production in which residual impurities are removed from the metal.
|
|
|
|
Reserves
|
|
That part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.
|
|
|
|
Sill
|
|
With respect to a mine opening, the base or floor of the excavated area (stope); With respect to intrusive rock, a tabular intrusive unit that is conformable with surrounding rock layers.
|
|
|
|
Stope
|
|
A localized area of underground excavation from which ore is extracted.
|
|
|
|
Tailings
|
|
The portion of the mined material that remains after the valuable minerals have been extracted.
|
|
|
|
TBRC
|
|
A “top-blown rotary converter,” a rotating furnace vessel which processes PGM-rich matte received from the smelter furnace, removing iron from the molten material by injecting a stream of oxygen. This process converts iron sulfides into an iron oxide slag which floats to the surface for separation.
|
|
|
|
Tunnel Boring Machine (TBM)
|
|
A machine that is typically used to excavate tunnels with a circular cross section through a variety of rock strata over long relatively straight horizontal distances. The TBM bores through anything from hard rock to sand.
|
Year ended December 31,
(In thousands)
|
|
Revenues
|
|
Ounces Sold
|
|||||||||||||||||||||||||||||||
|
Palladium
|
|
Platinum
|
|
Rhodium
|
|
Other
(1)
|
|
Total
|
|
Palladium
|
|
Platinum
|
|
Rhodium
|
|
Other
(2)
|
|
Total
|
||||||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mine Production
|
|
$
|
264,016
|
|
|
$
|
117,350
|
|
|
$
|
2,259
|
|
|
$
|
21,445
|
|
|
$
|
405,070
|
|
|
430
|
|
|
119
|
|
|
3
|
|
|
18
|
|
|
570
|
|
PGM Recycling
|
|
146,563
|
|
|
129,616
|
|
|
18,965
|
|
|
10,721
|
|
|
305,865
|
|
|
243
|
|
|
130
|
|
|
29
|
|
|
7
|
|
|
409
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
400
|
|
|
400
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
410,579
|
|
|
$
|
246,966
|
|
|
$
|
21,224
|
|
|
$
|
32,566
|
|
|
$
|
711,335
|
|
|
673
|
|
|
249
|
|
|
32
|
|
|
25
|
|
|
979
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mine Production
|
|
$
|
275,527
|
|
|
$
|
117,133
|
|
|
$
|
3,059
|
|
|
$
|
20,055
|
|
|
$
|
415,774
|
|
|
397
|
|
|
110
|
|
|
3
|
|
|
16
|
|
|
526
|
|
PGM Recycling
|
|
144,292
|
|
|
132,436
|
|
|
24,611
|
|
|
8,817
|
|
|
310,156
|
|
|
198
|
|
|
118
|
|
|
24
|
|
|
—
|
|
|
340
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
400
|
|
|
400
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
419,819
|
|
|
$
|
249,569
|
|
|
$
|
27,670
|
|
|
$
|
29,272
|
|
|
$
|
726,330
|
|
|
595
|
|
|
228
|
|
|
27
|
|
|
16
|
|
|
866
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mine Production
|
|
$
|
338,526
|
|
|
$
|
167,892
|
|
|
$
|
4,650
|
|
|
$
|
24,942
|
|
|
$
|
536,010
|
|
|
421
|
|
|
121
|
|
|
4
|
|
|
16
|
|
|
562
|
|
PGM Recycling
|
|
173,767
|
|
|
191,448
|
|
|
31,039
|
|
|
5,430
|
|
|
401,684
|
|
|
221
|
|
|
134
|
|
|
29
|
|
|
—
|
|
|
384
|
|
|||||
Other
|
|
5,517
|
|
|
—
|
|
|
5
|
|
|
403
|
|
|
5,925
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Total
|
|
$
|
517,810
|
|
|
$
|
359,340
|
|
|
$
|
35,694
|
|
|
$
|
30,775
|
|
|
$
|
943,619
|
|
|
648
|
|
|
255
|
|
|
33
|
|
|
16
|
|
|
952
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2016
|
|
2015
|
||||
Sustaining capital
|
|
|
|
|
||||
Stillwater Mine
|
|
$
|
38,332
|
|
|
$
|
52,375
|
|
East Boulder Mine
|
|
16,709
|
|
|
15,116
|
|
||
Processing and Other
|
|
1,219
|
|
|
1,909
|
|
||
Total sustaining capital
|
|
$
|
56,260
|
|
|
$
|
69,400
|
|
Project capital
|
|
|
|
|
||||
Blitz
|
|
46,043
|
|
|
27,658
|
|
||
Hertzler Tailings Expansion
|
|
259
|
|
|
6,346
|
|
||
Other
|
|
—
|
|
|
8,400
|
|
||
Total project capital
|
|
$
|
46,302
|
|
|
$
|
42,404
|
|
Total U.S. capital expenditures
|
|
102,562
|
|
|
111,804
|
|
||
Foreign capital expenditures
|
|
41
|
|
|
46
|
|
||
Total capital
|
|
$
|
102,603
|
|
|
$
|
111,850
|
|
Non-cash capitalized interest / depreciation
|
|
(10,329
|
)
|
|
(9,347
|
)
|
||
Change in accounts payable for capital expenditures
|
|
(3,578
|
)
|
|
4,931
|
|
||
Cash capital spend for the period
|
|
$
|
88,696
|
|
|
$
|
107,434
|
|
TOTAL MONTANA MINES
|
||||||||||||
|
|
ORE
TONS
(000’s)
|
|
AVERAGE
GRADE
(OZ/TON)
|
|
CONTAINED
OUNCES
(000’S)
|
|
SALEABLE
OUNCES
(2)
(000’S)
|
||||
At December 31, 2016
|
|
|
|
|
|
|
|
|
||||
Proven Reserves
|
|
5,978
|
|
|
0.50
|
|
|
2,992
|
|
|
2,512
|
|
Probable Reserves
|
|
39,684
|
|
|
0.46
|
|
|
18,207
|
|
|
15,375
|
|
Total Proven and Probable Reserves
(1)
|
|
45,662
|
|
|
0.46
|
|
|
21,199
|
|
|
17,887
|
|
At December 31, 2015
|
|
|
|
|
|
|
|
|
||||
Proven Reserves
|
|
5,880
|
|
|
0.51
|
|
|
2,987
|
|
|
2,492
|
|
Probable Reserves
|
|
37,581
|
|
|
0.45
|
|
|
16,924
|
|
|
14,220
|
|
Total Proven and Probable Reserves
(1)
|
|
43,461
|
|
|
0.46
|
|
|
19,911
|
|
|
16,712
|
|
At December 31, 2014
|
|
|
|
|
|
|
|
|
||||
Proven Reserves
|
|
6,166
|
|
|
0.51
|
|
|
3,140
|
|
|
2,634
|
|
Probable Reserves
|
|
42,732
|
|
|
0.45
|
|
|
19,086
|
|
|
16,206
|
|
Total Proven and Probable Reserves
(1)
|
|
48,898
|
|
|
0.45
|
|
|
22,226
|
|
|
18,840
|
|
STILLWATER MINE
|
||||||||||||
|
|
ORE
TONS
(000’s)
|
|
AVERAGE
GRADE
(OZ/TON)
|
|
CONTAINED
OUNCES
(000’S)
|
|
SALEABLE
OUNCES
(2)
(000’S)
|
||||
At December 31, 2016
|
|
|
|
|
|
|
|
|
||||
Proven Reserves
|
|
3,202
|
|
|
0.59
|
|
|
1,898
|
|
|
1,572
|
|
Palladium
|
|
|
|
0.46
|
|
|
1,481
|
|
|
1,219
|
|
|
Platinum
|
|
|
|
0.13
|
|
|
417
|
|
|
353
|
|
|
Probable Reserves
|
|
15,123
|
|
|
0.57
|
|
|
8,569
|
|
|
7,091
|
|
Palladium
|
|
|
|
0.44
|
|
|
6,685
|
|
|
5,499
|
|
|
Platinum
|
|
|
|
0.12
|
|
|
1,884
|
|
|
1,592
|
|
|
Total Proven and Probable Reserves
(1)
|
|
18,325
|
|
|
0.57
|
|
|
10,467
|
|
|
8,663
|
|
Palladium
|
|
|
|
0.45
|
|
|
8,166
|
|
|
6,718
|
|
|
Platinum
|
|
|
|
0.13
|
|
|
2,301
|
|
|
1,945
|
|
|
At December 31, 2015
|
|
|
|
|
|
|
|
|
||||
Proven Reserves
|
|
3,248
|
|
|
0.60
|
|
|
1,932
|
|
|
1,593
|
|
Palladium
|
|
|
|
0.47
|
|
|
1,509
|
|
|
1,237
|
|
|
Platinum
|
|
|
|
0.13
|
|
|
423
|
|
|
356
|
|
|
Probable Reserves
|
|
12,101
|
|
|
0.57
|
|
|
6,900
|
|
|
5,688
|
|
Palladium
|
|
|
|
0.45
|
|
|
5,389
|
|
|
4,416
|
|
|
Platinum
|
|
|
|
0.12
|
|
|
1,511
|
|
|
1,272
|
|
|
Total Proven and Probable Reserves
(1)
|
|
15,349
|
|
|
0.58
|
|
|
8,832
|
|
|
7,281
|
|
Palladium
|
|
|
|
0.45
|
|
|
6,898
|
|
|
5,653
|
|
|
Platinum
|
|
|
|
0.13
|
|
|
1,934
|
|
|
1,628
|
|
|
At December 31, 2014
|
|
|
|
|
|
|
|
|
||||
Proven Reserves
|
|
3,351
|
|
|
0.57
|
|
|
1,984
|
|
|
1,635
|
|
Palladium
|
|
|
|
0.46
|
|
|
1,551
|
|
|
1,270
|
|
|
Platinum
|
|
|
|
0.13
|
|
|
433
|
|
|
365
|
|
|
Probable Reserves
|
|
12,619
|
|
|
0.56
|
|
|
7,120
|
|
|
5,868
|
|
Palladium
|
|
|
|
0.44
|
|
|
5,564
|
|
|
4,559
|
|
|
Platinum
|
|
|
|
0.12
|
|
|
1,556
|
|
|
1,309
|
|
|
Total Proven and Probable Reserves
(1)
|
|
15,970
|
|
|
0.57
|
|
|
9,104
|
|
|
7,503
|
|
Palladium
|
|
|
|
0.45
|
|
|
7,115
|
|
|
5,829
|
|
|
Platinum
|
|
|
|
0.12
|
|
|
1,989
|
|
|
1,674
|
|
EAST BOULDER MINE
|
||||||||||||
|
|
ORE
TONS
(000’s)
|
|
AVERAGE
GRADE
(OZ/TON)
|
|
CONTAINED
OUNCES
(000’S)
|
|
SALEABLE
OUNCES (2)
(000’S)
|
||||
At December 31, 2016
|
|
|
|
|
|
|
|
|
||||
Proven Reserves
|
|
2,776
|
|
|
0.39
|
|
|
1,094
|
|
|
940
|
|
Palladium
|
|
|
|
0.31
|
|
|
856
|
|
|
731
|
|
|
Platinum
|
|
|
|
0.08
|
|
|
238
|
|
|
209
|
|
|
Probable Reserves
|
|
24,561
|
|
|
0.39
|
|
|
9,638
|
|
|
8,284
|
|
Palladium
|
|
|
|
0.31
|
|
|
7,543
|
|
|
6,440
|
|
|
Platinum
|
|
|
|
0.08
|
|
|
2,095
|
|
|
1,844
|
|
|
Total Proven and Probable Reserves
(1)
|
|
27,337
|
|
|
0.39
|
|
|
10,732
|
|
|
9,224
|
|
Palladium
|
|
|
|
0.31
|
|
|
8,399
|
|
|
7,171
|
|
|
Platinum
|
|
|
|
0.08
|
|
|
2,333
|
|
|
2,053
|
|
|
At December 31, 2015
|
|
|
|
|
|
|
|
|
||||
Proven Reserves
|
|
2,632
|
|
|
0.40
|
|
|
1,055
|
|
|
899
|
|
Palladium
|
|
|
|
0.31
|
|
|
826
|
|
|
699
|
|
|
Platinum
|
|
|
|
0.09
|
|
|
229
|
|
|
200
|
|
|
Probable Reserves
|
|
25,480
|
|
|
0.39
|
|
|
10,024
|
|
|
8,532
|
|
Palladium
|
|
|
|
0.31
|
|
|
7,845
|
|
|
6,633
|
|
|
Platinum
|
|
|
|
0.08
|
|
|
2,179
|
|
|
1,899
|
|
|
Total Proven and Probable Reserves
(1)
|
|
28,112
|
|
|
0.40
|
|
|
11,079
|
|
|
9,431
|
|
Palladium
|
|
|
|
0.31
|
|
|
8,671
|
|
|
7,332
|
|
|
Platinum
|
|
|
|
0.09
|
|
|
2,408
|
|
|
2,099
|
|
|
At December 31, 2014
|
|
|
|
|
|
|
|
|
||||
Proven Reserves
|
|
2,815
|
|
|
0.41
|
|
|
1,156
|
|
|
999
|
|
Palladium
|
|
|
|
0.32
|
|
|
905
|
|
|
776
|
|
|
Platinum
|
|
|
|
0.09
|
|
|
251
|
|
|
223
|
|
|
Probable Reserves
|
|
30,113
|
|
|
0.40
|
|
|
11,966
|
|
|
10,338
|
|
Palladium
|
|
|
|
0.31
|
|
|
9,365
|
|
|
8,035
|
|
|
Platinum
|
|
|
|
0.09
|
|
|
2,601
|
|
|
2,303
|
|
|
Total Proven and Probable Reserves
(1)
|
|
32,928
|
|
|
0.40
|
|
|
13,122
|
|
|
11,337
|
|
Palladium
|
|
|
|
0.31
|
|
|
10,270
|
|
|
8,811
|
|
|
Platinum
|
|
|
|
0.09
|
|
|
2,852
|
|
|
2,526
|
|
|
|
At December 31, 2016
|
|
At December 31, 2015
|
|
Tonnage
|
|
Ounce
|
||||||||||||
|
|
Tons
|
Grade
|
Ounce
|
|
Tons
|
Grade
|
Ounce
|
|
Change
|
|
Change
|
||||||||
Stillwater Mine
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Proven
|
|
3,202
|
|
0.59
|
|
1,898
|
|
|
3,248
|
|
0.60
|
|
1,932
|
|
|
(1.4
|
%)
|
|
(1.8
|
%)
|
Probable
|
|
15,123
|
|
0.57
|
|
8,569
|
|
|
12,101
|
|
0.57
|
|
6,900
|
|
|
25.0
|
%
|
|
24.2
|
%
|
Sub-Total
|
|
18,325
|
|
0.57
|
|
10,467
|
|
|
15,349
|
|
0.58
|
|
8,832
|
|
|
19.4
|
%
|
|
18.5
|
%
|
East Boulder Mine
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Proven
|
|
2,776
|
|
0.39
|
|
1,094
|
|
|
2,632
|
|
0.40
|
|
1,055
|
|
|
5.5
|
%
|
|
3.7
|
%
|
Probable
|
|
24,561
|
|
0.39
|
|
9,638
|
|
|
25,480
|
|
0.39
|
|
10,024
|
|
|
(3.6
|
%)
|
|
(3.9
|
%)
|
Sub-Total
|
|
27,337
|
|
0.39
|
|
10,732
|
|
|
28,112
|
|
0.40
|
|
11,079
|
|
|
(2.8
|
%)
|
|
(3.1
|
%)
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Proven
|
|
5,978
|
|
0.50
|
|
2,992
|
|
|
5,880
|
|
0.51
|
|
2,987
|
|
|
1.7
|
%
|
|
0.2
|
%
|
Probable
|
|
39,684
|
|
0.46
|
|
18,207
|
|
|
37,581
|
|
0.45
|
|
16,924
|
|
|
5.6
|
%
|
|
7.6
|
%
|
Total
|
|
45,662
|
|
0.46
|
|
21,199
|
|
|
43,461
|
|
0.46
|
|
19,911
|
|
|
5.1
|
%
|
|
6.5
|
%
|
•
|
Additions to proven ore reserves from new definition drilling,
|
•
|
Deletions as proven ore reserves are mined, (See
Item 6 - Selected Financial Data
for prior year production data and concentrator recoveries),
|
•
|
Deletions from probable ore reserves as areas are converted by new drilling from probable to proven ore reserves,
|
•
|
Additions from development activity to convert mineralized inventory to probable ore reserves, and
|
•
|
Additions and deletions from adjustments to ore reserves estimation factors and mine planning criteria.
|
Cash Costs Per Mined Ounce - Combined Montana Mining Operations
|
|
Full Year 2016
|
|
Full Year 2015
|
||||
Costs of metals sold per PGM mined ounce
|
|
$
|
509
|
|
|
$
|
579
|
|
|
|
|
|
|
||||
Total combined cash costs per PGM mined ounce, net of by-product and recycling credits *
|
|
$
|
438
|
|
|
$
|
495
|
|
By-product revenue credit per mined ounce
|
|
43
|
|
|
44
|
|
||
PGM Recycling income credit per mined ounce
|
|
23
|
|
|
19
|
|
||
Total combined cash costs per PGM mined ounce, before by-product and recycling credits *
|
|
$
|
504
|
|
|
$
|
558
|
|
Cash Costs Per Mined Ounce - Stillwater Mine
|
|
Full Year 2016
|
|
Full Year 2015
|
||||
Costs of metals sold per PGM mined ounce
|
|
$
|
486
|
|
|
$
|
558
|
|
|
|
|
|
|
||||
Total cash costs per PGM mined ounce, net of by-product and recycling credits *
|
|
$
|
437
|
|
|
$
|
487
|
|
By-product revenue credit per mined ounce
|
|
38
|
|
|
39
|
|
||
PGM Recycling income credit per mined ounce
|
|
23
|
|
|
19
|
|
||
Total cash costs per PGM mined ounce, before by-product and recycling credits *
|
|
$
|
498
|
|
|
$
|
545
|
|
Cash Costs Per Mined Ounce - East Boulder Mine
|
|
Full Year 2016
|
|
Full Year 2015
|
||||
Costs of metals sold per PGM mined ounce
|
|
$
|
545
|
|
|
$
|
616
|
|
|
|
|
|
|
||||
Total cash costs per PGM mined ounce, net of by-product and recycling credits *
|
|
$
|
441
|
|
|
$
|
508
|
|
By-product revenue credit per mined ounce
|
|
52
|
|
|
53
|
|
||
PGM Recycling income credit per mined ounce
|
|
23
|
|
|
20
|
|
||
Total cash costs per PGM mined ounce, before by-product and recycling credits *
|
|
$
|
516
|
|
|
$
|
581
|
|
Location and Development Activity
|
|
2016
|
|
2015
|
|
2014
|
|||
Stillwater Mine
|
|
|
|
|
|
|
|||
Primary development (equivalent feet)
(1)
|
|
34,500
|
|
|
35,100
|
|
|
30,930
|
|
Footwall lateral (equivalent feet)
(1)
|
|
13,300
|
|
|
13,670
|
|
|
10,760
|
|
Definition drilling (feet)
|
|
339,730
|
|
|
412,560
|
|
|
354,500
|
|
East Boulder Mine
|
|
|
|
|
|
|
|||
Primary development (equivalent feet)
(1)
|
|
7,800
|
|
|
6,300
|
|
|
11,460
|
|
Footwall lateral (equivalent feet)
(1)
|
|
2,400
|
|
|
3,100
|
|
|
7,850
|
|
Definition drilling (feet)
|
|
170,100
|
|
|
310,346
|
|
|
172,800
|
|
SITE
|
|
December 31,
|
|||||||
|
|
2016
|
|
2015
|
|
2014
|
|||
Stillwater Mine
|
|
791
|
|
|
784
|
|
|
942
|
|
East Boulder Mine
|
|
402
|
|
|
410
|
|
|
419
|
|
Smelter and Refinery Complex
|
|
170
|
|
|
178
|
|
|
187
|
|
Administrative Support
|
|
59
|
|
|
58
|
|
|
61
|
|
Canadian Operations
|
|
2
|
|
|
2
|
|
|
3
|
|
South American Operations
|
|
8
|
|
|
7
|
|
|
7
|
|
Total
|
|
1,432
|
|
|
1,439
|
|
|
1,619
|
|
•
|
Prospecting
|
•
|
Exploration
|
•
|
Development
|
•
|
Preparation
|
•
|
Extraction
|
•
|
Final Closure of the Mine
|
|
|
PALLADIUM
|
|
PLATINUM
|
||||||||||||||||||||
YEAR
|
|
HIGH
|
|
LOW
|
|
AVERAGE
|
|
HIGH
|
|
LOW
|
|
AVERAGE
|
||||||||||||
2007
|
|
$
|
382
|
|
|
$
|
320
|
|
|
$
|
355
|
|
|
$
|
1,544
|
|
|
$
|
1,118
|
|
|
$
|
1,303
|
|
2008
|
|
$
|
582
|
|
|
$
|
164
|
|
|
$
|
352
|
|
|
$
|
2,273
|
|
|
$
|
763
|
|
|
$
|
1,576
|
|
2009
|
|
$
|
393
|
|
|
$
|
179
|
|
|
$
|
264
|
|
|
$
|
1,494
|
|
|
$
|
918
|
|
|
$
|
1,204
|
|
2010
|
|
$
|
797
|
|
|
$
|
395
|
|
|
$
|
526
|
|
|
$
|
1,786
|
|
|
$
|
1,475
|
|
|
$
|
1,610
|
|
2011
|
|
$
|
858
|
|
|
$
|
549
|
|
|
$
|
734
|
|
|
$
|
1,887
|
|
|
$
|
1,354
|
|
|
$
|
1,720
|
|
2012
|
|
$
|
722
|
|
|
$
|
565
|
|
|
$
|
644
|
|
|
$
|
1,729
|
|
|
$
|
1,390
|
|
|
$
|
1,552
|
|
2013
|
|
$
|
774
|
|
|
$
|
643
|
|
|
$
|
725
|
|
|
$
|
1,736
|
|
|
$
|
1,317
|
|
|
$
|
1,487
|
|
2014
|
|
$
|
911
|
|
|
$
|
702
|
|
|
$
|
803
|
|
|
$
|
1,512
|
|
|
$
|
1,178
|
|
|
$
|
1,385
|
|
2015
|
|
$
|
831
|
|
|
$
|
524
|
|
|
$
|
692
|
|
|
$
|
1,285
|
|
|
$
|
827
|
|
|
$
|
1,053
|
|
2016
|
|
$
|
770
|
|
|
$
|
470
|
|
|
$
|
614
|
|
|
$
|
1,182
|
|
|
$
|
814
|
|
|
$
|
989
|
|
2017 *
|
|
$
|
787
|
|
|
$
|
706
|
|
|
$
|
754
|
|
|
$
|
1,019
|
|
|
$
|
929
|
|
|
$
|
981
|
|
•
|
Result in higher interest charges and reduce the Company's net income in future periods;
|
•
|
Limit the Company’s ability to obtain additional debt financing in the future for working capital, capital expenditures, acquisitions, or other general corporate purposes;
|
•
|
Require the Company to dedicate a substantial portion of its cash flows from operations to service its debt, reducing the availability of cash flow for other purposes;
|
•
|
Increase the Company’s vulnerability to economic downturns, limit its ability to capitalize on significant business opportunities, and restrict its flexibility to react to changes in market or industry conditions; or
|
•
|
Make it more difficult to pay its debts.
|
Year ended December 31,
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
(In percent)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stillwater Mine
|
|
76
|
|
67
|
|
99
|
|
92
|
|
100
|
|
80
|
|
70
|
|
83
|
|
74
|
|
68
|
|
94
|
East Boulder Mine
|
|
87
|
|
43
|
|
103
|
|
129
|
|
126
|
|
116
|
|
97
|
|
24
|
|
71
|
|
107
|
|
91
|
•
|
unusual and unexpected rock formations affecting ore or wall rock characteristics;
|
•
|
ground or slope failures;
|
•
|
cave-ins, ground water influx, rock bursts and other mining or ground-related problems;
|
•
|
environmental hazards;
|
•
|
industrial accidents;
|
•
|
organized labor disputes or work slow-downs;
|
•
|
metallurgical and other processing, smelting or refining problems;
|
•
|
wild fires, flooding and periodic interruptions due to inclement or hazardous weather conditions or other acts of God;
|
•
|
mechanical equipment failure and facility performance problems; and
|
•
|
availability and cost of critical materials, power, equipment and skilled manpower.
|
•
|
Impose a royalty on the production of metals or minerals from unpatented mining claims;
|
•
|
Reduce or prohibit the ability of a mining company to expand its operations; and
|
•
|
Require a material change in the method of exploiting the ore reserves located on unpatented mining claims.
|
•
|
The effect of currency exchange rate fluctuations, which may reduce the U.S. dollar value of the revenues, profits and cash flows the Company receives from non-U.S. markets or its assets in non-U.S. countries, or increase the Company’s costs, as measured in U.S. dollars in those markets;
|
•
|
Political or economic instability, social or labor unrest or changing macroeconomic conditions or other changes in political, economic or social conditions in the respective jurisdictions;
|
•
|
Different legal and regulatory structures (including creditor rights that may be different than in the United States) and unexpected changes in regulatory environments, including changes resulting in potentially adverse tax consequences or imposition of onerous trade restrictions or barriers, price and currency controls, industry constraints, employee welfare schemes or other government regulations;
|
•
|
Increased financial accounting and reporting burdens and complexities; and
|
•
|
Disruptions in shipping or reduced availability of freight transportation.
|
|
|
2016
|
|
2015
|
||||||||||||
|
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||
First Quarter
|
|
$
|
11.21
|
|
|
$
|
5.29
|
|
|
$
|
14.90
|
|
|
$
|
12.83
|
|
Second Quarter
|
|
$
|
12.38
|
|
|
$
|
9.17
|
|
|
$
|
14.95
|
|
|
$
|
11.59
|
|
Third Quarter
|
|
$
|
15.58
|
|
|
$
|
12.15
|
|
|
$
|
11.60
|
|
|
$
|
8.41
|
|
Fourth Quarter
|
|
$
|
17.32
|
|
|
$
|
11.51
|
|
|
$
|
11.82
|
|
|
$
|
8.23
|
|
2017
|
|
|
|
|
|
|
|
|
||||||||
First Quarter through February 13, 2017
|
|
$
|
17.22
|
|
|
$
|
16.24
|
|
|
|
|
|
|
|
12/31/2012
|
|
12/31/2013
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2016
|
||||||||||
Stillwater Mining Company
|
|
$
|
122.18
|
|
|
$
|
117.97
|
|
|
$
|
140.92
|
|
|
$
|
81.93
|
|
|
$
|
154.02
|
|
Russell 2000
|
|
$
|
116.35
|
|
|
$
|
161.52
|
|
|
$
|
169.43
|
|
|
$
|
161.95
|
|
|
$
|
196.45
|
|
Peer Group
|
|
$
|
85.93
|
|
|
$
|
60.62
|
|
|
$
|
42.31
|
|
|
$
|
14.74
|
|
|
$
|
18.34
|
|
(In thousands, except per share and current ratio data)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
INCOME STATEMENT DATA
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mine Production
|
|
$
|
405,070
|
|
|
$
|
415,774
|
|
|
$
|
536,010
|
|
|
$
|
478,918
|
|
|
$
|
455,426
|
|
PGM Recycling
|
|
305,865
|
|
|
310,156
|
|
|
401,684
|
|
|
560,588
|
|
|
344,818
|
|
|||||
Other
|
|
400
|
|
|
400
|
|
|
5,925
|
|
|
—
|
|
|
—
|
|
|||||
Total revenues
|
|
$
|
711,335
|
|
|
$
|
726,330
|
|
|
$
|
943,619
|
|
|
$
|
1,039,506
|
|
|
$
|
800,244
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs of metals sold:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mine Production
|
|
279,274
|
|
|
293,955
|
|
|
332,632
|
|
|
313,963
|
|
|
288,922
|
|
|||||
PGM Recycling
|
|
294,850
|
|
|
300,710
|
|
|
391,481
|
|
|
527,384
|
|
|
334,949
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
5,357
|
|
|
—
|
|
|
—
|
|
|||||
Total costs of metals sold (excludes depletion, depreciation and amortization)
|
|
$
|
574,124
|
|
|
$
|
594,665
|
|
|
$
|
729,470
|
|
|
$
|
841,347
|
|
|
$
|
623,871
|
|
Depletion, depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mine Production
|
|
73,080
|
|
|
64,200
|
|
|
66,387
|
|
|
58,201
|
|
|
56,960
|
|
|||||
PGM Recycling
|
|
728
|
|
|
949
|
|
|
1,019
|
|
|
1,116
|
|
|
1,055
|
|
|||||
Total depletion, depreciation and amortization
|
|
$
|
73,808
|
|
|
$
|
65,149
|
|
|
$
|
67,406
|
|
|
$
|
59,317
|
|
|
$
|
58,015
|
|
General and administrative
|
|
34,664
|
|
|
34,033
|
|
|
35,067
|
|
|
46,577
|
|
|
53,277
|
|
|||||
Impairment of property, plant and equipment and non-producing mineral properties
|
|
—
|
|
|
(46,772
|
)
|
|
(550
|
)
|
|
(461,755
|
)
|
|
—
|
|
|||||
Operating income (loss)
|
|
24,091
|
|
|
(19,694
|
)
|
|
98,168
|
|
|
(396,623
|
)
|
|
43,636
|
|
|||||
Total income tax (provision) benefit
|
|
(3,680
|
)
|
|
12,333
|
|
|
(16,258
|
)
|
|
93,653
|
|
|
4,039
|
|
|||||
Net income (loss)
|
|
9,473
|
|
|
(23,736
|
)
|
|
68,883
|
|
|
(302,073
|
)
|
|
54,416
|
|
|||||
Net unrealized (loss) gain on investments available-for-sale and deferred compensation
|
|
(17
|
)
|
|
(214
|
)
|
|
11
|
|
|
105
|
|
|
862
|
|
|||||
Comprehensive income (loss) attributable to common stockholders
|
|
9,456
|
|
|
(12,142
|
)
|
|
70,308
|
|
|
(270,101
|
)
|
|
55,907
|
|
|||||
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
121,072
|
|
|
120,809
|
|
|
119,953
|
|
|
118,607
|
|
|
116,162
|
|
|||||
Diluted
|
|
121,576
|
|
|
120,809
|
|
|
156,233
|
|
|
118,607
|
|
|
131,441
|
|
|||||
Basic earnings (loss) per share attributable to common stockholders
|
|
0.08
|
|
|
(0.10
|
)
|
|
0.59
|
|
|
(2.28
|
)
|
|
0.47
|
|
|||||
Diluted earnings (loss) per share attributable to common stockholders
|
|
0.08
|
|
|
(0.10
|
)
|
|
0.56
|
|
|
(2.28
|
)
|
|
0.46
|
|
|||||
CASH FLOW DATA
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
|
78,255
|
|
|
110,421
|
|
|
187,552
|
|
|
149,433
|
|
|
103,894
|
|
|||||
Net cash used in investing activities
|
|
(100,086
|
)
|
|
(174,952
|
)
|
|
(162,957
|
)
|
|
(79,123
|
)
|
|
(324,808
|
)
|
|||||
Net cash (used in) provided by financing activities
|
|
(2,267
|
)
|
|
(68,419
|
)
|
|
(30,996
|
)
|
|
(163,303
|
)
|
|
491,497
|
|
|||||
BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
123,238
|
|
|
147,336
|
|
|
280,286
|
|
|
286,687
|
|
|
379,680
|
|
|||||
Investments, at fair market value
|
|
326,884
|
|
|
316,429
|
|
|
251,254
|
|
|
209,338
|
|
|
261,983
|
|
|||||
Inventories
|
|
138,653
|
|
|
102,072
|
|
|
130,307
|
|
|
158,650
|
|
|
153,208
|
|
|||||
Total current assets
|
|
614,319
|
|
|
591,086
|
|
|
701,396
|
|
|
703,879
|
|
|
852,862
|
|
|||||
Mineral properties and mine development, net
|
|
596,932
|
|
|
573,231
|
|
|
569,006
|
|
|
505,598
|
|
|
899,225
|
|
|||||
Property, plant and equipment, net
|
|
111,396
|
|
|
109,957
|
|
|
118,881
|
|
|
124,731
|
|
|
122,677
|
|
|||||
Total assets *
|
|
1,327,037
|
|
|
1,278,389
|
|
|
1,399,327
|
|
|
1,346,680
|
|
|
1,890,763
|
|
|||||
Current portion of long-term debt and capital lease obligations
|
|
—
|
|
|
657
|
|
|
2,144
|
|
|
2,035
|
|
|
168,432
|
|
|||||
Total current liabilities
|
|
87,308
|
|
|
68,101
|
|
|
82,039
|
|
|
89,048
|
|
|
246,848
|
|
|||||
Long-term debt and capital lease obligations *
|
|
274,806
|
|
|
255,099
|
|
|
294,023
|
|
|
308,667
|
|
|
292,685
|
|
|||||
Total liabilities *
|
|
406,191
|
|
|
369,160
|
|
|
467,619
|
|
|
498,821
|
|
|
758,183
|
|
|||||
Stockholders’ equity
|
|
920,846
|
|
|
909,229
|
|
|
913,228
|
|
|
827,965
|
|
|
1,080,819
|
|
|||||
Working capital
|
|
527,011
|
|
|
522,985
|
|
|
619,357
|
|
|
614,831
|
|
|
606,014
|
|
|||||
Current ratio
|
|
7.0
|
|
8.7
|
|
|
8.5
|
|
7.9
|
|
3.5
|
(In thousands, except per ounce and per ton costs)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
OPERATING AND COST DATA FOR MINE PRODUCTION
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ounces produced:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Palladium
|
|
420.2
|
|
|
402.9
|
|
|
400.2
|
|
|
404.2
|
|
|
396.0
|
|
|||||
Platinum
|
|
125.1
|
|
|
117.9
|
|
|
117.5
|
|
|
119.7
|
|
|
117.7
|
|
|||||
Total
|
|
545.3
|
|
|
520.8
|
|
|
517.7
|
|
|
523.9
|
|
|
513.7
|
|
|||||
Tons milled
|
|
1,286.7
|
|
|
1,216.5
|
|
|
1,173.6
|
|
|
1,201.3
|
|
|
1,081.0
|
|
|||||
Mill head grade (ounce per ton)
|
|
0.45
|
|
|
0.45
|
|
0.47
|
|
0.47
|
|
0.51
|
|||||||||
Sub-grade tons milled
(1)
|
|
84.5
|
|
|
114.9
|
|
|
90.8
|
|
|
72.5
|
|
|
69.2
|
|
|||||
Sub-grade mill head grade (ounce per ton)
|
|
0.15
|
|
|
0.16
|
|
0.16
|
|
0.17
|
|
0.16
|
|||||||||
Total tons milled
(1)
|
|
1,371.2
|
|
|
1,331.4
|
|
|
1,264.4
|
|
|
1,273.8
|
|
|
1,150.2
|
|
|||||
Combined mill head grade (ounce per ton)
|
|
0.44
|
|
|
0.43
|
|
0.45
|
|
0.45
|
|
0.49
|
|||||||||
Total mill recovery
(%)
|
|
92
|
|
|
92
|
|
|
92
|
|
|
92
|
|
|
92
|
|
|||||
Total mine concentrate shipped (tons) (4)
|
|
32,097
|
|
|
31,915
|
|
|
29,350
|
|
|
28,669
|
|
|
23,843
|
|
|||||
Platinum grade in concentrate (ounce per ton)
(4)
|
|
4.16
|
|
|
3.90
|
|
|
4.31
|
|
|
4.50
|
|
|
5.17
|
|
|||||
Palladium grade in concentrate (ounce per ton)
(4)
|
|
14.13
|
|
|
13.02
|
|
|
14.27
|
|
|
14.59
|
|
|
17.15
|
|
|||||
Costs of metals sold per PGM mined ounce
|
|
$
|
509
|
|
|
$
|
579
|
|
|
$
|
613
|
|
|
$
|
617
|
|
|
$
|
577
|
|
Total cash costs per mined ounce - net of credits
(Non-GAAP)
(2)
|
|
$
|
438
|
|
|
$
|
495
|
|
|
$
|
538
|
|
|
$
|
496
|
|
|
$
|
484
|
|
Total cash costs per ton milled - net of credits
(Non-GAAP)
(2)
|
|
$
|
174
|
|
|
$
|
194
|
|
|
$
|
220
|
|
|
$
|
204
|
|
|
$
|
216
|
|
Stillwater Mine:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ounces produced:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Palladium
|
|
250.5
|
|
|
246.4
|
|
|
262.5
|
|
|
281.9
|
|
|
290.1
|
|
|||||
Platinum
|
|
76.5
|
|
|
73.4
|
|
|
78.3
|
|
|
84.2
|
|
|
87.3
|
|
|||||
Total
|
|
327.0
|
|
|
319.8
|
|
|
340.8
|
|
|
366.1
|
|
|
377.4
|
|
|||||
Tons milled
|
|
683.2
|
|
|
675.8
|
|
|
703.0
|
|
|
765.1
|
|
|
672.6
|
|
|||||
Mill head grade (ounce per ton)
|
|
0.51
|
|
|
0.49
|
|
0.51
|
|
0.51
|
|
0.60
|
|||||||||
Sub-grade tons milled
(1)
|
|
32.0
|
|
|
72.1
|
|
|
45.6
|
|
|
35.7
|
|
|
36.5
|
|
|||||
Sub-grade mill head grade (ounce per ton)
|
|
0.23
|
|
|
0.19
|
|
0.21
|
|
0.23
|
|
0.21
|
|||||||||
Total tons milled
(1)
|
|
715.2
|
|
|
747.9
|
|
|
748.6
|
|
|
800.8
|
|
|
709.1
|
|
|||||
Combined mill head grade (ounce per ton)
|
|
0.49
|
|
|
0.46
|
|
0.50
|
|
0.50
|
|
0.58
|
|||||||||
Total mill recovery
(%)
|
|
93
|
|
|
93
|
|
|
93
|
|
|
92
|
|
|
92
|
|
|||||
Total mine concentrate shipped (tons)
(4)
|
|
16,905
|
|
|
17,202
|
|
|
16,463
|
|
|
16,975
|
|
|
13,645
|
|
|||||
Platinum grade in concentrate (ounce per ton)
(4)
|
|
4.99
|
|
|
4.63
|
|
|
5.19
|
|
|
5.22
|
|
|
6.71
|
|
|||||
Palladium grade in concentrate (ounce per ton)
(4)
|
|
16.72
|
|
|
14.99
|
|
|
16.83
|
|
|
17.12
|
|
|
21.94
|
|
|||||
Costs of metals sold per PGM mined ounce
|
|
$
|
486
|
|
|
$
|
558
|
|
|
$
|
595
|
|
|
$
|
603
|
|
|
$
|
547
|
|
Total cash costs per mined ounce - net of credits
(Non-GAAP)
(2)
|
|
$
|
437
|
|
|
$
|
487
|
|
|
$
|
533
|
|
|
$
|
484
|
|
|
$
|
456
|
|
Total cash costs per ton milled - net of credits
(Non-GAAP)
(2)
|
|
$
|
200
|
|
|
$
|
208
|
|
|
$
|
243
|
|
|
$
|
221
|
|
|
$
|
243
|
|
East Boulder Mine:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ounces produced:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Palladium
|
|
169.7
|
|
|
156.5
|
|
|
137.7
|
|
|
122.3
|
|
|
105.9
|
|
|||||
Platinum
|
|
48.6
|
|
|
44.5
|
|
|
39.2
|
|
|
35.5
|
|
|
30.4
|
|
|||||
Total
|
|
218.3
|
|
|
201.0
|
|
|
176.9
|
|
|
157.8
|
|
|
136.3
|
|
|||||
Tons milled
|
|
603.5
|
|
|
540.7
|
|
|
470.6
|
|
|
436.2
|
|
|
408.4
|
|
|||||
Mill head grade (ounce per ton)
|
|
0.40
|
|
|
0.40
|
|
0.41
|
|
0.40
|
|
0.37
|
|||||||||
Sub-grade tons milled
(1)
|
|
52.5
|
|
|
42.8
|
|
|
45.2
|
|
|
36.8
|
|
|
32.7
|
|
|||||
Sub-grade mill head grade (ounce per ton)
|
|
0.10
|
|
|
0.10
|
|
0.10
|
|
0.10
|
|
0.10
|
|||||||||
Total tons milled
(1)
|
|
656.0
|
|
|
583.5
|
|
|
515.8
|
|
|
473.0
|
|
|
441.1
|
|
|||||
Combined mill head grade (ounce per ton)
|
|
0.37
|
|
|
0.38
|
|
0.38
|
|
0.37
|
|
0.35
|
|||||||||
Total mill recovery
(%)
|
|
90
|
|
|
91
|
|
|
90
|
|
|
90
|
|
|
90
|
|
|||||
Total mine concentrate shipped (tons)
(4)
|
|
15,192
|
|
|
14,713
|
|
|
12,887
|
|
|
11,694
|
|
|
10,198
|
|
|||||
Platinum grade in concentrate (ounce per ton)
(4)
|
|
3.22
|
|
|
3.05
|
|
|
3.19
|
|
|
3.45
|
|
|
3.12
|
|
|||||
Palladium grade in concentrate (ounce per ton)
(4)
|
|
11.25
|
|
|
10.71
|
|
|
11.00
|
|
|
10.93
|
|
|
10.74
|
|
|||||
Costs of metals sold per PGM mined ounce
|
|
$
|
545
|
|
|
$
|
616
|
|
|
$
|
650
|
|
|
$
|
648
|
|
|
$
|
658
|
|
Total cash costs per mined ounce - net of credits
(Non-GAAP)
(2)
|
|
$
|
441
|
|
|
$
|
508
|
|
|
$
|
547
|
|
|
$
|
525
|
|
|
$
|
562
|
|
Total cash costs per ton milled - net of credits (Non-GAAP)
(2)
|
|
$
|
147
|
|
|
$
|
175
|
|
|
$
|
187
|
|
|
$
|
175
|
|
|
$
|
174
|
|
(In thousands, where noted)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
SALES AND PRICE DATA
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ounces sold (000)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mine Production:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Palladium (oz.)
|
|
430.1
|
|
|
396.8
|
|
|
421.2
|
|
|
398.0
|
|
|
386.4
|
|
|||||
Platinum (oz.)
|
|
119.1
|
|
|
110.5
|
|
|
121.1
|
|
|
111.2
|
|
|
114.0
|
|
|||||
Total
|
|
549.2
|
|
|
507.3
|
|
|
542.3
|
|
|
509.2
|
|
|
500.4
|
|
|||||
PGM Recycling:
(6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Palladium (oz.)
|
|
242.6
|
|
|
197.9
|
|
|
221.0
|
|
|
306.1
|
|
|
192.0
|
|
|||||
Platinum (oz.)
|
|
129.9
|
|
|
118.6
|
|
|
134.0
|
|
|
191.9
|
|
|
119.2
|
|
|||||
Rhodium (oz.)
|
|
28.6
|
|
|
23.7
|
|
|
29.3
|
|
|
43.8
|
|
|
25.3
|
|
|||||
Total
|
|
401.1
|
|
|
340.2
|
|
|
384.3
|
|
|
541.8
|
|
|
336.5
|
|
|||||
Other:
(7)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Palladium (oz.)
|
|
—
|
|
|
—
|
|
|
6.3
|
|
|
—
|
|
|
—
|
|
|||||
By-products from Mine Production:
(8)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rhodium (oz.)
|
|
3.3
|
|
|
3.1
|
|
|
4.0
|
|
|
3.3
|
|
|
3.9
|
|
|||||
Gold (oz.)
|
|
11.0
|
|
|
10.3
|
|
|
10.2
|
|
|
9.6
|
|
|
9.3
|
|
|||||
Silver (oz.)
|
|
6.5
|
|
|
6.5
|
|
|
6.1
|
|
|
4.9
|
|
|
5.7
|
|
|||||
Copper (lb.)
|
|
1,094.4
|
|
|
964.5
|
|
|
875.0
|
|
|
903.3
|
|
|
741.7
|
|
|||||
Nickel (lb.)
|
|
1,609.4
|
|
|
1,455.8
|
|
|
1,453.8
|
|
|
1,350.2
|
|
|
1,120.3
|
|
|||||
Average realized price per ounce
(3)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mine Production:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Palladium ($/oz.)
|
|
$
|
614
|
|
|
$
|
694
|
|
|
$
|
804
|
|
|
$
|
721
|
|
|
$
|
641
|
|
Platinum ($/oz.)
|
|
$
|
986
|
|
|
$
|
1,060
|
|
|
$
|
1,386
|
|
|
$
|
1,481
|
|
|
$
|
1,551
|
|
Combined ($/oz.)
(5)
|
|
$
|
694
|
|
|
$
|
774
|
|
|
$
|
934
|
|
|
$
|
887
|
|
|
$
|
849
|
|
PGM Recycling:
(6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Palladium ($/oz.)
|
|
$
|
604
|
|
|
$
|
729
|
|
|
$
|
786
|
|
|
$
|
713
|
|
|
$
|
645
|
|
Platinum ($/oz.)
|
|
$
|
998
|
|
|
$
|
1,117
|
|
|
$
|
1,428
|
|
|
$
|
1,526
|
|
|
$
|
1,542
|
|
Rhodium ($/oz.)
|
|
$
|
664
|
|
|
$
|
1,038
|
|
|
$
|
1,059
|
|
|
$
|
1,091
|
|
|
$
|
1,377
|
|
Combined ($/oz.)
(5)
|
|
$
|
736
|
|
|
$
|
886
|
|
|
$
|
1,031
|
|
|
$
|
1,031
|
|
|
$
|
1,018
|
|
Other:
(7)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Palladium ($/oz.)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
882
|
|
|
$
|
—
|
|
|
$
|
—
|
|
By-products from Mine Production:
(8)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rhodium ($/oz.)
|
|
$
|
690
|
|
|
$
|
979
|
|
|
$
|
1,177
|
|
|
$
|
1,047
|
|
|
$
|
1,258
|
|
Gold ($/oz.)
|
|
$
|
1,244
|
|
|
$
|
1,164
|
|
|
$
|
1,261
|
|
|
$
|
1,394
|
|
|
$
|
1,667
|
|
Silver ($/oz.)
|
|
$
|
17
|
|
|
$
|
16
|
|
|
$
|
19
|
|
|
$
|
24
|
|
|
$
|
31
|
|
Copper ($/lb.)
|
|
$
|
1.99
|
|
|
$
|
2.33
|
|
|
$
|
2.92
|
|
|
$
|
3.14
|
|
|
$
|
3.42
|
|
Nickel ($/lb.)
|
|
$
|
3.42
|
|
|
$
|
3.93
|
|
|
$
|
6.47
|
|
|
$
|
5.47
|
|
|
$
|
6.74
|
|
Average market price per ounce
(5)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Palladium ($/oz.)
|
|
$
|
614
|
|
|
$
|
692
|
|
|
$
|
803
|
|
|
$
|
725
|
|
|
$
|
643
|
|
Platinum ($/oz.)
|
|
$
|
989
|
|
|
$
|
1,053
|
|
|
$
|
1,386
|
|
|
$
|
1,487
|
|
|
$
|
1,551
|
|
Combined ($/oz.)
(5)
|
|
$
|
695
|
|
|
$
|
770
|
|
|
$
|
933
|
|
|
$
|
891
|
|
|
$
|
850
|
|
(1)
|
Sub-grade tons milled includes reef waste material only. Total tons milled includes ore tons and sub-grade tons only.
|
(2)
|
Variations of the measure
Total cash costs
include total operating costs plus royalties, insurance and taxes other than income taxes. All of the Total cash costs per ounce measurements, are non-GAAP financial measures that management uses to monitor and evaluate the efficiency of its mining operations. This measure of cost is not defined under U.S. Generally Accepted Accounting Principles (GAAP). See “
Item 6 - Selected Financial Data - Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
” and the accompanying discussion for additional detail.
|
(3)
|
The Company’s average realized price represents revenues, which include the effect of any applicable agreement floor and ceiling prices, hedging gains and losses realized on commodity instruments and agreement discounts, divided by ounces sold. The average market price represents the average London market for the actual months of the period.
|
(4)
|
The concentrate tonnage and grade values are inclusive of periodic re-processing of smelter slag and internal furnace brick PGM bearing materials.
|
(5)
|
The Company reports a combined average realized and market price of palladium and platinum at the same ratio as ounces that are produced from the base metal refinery.
|
(6)
|
Ounces sold and average realized price per ounce from
PGM Recycling
relate to ounces produced from processing of spent catalyst from catalytic converters and other industrial sources.
|
(7)
|
Ounces sold and average realized price per ounce from
Other
relate to ounces acquired periodically in the open market and simultaneously resold to third parties.
|
(8)
|
By-product metals sold reflect net values of realized prices (discounted due to product form) per unit sold.
|
(In thousands, except per ounce and per ton data)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs of metals sold - Mine Production
|
|
$
|
279,274
|
|
|
$
|
293,955
|
|
|
$
|
332,632
|
|
|
$
|
313,963
|
|
|
$
|
288,922
|
|
Change in mined inventories (palladium and platinum)
|
|
(4,147
|
)
|
|
(2,743
|
)
|
|
(12,956
|
)
|
|
8,601
|
|
|
1,424
|
|
|||||
Total combined cash costs, before by-product and recycling credits (Non-GAAP)
|
|
$
|
275,127
|
|
|
$
|
291,212
|
|
|
$
|
319,676
|
|
|
$
|
322,564
|
|
|
$
|
290,346
|
|
By-product revenue credit
|
|
(23,704
|
)
|
|
(23,114
|
)
|
|
(29,592
|
)
|
|
(27,085
|
)
|
|
(30,642
|
)
|
|||||
PGM Recycling income credit
|
|
(12,392
|
)
|
|
(10,151
|
)
|
|
(11,702
|
)
|
|
(35,463
|
)
|
|
(11,042
|
)
|
|||||
Total combined cash costs, net of by-product and recycling credits (Non-GAAP)
|
|
$
|
239,031
|
|
|
$
|
257,947
|
|
|
$
|
278,382
|
|
|
$
|
260,016
|
|
|
$
|
248,662
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PGM mined ounces sold
|
|
549.2
|
|
|
507.3
|
|
|
542.3
|
|
|
509.2
|
|
|
500.4
|
|
|||||
Costs of metals sold per PGM mined ounce
|
|
$
|
509
|
|
|
$
|
579
|
|
|
$
|
613
|
|
|
$
|
617
|
|
|
$
|
577
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PGM mined ounces produced
|
|
545.3
|
|
|
520.8
|
|
|
517.7
|
|
|
523.9
|
|
|
513.7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total combined cash costs per PGM mined ounce, before by-product and recycling credits (Non-GAAP)
|
|
$
|
504
|
|
|
$
|
558
|
|
|
$
|
618
|
|
|
$
|
616
|
|
|
$
|
565
|
|
By-product credit per mined ounce
|
|
(43
|
)
|
|
(44
|
)
|
|
(57
|
)
|
|
(52
|
)
|
|
(60
|
)
|
|||||
Recycling income credit per mined ounce
|
|
(23
|
)
|
|
(19
|
)
|
|
(23
|
)
|
|
(68
|
)
|
|
(21
|
)
|
|||||
Total combined cash costs PGM per mined ounce, net of by-product and recycling credits (Non-GAAP)
|
|
$
|
438
|
|
|
$
|
495
|
|
|
$
|
538
|
|
|
$
|
496
|
|
|
$
|
484
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ore tons milled
|
|
1,371.2
|
|
|
1,331.4
|
|
|
1,264.4
|
|
|
1,273.8
|
|
|
1,150.2
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total combined cash costs per ore ton milled, before by-product and recycling credits (Non-GAAP)
|
|
$
|
200
|
|
|
$
|
219
|
|
|
$
|
252
|
|
|
$
|
253
|
|
|
$
|
252
|
|
By-product credit per ore ton milled
|
|
(17
|
)
|
|
(17
|
)
|
|
(23
|
)
|
|
(21
|
)
|
|
(27
|
)
|
|||||
Recycling income credit per ore ton milled
|
|
(9
|
)
|
|
(8
|
)
|
|
(9
|
)
|
|
(28
|
)
|
|
(10
|
)
|
|||||
Total combined cash costs per ore ton milled, net of by-product and recycling credits (Non-GAAP)
|
|
$
|
174
|
|
|
$
|
194
|
|
|
$
|
220
|
|
|
$
|
204
|
|
|
$
|
215
|
|
(In thousands, except per ounce and per ton data)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Stillwater Mine:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs of metals sold - Mine Production
|
|
$
|
163,954
|
|
|
$
|
178,017
|
|
|
$
|
216,789
|
|
|
$
|
214,346
|
|
|
$
|
199,202
|
|
Change in mined inventories (palladium and platinum)
|
|
(1,316
|
)
|
|
(3,519
|
)
|
|
(10,293
|
)
|
|
3,575
|
|
|
814
|
|
|||||
Total cash costs, before by-product and recycling credits (Non-GAAP)
|
|
$
|
162,638
|
|
|
$
|
174,498
|
|
|
$
|
206,496
|
|
|
$
|
217,921
|
|
|
$
|
200,016
|
|
By-product revenue credit
|
|
(12,404
|
)
|
|
(12,525
|
)
|
|
(17,115
|
)
|
|
(16,270
|
)
|
|
(19,793
|
)
|
|||||
PGM Recycling income credit
|
|
(7,419
|
)
|
|
(6,174
|
)
|
|
(7,695
|
)
|
|
(24,470
|
)
|
|
(8,124
|
)
|
|||||
Total cash costs, net of by-product and recycling credits (Non-GAAP)
|
|
$
|
142,815
|
|
|
$
|
155,799
|
|
|
$
|
181,686
|
|
|
$
|
177,181
|
|
|
$
|
172,099
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PGM mined ounces sold
|
|
337.7
|
|
|
319.2
|
|
|
364.2
|
|
|
355.4
|
|
|
364.0
|
|
|||||
Costs of metals sold per PGM mined ounce
|
|
$
|
486
|
|
|
$
|
558
|
|
|
$
|
595
|
|
|
$
|
603
|
|
|
$
|
547
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PGM mined ounces produced
|
|
327.0
|
|
|
319.8
|
|
|
340.8
|
|
|
366.1
|
|
|
377.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total cash costs per PGM mined ounce, before by-product and recycling credits (Non-GAAP)
|
|
$
|
498
|
|
|
$
|
545
|
|
|
$
|
606
|
|
|
$
|
595
|
|
|
$
|
529
|
|
By-product credit per mined ounce
|
|
(38
|
)
|
|
(39
|
)
|
|
(50
|
)
|
|
(44
|
)
|
|
(52
|
)
|
|||||
Recycling income credit per mined ounce
|
|
(23
|
)
|
|
(19
|
)
|
|
(23
|
)
|
|
(67
|
)
|
|
(21
|
)
|
|||||
Total cash costs per PGM mined ounce, net of by-product and recycling credits (Non-GAAP)
|
|
$
|
437
|
|
|
$
|
487
|
|
|
$
|
533
|
|
|
$
|
484
|
|
|
$
|
456
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ore tons milled
|
|
715.2
|
|
|
747.9
|
|
|
748.6
|
|
|
800.8
|
|
|
709.1
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total cash costs per ore ton milled, before by-product and recycling credits (Non-GAAP)
|
|
$
|
227
|
|
|
$
|
233
|
|
|
$
|
276
|
|
|
$
|
272
|
|
|
$
|
282
|
|
By-product credit per ore ton milled
|
|
(17
|
)
|
|
(17
|
)
|
|
(23
|
)
|
|
(20
|
)
|
|
(28
|
)
|
|||||
Recycling income credit per ore ton milled
|
|
(10
|
)
|
|
(8
|
)
|
|
(10
|
)
|
|
(31
|
)
|
|
(11
|
)
|
|||||
Total cash costs per ore ton milled, net of by-product and recycling credits (Non-GAAP)
|
|
$
|
200
|
|
|
$
|
208
|
|
|
$
|
243
|
|
|
$
|
221
|
|
|
$
|
243
|
|
(In thousands, except per ounce and per ton data)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
East Boulder Mine:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs of metals sold - Mine Production
|
|
$
|
115,320
|
|
|
$
|
115,938
|
|
|
$
|
115,844
|
|
|
$
|
99,617
|
|
|
$
|
89,720
|
|
Change in mined inventories (palladium and platinum)
|
|
(2,831
|
)
|
|
776
|
|
|
(2,664
|
)
|
|
5,026
|
|
|
610
|
|
|||||
Total cash costs, before by-product and recycling credits (Non-GAAP)
|
|
$
|
112,489
|
|
|
$
|
116,714
|
|
|
$
|
113,180
|
|
|
$
|
104,643
|
|
|
$
|
90,330
|
|
By-product revenue credit
|
|
(11,300
|
)
|
|
(10,589
|
)
|
|
(12,477
|
)
|
|
(10,815
|
)
|
|
(10,849
|
)
|
|||||
PGM Recycling income credit
|
|
(4,973
|
)
|
|
(3,977
|
)
|
|
(4,007
|
)
|
|
(10,993
|
)
|
|
(2,918
|
)
|
|||||
Total cash costs, net of by-product and recycling credits (Non-GAAP)
|
|
$
|
96,216
|
|
|
$
|
102,148
|
|
|
$
|
96,696
|
|
|
$
|
82,835
|
|
|
$
|
76,563
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PGM mined ounces sold
|
|
211.5
|
|
|
188.1
|
|
|
178.1
|
|
|
153.8
|
|
|
136.4
|
|
|||||
Costs of metals sold per PGM mined ounce
|
|
$
|
545
|
|
|
$
|
616
|
|
|
$
|
650
|
|
|
$
|
648
|
|
|
$
|
658
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PGM mined ounces produced
|
|
218.3
|
|
|
201.0
|
|
|
176.9
|
|
|
157.8
|
|
|
136.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total cash costs per PGM mined ounce, before by-product and recycling credits (Non-GAAP)
|
|
$
|
516
|
|
|
$
|
581
|
|
|
$
|
641
|
|
|
$
|
664
|
|
|
$
|
663
|
|
By-product credit per mined ounce
|
|
(52
|
)
|
|
(53
|
)
|
|
(71
|
)
|
|
(69
|
)
|
|
(80
|
)
|
|||||
Recycling income credit per mined ounce
|
|
(23
|
)
|
|
(20
|
)
|
|
(23
|
)
|
|
(70
|
)
|
|
(21
|
)
|
|||||
Total cash costs, per PGM mined ounce, net of by-product and recycling credits (Non-GAAP)
|
|
$
|
441
|
|
|
$
|
508
|
|
|
$
|
547
|
|
|
$
|
525
|
|
|
$
|
562
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ore tons milled
|
|
656.0
|
|
|
583.5
|
|
|
515.8
|
|
|
473.0
|
|
|
441.1
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total cash costs per ore ton milled, before by-product and recycling credits (Non-GAAP)
|
|
$
|
172
|
|
|
$
|
200
|
|
|
$
|
219
|
|
|
$
|
221
|
|
|
$
|
205
|
|
By-product credit per ore ton milled
|
|
(17
|
)
|
|
(18
|
)
|
|
(24
|
)
|
|
(23
|
)
|
|
(25
|
)
|
|||||
Recycling income credit per ore ton milled
|
|
(8
|
)
|
|
(7
|
)
|
|
(8
|
)
|
|
(23
|
)
|
|
(7
|
)
|
|||||
Total cash costs per ore ton milled, net of by-product and recycling credits (Non-GAAP)
|
|
$
|
147
|
|
|
$
|
175
|
|
|
$
|
187
|
|
|
$
|
175
|
|
|
$
|
173
|
|
(In thousands, except $/oz.)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
All-In Sustaining Costs
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs of metals sold - Mine Production
|
|
$
|
279,274
|
|
|
$
|
293,955
|
|
|
$
|
332,632
|
|
|
$
|
313,963
|
|
|
$
|
288,922
|
|
Change in mined inventories (palladium and platinum)
|
|
(4,147
|
)
|
|
(2,743
|
)
|
|
(12,956
|
)
|
|
8,601
|
|
|
1,424
|
|
|||||
Total combined cash costs, before by-product and recycling credits (Non-GAAP)
|
|
$
|
275,127
|
|
|
$
|
291,212
|
|
|
$
|
319,676
|
|
|
$
|
322,564
|
|
|
$
|
290,346
|
|
By-product revenue credit
|
|
(23,704
|
)
|
|
(23,114
|
)
|
|
(29,592
|
)
|
|
(27,085
|
)
|
|
(30,642
|
)
|
|||||
PGM Recycling income credit
|
|
(12,392
|
)
|
|
(10,151
|
)
|
|
(11,702
|
)
|
|
(35,463
|
)
|
|
(11,042
|
)
|
|||||
Total combined cash costs, net of by-product and recycling credits (Non-GAAP)
|
|
$
|
239,031
|
|
|
$
|
257,947
|
|
|
$
|
278,382
|
|
|
$
|
260,016
|
|
|
$
|
248,662
|
|
PGM Recycling income credit
|
|
12,392
|
|
|
10,151
|
|
|
11,702
|
|
|
35,463
|
|
|
11,042
|
|
|||||
Total combined cash costs, net of by-product credit (Non-GAAP)
|
|
$
|
251,423
|
|
|
$
|
268,098
|
|
|
$
|
290,084
|
|
|
$
|
295,479
|
|
|
$
|
259,704
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated corporate general and administrative costs
|
|
$
|
34,664
|
|
|
$
|
34,033
|
|
|
$
|
35,067
|
|
|
$
|
46,577
|
|
|
$
|
53,277
|
|
Corporate depreciation and costs associated with the potential merger included in consolidated corporate general and administrative costs
|
|
(2,078
|
)
|
|
(499
|
)
|
|
(482
|
)
|
|
(610
|
)
|
|
(1,530
|
)
|
|||||
General and administrative costs - foreign subsidiaries
|
|
(1,272
|
)
|
|
(1,650
|
)
|
|
(3,588
|
)
|
|
(3,661
|
)
|
|
(7,119
|
)
|
|||||
Total general and administrative costs
|
|
$
|
31,314
|
|
|
$
|
31,884
|
|
|
$
|
30,997
|
|
|
$
|
42,306
|
|
|
$
|
44,628
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total capitalized costs
|
|
$
|
102,562
|
|
|
$
|
111,850
|
|
|
$
|
129,813
|
|
|
$
|
138,536
|
|
|
$
|
116,878
|
|
Capital associated with expansion
|
|
(46,302
|
)
|
|
(42,450
|
)
|
|
(45,054
|
)
|
|
(50,221
|
)
|
|
(37,756
|
)
|
|||||
Total Capital incurred to sustain existing operations
|
|
$
|
56,260
|
|
|
$
|
69,400
|
|
|
$
|
84,759
|
|
|
$
|
88,315
|
|
|
$
|
79,122
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
All-In Sustaining Costs (Non-GAAP)
|
|
$
|
338,997
|
|
|
$
|
369,382
|
|
|
$
|
405,840
|
|
|
$
|
426,100
|
|
|
$
|
383,454
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PGM mined ounces produced
|
|
545.3
|
|
|
520.8
|
|
|
517.7
|
|
|
523.9
|
|
|
513.7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
All-In Sustaining Costs per PGM Mined Ounce Produced (Non-GAAP)
|
|
$
|
622
|
|
|
$
|
709
|
|
|
$
|
784
|
|
|
$
|
813
|
|
|
$
|
746
|
|
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net income (loss) attributable to common stockholders
|
|
$
|
9,473
|
|
|
$
|
(11,928
|
)
|
|
$
|
70,297
|
|
Impairment of property, plant and equipment and non-producing mineral properties
|
|
—
|
|
|
46,772
|
|
|
550
|
|
|||
Income tax effect of adjustment
|
|
—
|
|
|
(997
|
)
|
|
(193
|
)
|
|||
Reorganization, net of tax
|
|
—
|
|
|
1,078
|
|
|
6,761
|
|
|||
Loss on extinguishment of debt, net of tax
|
|
—
|
|
|
2,606
|
|
|
—
|
|
|||
Transactional costs associated with the pending acquisition by Sibanye, net of tax
|
|
1,100
|
|
|
—
|
|
|
—
|
|
|||
Adjusted net income attributable to common stockholders
|
|
$
|
10,573
|
|
|
$
|
37,531
|
|
|
$
|
77,415
|
|
Comprehensive loss attributable to noncontrolling interest
|
|
—
|
|
|
(11,444
|
)
|
|
(89
|
)
|
|||
Underlying earnings (Net income attributable to common stockholders)
|
|
$
|
10,573
|
|
|
$
|
26,087
|
|
|
$
|
77,326
|
|
Mining and Processing Cost Components
|
|
2016
|
|
2015
|
|
2014
|
|||
Labor and benefits
|
|
51.5
|
%
|
|
51.3
|
%
|
|
49.1
|
%
|
Materials and supplies
|
|
22.9
|
%
|
|
23.2
|
%
|
|
23.3
|
%
|
Utilities and fuel
|
|
5.8
|
%
|
|
6.4
|
%
|
|
7.0
|
%
|
Contracted services
|
|
8.6
|
%
|
|
8.4
|
%
|
|
7.9
|
%
|
Royalties, non-income taxes and other
|
|
11.2
|
%
|
|
10.7
|
%
|
|
12.7
|
%
|
Total
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net cash provided by operating activities
|
|
$
|
78,255
|
|
|
$
|
110,421
|
|
|
$
|
187,552
|
|
Net cash used in investing activities
|
|
(100,086
|
)
|
|
(174,952
|
)
|
|
(162,957
|
)
|
|||
Net cash used in financing activities
|
|
(2,267
|
)
|
|
(68,419
|
)
|
|
(30,996
|
)
|
|||
Net decrease in cash and cash equivalents
|
|
$
|
(24,098
|
)
|
|
$
|
(132,950
|
)
|
|
$
|
(6,401
|
)
|
(In thousands)
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
1.875% Convertible debentures
|
|
$
|
—
|
|
|
$
|
524
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
524
|
|
1.75% Convertible debentures
|
|
—
|
|
|
—
|
|
|
335,150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
335,150
|
|
|||||||
Operating lease obligations
|
|
148
|
|
|
120
|
|
|
66
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
334
|
|
|||||||
Asset retirement obligations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119,387
|
|
|
119,387
|
|
|||||||
Payments of interest
(1)
|
|
5,875
|
|
|
5,870
|
|
|
5,865
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,610
|
|
|||||||
Liability classified compensation
(2)
|
|
512
|
|
|
299
|
|
|
534
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,345
|
|
|||||||
Directors' deferred share plan
(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,750
|
|
|
1,750
|
|
|||||||
Other liabilities
(4)
|
|
13,755
|
|
|
5,411
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,166
|
|
|||||||
Total
|
|
$
|
20,290
|
|
|
$
|
12,224
|
|
|
$
|
341,615
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
121,137
|
|
|
$
|
495,266
|
|
(1)
|
Interest payments on the 1.875% Convertible Debentures noted in the above table are calculated up to March 15, 2018, the next date when the holders of the 1.875% Convertible Debentures can exercise their put option. Interest payments on the 1.75% Convertible Debentures noted in the above table are calculated up to October 15, 2019, the first date the holders of the 1.75% Convertible Debentures can exercise their put option (absent a "fundamental change" prior to that date). Interest payments noted in the table above all are based on fixed rates of interest.
|
(2)
|
Liability-classified compensation reflects the Company's estimated future obligation to redeem certain performance-based restricted stock units to
|
Year ended December 31,
|
|
2016
|
|
2015
|
|
2014
|
||||||
(In thousands, except per share data)
|
|
|
|
|
|
|
||||||
REVENUES
|
|
|
|
|
|
|
||||||
Mine Production
|
|
$
|
405,070
|
|
|
$
|
415,774
|
|
|
$
|
536,010
|
|
PGM Recycling
|
|
305,865
|
|
|
310,156
|
|
|
401,684
|
|
|||
Other
|
|
400
|
|
|
400
|
|
|
5,925
|
|
|||
Total revenues
|
|
711,335
|
|
|
726,330
|
|
|
943,619
|
|
|||
COSTS AND EXPENSES
|
|
|
|
|
|
|
||||||
Costs of metals sold
|
|
|
|
|
|
|
||||||
Mine Production
|
|
279,274
|
|
|
293,955
|
|
|
332,632
|
|
|||
PGM Recycling
|
|
294,850
|
|
|
300,710
|
|
|
391,481
|
|
|||
Other
|
|
—
|
|
|
—
|
|
|
5,357
|
|
|||
Total costs of metals sold (excludes depletion, depreciation and amortization)
|
|
574,124
|
|
|
594,665
|
|
|
729,470
|
|
|||
Depletion, depreciation and amortization
|
|
|
|
|
|
|
||||||
Mine Production
|
|
73,080
|
|
|
64,200
|
|
|
66,387
|
|
|||
PGM Recycling
|
|
728
|
|
|
949
|
|
|
1,019
|
|
|||
Total depletion, depreciation and amortization
|
|
73,808
|
|
|
65,149
|
|
|
67,406
|
|
|||
Total costs of revenues
|
|
647,932
|
|
|
659,814
|
|
|
796,876
|
|
|||
Gain on disposal of property, plant and equipment
|
|
(148
|
)
|
|
(216
|
)
|
|
(337
|
)
|
|||
(Gain) / loss on long-term investments
|
|
(678
|
)
|
|
372
|
|
|
125
|
|
|||
Impairment of non-producing mineral properties
|
|
—
|
|
|
46,772
|
|
|
550
|
|
|||
Exploration
|
|
5,474
|
|
|
3,591
|
|
|
2,768
|
|
|||
Reorganization
|
|
—
|
|
|
1,658
|
|
|
10,402
|
|
|||
General and administrative
|
|
34,664
|
|
|
34,033
|
|
|
35,067
|
|
|||
Total costs and expenses
|
|
687,244
|
|
|
746,024
|
|
|
845,451
|
|
|||
OPERATING INCOME (LOSS)
|
|
24,091
|
|
|
(19,694
|
)
|
|
98,168
|
|
|||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
||||||
Other
|
|
118
|
|
|
920
|
|
|
904
|
|
|||
Loss on extinguishment of debt, net
|
|
—
|
|
|
(4,010
|
)
|
|
—
|
|
|||
Interest income
|
|
4,216
|
|
|
2,955
|
|
|
3,551
|
|
|||
Interest expense, net of capitalized interest
|
|
(16,491
|
)
|
|
(20,187
|
)
|
|
(22,719
|
)
|
|||
Foreign currency transaction gain, net
|
|
1,219
|
|
|
3,947
|
|
|
5,237
|
|
|||
INCOME (LOSS) BEFORE INCOME TAX (PROVISION) BENEFIT
|
|
13,153
|
|
|
(36,069
|
)
|
|
85,141
|
|
|||
Income tax (provision) benefit
|
|
(3,680
|
)
|
|
12,333
|
|
|
(16,258
|
)
|
|||
NET INCOME (LOSS)
|
|
$
|
9,473
|
|
|
$
|
(23,736
|
)
|
|
$
|
68,883
|
|
Net loss attributable to noncontrolling interest
|
|
—
|
|
|
(11,808
|
)
|
|
(1,414
|
)
|
|||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
|
$
|
9,473
|
|
|
$
|
(11,928
|
)
|
|
$
|
70,297
|
|
Other comprehensive income, net of tax
|
|
|
|
|
|
|
||||||
Net unrealized (loss) gain on investments available-for-sale and deferred compensation
|
|
(17
|
)
|
|
(214
|
)
|
|
11
|
|
|||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
|
$
|
9,456
|
|
|
$
|
(12,142
|
)
|
|
$
|
70,308
|
|
Comprehensive loss attributable to noncontrolling interest
|
|
—
|
|
|
(11,808
|
)
|
|
(1,414
|
)
|
|||
TOTAL COMPREHENSIVE INCOME (LOSS)
|
|
$
|
9,456
|
|
|
$
|
(23,950
|
)
|
|
$
|
68,894
|
|
Weighted average shares of common stock outstanding
|
|
|
|
|
|
|
||||||
Basic
|
|
121,072
|
|
|
120,809
|
|
|
119,953
|
|
|||
Diluted
|
|
121,576
|
|
|
120,809
|
|
|
156,233
|
|
|||
Basic income (loss) per share attributable to common stockholders
|
|
$
|
0.08
|
|
|
$
|
(0.10
|
)
|
|
$
|
0.59
|
|
Diluted income (loss) per share attributable to common stockholders
|
|
$
|
0.08
|
|
|
$
|
(0.10
|
)
|
|
$
|
0.56
|
|
December 31,
|
|
2016
|
|
2015
|
||||
(In thousands, except share and per share data)
|
|
|
|
|
||||
ASSETS
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
123,238
|
|
|
$
|
147,336
|
|
Investments, at fair value (Note 11)
|
|
326,884
|
|
|
316,429
|
|
||
Inventories
|
|
138,653
|
|
|
102,072
|
|
||
Trade receivables
|
|
1,621
|
|
|
800
|
|
||
Prepaid expenses
|
|
3,239
|
|
|
2,821
|
|
||
Other current assets
|
|
20,684
|
|
|
21,628
|
|
||
Total current assets
|
|
614,319
|
|
|
591,086
|
|
||
Mineral properties
|
|
112,480
|
|
|
112,480
|
|
||
Mine development, net
|
|
484,452
|
|
|
460,751
|
|
||
Property, plant and equipment, net
|
|
111,396
|
|
|
109,957
|
|
||
Other noncurrent assets
|
|
4,390
|
|
|
4,115
|
|
||
Total assets
|
|
$
|
1,327,037
|
|
|
$
|
1,278,389
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
37,056
|
|
|
$
|
18,205
|
|
Accrued compensation and benefits
|
|
29,589
|
|
|
30,046
|
|
||
Property, production and franchise taxes payable
|
|
13,791
|
|
|
13,907
|
|
||
Current portion of long-term debt and capital lease obligations
|
|
—
|
|
|
657
|
|
||
Income taxes payable
|
|
2,230
|
|
|
—
|
|
||
Other current liabilities
|
|
4,642
|
|
|
5,286
|
|
||
Total current liabilities
|
|
87,308
|
|
|
68,101
|
|
||
Long-term debt
|
|
274,806
|
|
|
255,099
|
|
||
Deferred income taxes
|
|
16,403
|
|
|
22,761
|
|
||
Accrued workers compensation
|
|
6,426
|
|
|
6,070
|
|
||
Asset retirement obligation
|
|
11,596
|
|
|
11,027
|
|
||
Other noncurrent liabilities
|
|
9,652
|
|
|
6,102
|
|
||
Total liabilities
|
|
406,191
|
|
|
369,160
|
|
||
EQUITY
|
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
|
||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized; none issued
|
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 200,000,000 shares authorized; 121,234,192 and 121,049,471 issued and outstanding at December 31, 2016 and December 31, 2015, respectively
|
|
1,212
|
|
|
1,210
|
|
||
Paid-in capital
|
|
1,101,442
|
|
|
1,099,283
|
|
||
Accumulated deficit
|
|
(181,594
|
)
|
|
(191,067
|
)
|
||
Accumulated other comprehensive loss
|
|
(214
|
)
|
|
(197
|
)
|
||
Total stockholders’ equity
|
|
920,846
|
|
|
909,229
|
|
||
Total liabilities and equity
|
|
$
|
1,327,037
|
|
|
$
|
1,278,389
|
|
Year ended December 31,
|
|
2016
|
|
2015
|
|
2014
|
||||||
(In thousands)
|
|
|
|
|
|
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net income (loss)
|
|
$
|
9,473
|
|
|
$
|
(23,736
|
)
|
|
$
|
68,883
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
||||||||
Depletion, depreciation and amortization
|
|
73,808
|
|
|
65,149
|
|
|
67,406
|
|
|||
Gain on disposal of property, plant and equipment
|
|
(148
|
)
|
|
(216
|
)
|
|
(337
|
)
|
|||
(Gain) / loss on long-term investments
|
|
(678
|
)
|
|
372
|
|
|
125
|
|
|||
Impairment of non-producing mineral properties
|
|
—
|
|
|
46,772
|
|
|
550
|
|
|||
Loss on extinguishment of debt, net
|
|
—
|
|
|
4,010
|
|
|
—
|
|
|||
Amortization / accretion of premiums / discounts for investments
|
|
2,405
|
|
|
2,414
|
|
|
1,810
|
|
|||
Deferred income taxes
|
|
(4,444
|
)
|
|
(17,711
|
)
|
|
(4,590
|
)
|
|||
Foreign currency transaction gain, net
|
|
(1,219
|
)
|
|
(3,947
|
)
|
|
(5,237
|
)
|
|||
Accretion of asset retirement obligation
|
|
858
|
|
|
812
|
|
|
747
|
|
|||
Amortization of deferred debt issuance costs
|
|
892
|
|
|
2,211
|
|
|
2,265
|
|
|||
Accretion of convertible debenture debt discount
|
|
18,815
|
|
|
17,222
|
|
|
17,156
|
|
|||
Share based compensation and other benefits
|
|
3,771
|
|
|
10,080
|
|
|
14,001
|
|
|||
Non-cash capitalized interest
|
|
(6,504
|
)
|
|
(4,068
|
)
|
|
(3,278
|
)
|
|||
Excess tax (benefit) shortfall from stock-based compensation
|
|
(108
|
)
|
|
154
|
|
|
(46
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||||||
Inventories
|
|
(38,010
|
)
|
|
28,440
|
|
|
27,062
|
|
|||
Trade receivables
|
|
(821
|
)
|
|
477
|
|
|
7,711
|
|
|||
Prepaid expenses
|
|
(418
|
)
|
|
(275
|
)
|
|
1,366
|
|
|||
Accounts payable
|
|
15,273
|
|
|
(4,611
|
)
|
|
(7,952
|
)
|
|||
Accrued compensation and benefits
|
|
(457
|
)
|
|
73
|
|
|
(673
|
)
|
|||
Property, production and franchise taxes payable
|
|
(112
|
)
|
|
(3,019
|
)
|
|
1,271
|
|
|||
Income taxes payable
|
|
2,230
|
|
|
—
|
|
|
(4,416
|
)
|
|||
Accrued workers compensation
|
|
356
|
|
|
10
|
|
|
29
|
|
|||
Other operating assets
|
|
1,030
|
|
|
(6,792
|
)
|
|
1,206
|
|
|||
Other operating liabilities
|
|
2,263
|
|
|
(3,400
|
)
|
|
2,493
|
|
|||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
|
78,255
|
|
|
110,421
|
|
|
187,552
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
||||||
Capital expenditures
|
|
(88,696
|
)
|
|
(107,434
|
)
|
|
(119,682
|
)
|
|||
Proceeds from disposal of property, plant and equipment
|
|
224
|
|
|
387
|
|
|
465
|
|
|||
Proceeds from sale of long-term investments
|
|
1,099
|
|
|
—
|
|
|
—
|
|
|||
Purchases of investments
|
|
(281,303
|
)
|
|
(286,380
|
)
|
|
(229,462
|
)
|
|||
Proceeds from maturities and sales of investments
|
|
268,590
|
|
|
218,475
|
|
|
185,722
|
|
|||
NET CASH USED IN INVESTING ACTIVITIES
|
|
(100,086
|
)
|
|
(174,952
|
)
|
|
(162,957
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
||||||
Purchase of noncontrolling interest
|
|
—
|
|
|
(5,216
|
)
|
|
—
|
|
|||
Excess tax benefit (shortfall) from stock-based compensation
|
|
108
|
|
|
(154
|
)
|
|
46
|
|
|||
Payments on debt and capital lease obligations
|
|
(657
|
)
|
|
(63,109
|
)
|
|
(32,035
|
)
|
|||
Payments of tax obligations for share-based compensation
|
|
(1,752
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of common stock
|
|
34
|
|
|
60
|
|
|
993
|
|
|||
NET CASH USED IN FINANCING ACTIVITIES
|
|
(2,267
|
)
|
|
(68,419
|
)
|
|
(30,996
|
)
|
|||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
||||||
Net decrease
|
|
(24,098
|
)
|
|
(132,950
|
)
|
|
(6,401
|
)
|
|||
Balance at beginning of period
|
|
147,336
|
|
|
280,286
|
|
|
286,687
|
|
|||
BALANCE AT END OF PERIOD
|
|
$
|
123,238
|
|
|
$
|
147,336
|
|
|
$
|
280,286
|
|
(In thousands)
|
Common
Shares
Outstanding
|
|
Common
Stock
|
|
Paid-in
Capital
|
|
Accumulated Deficit
|
|
Accumulated
Other
Comprehensive
(Loss) Income
|
|
Non-controlling Interest
|
|
Total
Equity
|
|||||||||||||
BALANCE AT DECEMBER 31, 2013
|
119,466
|
|
|
$
|
1,195
|
|
|
$
|
1,076,200
|
|
|
$
|
(249,436
|
)
|
|
$
|
6
|
|
|
$
|
19,894
|
|
|
$
|
847,859
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
70,297
|
|
|
—
|
|
|
(1,414
|
)
|
|
68,883
|
|
||||||
Change in fair market value of investments available-for-sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
||||||
Deferred taxes
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
||||||
Common stock issued under share-based plans
|
916
|
|
|
9
|
|
|
10,842
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,851
|
|
||||||
Income tax benefit on share-based plans
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
||||||
Compensation expense under share-based plans
|
—
|
|
|
—
|
|
|
4,141
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,141
|
|
||||||
BALANCE AT DECEMBER 31, 2014
|
120,382
|
|
|
$
|
1,204
|
|
|
$
|
1,091,146
|
|
|
$
|
(179,139
|
)
|
|
$
|
17
|
|
|
$
|
18,480
|
|
|
$
|
931,708
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,928
|
)
|
|
—
|
|
|
(11,808
|
)
|
|
(23,736
|
)
|
||||||
Change in fair market value of investments available-for-sale, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(384
|
)
|
|
—
|
|
|
(384
|
)
|
||||||
Change in fair value of deferred compensation, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
170
|
|
|
—
|
|
|
170
|
|
||||||
Common stock issued under share-based plans
|
667
|
|
|
6
|
|
|
7,228
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,234
|
|
||||||
Income tax shortfall on share-based plans
|
—
|
|
|
—
|
|
|
(154
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(154
|
)
|
||||||
Compensation expense under share-based plans
|
—
|
|
|
—
|
|
|
2,905
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,905
|
|
||||||
Extinguishment of debt, net of tax
|
—
|
|
|
—
|
|
|
(3,298
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,298
|
)
|
||||||
Purchase of noncontrolling interest
|
|
|
|
|
1,456
|
|
|
|
|
|
|
(6,672
|
)
|
|
(5,216
|
)
|
||||||||||
BALANCE AT DECEMBER 31, 2015
|
121,049
|
|
|
$
|
1,210
|
|
|
$
|
1,099,283
|
|
|
$
|
(191,067
|
)
|
|
$
|
(197
|
)
|
|
$
|
—
|
|
|
$
|
909,229
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
9,473
|
|
|
—
|
|
|
—
|
|
|
9,473
|
|
||||||
Change in fair market value of investments available-for-sale, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
—
|
|
|
97
|
|
||||||
Change in fair value of deferred compensation, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(114
|
)
|
|
—
|
|
|
(114
|
)
|
||||||
Common stock issued under share-based plans
|
299
|
|
|
3
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51
|
|
||||||
Shares withheld to cover employees tax obligations
|
(114
|
)
|
|
(1
|
)
|
|
(1,752
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,753
|
)
|
||||||
Income tax benefit on share-based plans
|
—
|
|
|
—
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108
|
|
||||||
Compensation expense under share-based plans
|
—
|
|
|
—
|
|
|
3,755
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,755
|
|
||||||
BALANCE AT DECEMBER 31, 2016
|
121,234
|
|
|
$
|
1,212
|
|
|
$
|
1,101,442
|
|
|
$
|
(181,594
|
)
|
|
$
|
(214
|
)
|
|
$
|
—
|
|
|
$
|
920,846
|
|
PGM Recycling:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fixed Forward Contracts
|
|
Platinum
|
|
Palladium
|
|
Rhodium
|
|||||||||||||||
Settlement Period
|
|
Ounces
|
|
Average Price/Ounce
|
|
Ounces
|
|
Average Price/Ounce
|
|
Ounces
|
|
Average Price/Ounce
|
|||||||||
First Quarter 2017
|
|
29,942
|
|
|
$
|
959
|
|
|
61,634
|
|
|
$
|
690
|
|
|
8,618
|
|
|
$
|
714
|
|
Second Quarter 2017
|
|
4,058
|
|
|
$
|
940
|
|
|
5,143
|
|
|
$
|
697
|
|
|
1,695
|
|
|
$
|
762
|
|
Year ended December 31,
|
|
Nonvested
Shares
|
|
Weighted-
Average
Grant-
Date Fair
Value
|
|||
Nonvested time-based shares at December 31, 2013
|
|
31,057
|
|
|
$
|
11.55
|
|
Granted
|
|
348,056
|
|
|
14.68
|
|
|
Vested
|
|
(158,412
|
)
|
|
13.84
|
|
|
Forfeited
|
|
(35,954
|
)
|
|
14.22
|
|
|
Nonvested time-based shares at December 31, 2014
|
|
184,747
|
|
|
$
|
13.80
|
|
Granted
|
|
127,407
|
|
|
14.17
|
|
|
Vested
|
|
(114,129
|
)
|
|
13.91
|
|
|
Forfeited
|
|
(11,370
|
)
|
|
14.21
|
|
|
Nonvested time-based shares at December 31, 2015
|
|
186,655
|
|
|
$
|
13.97
|
|
Granted
|
|
213,525
|
|
|
10.00
|
|
|
Vested
|
|
(180,082
|
)
|
|
11.76
|
|
|
Forfeited
|
|
(8,294
|
)
|
|
11.27
|
|
|
Nonvested time-based shares at December 31, 2016
|
|
211,804
|
|
|
$
|
10.25
|
|
|
|
Nonvested
Shares
|
|
Weighted-Average
Grant-Date Fair Value
|
|||
Nonvested performance-based shares at January 1, 2014
|
|
—
|
|
|
$
|
—
|
|
Granted *
|
|
223,412
|
|
|
15.69
|
|
|
Vested
|
|
—
|
|
|
—
|
|
|
Forfeited
|
|
(9,176
|
)
|
|
15.69
|
|
|
Nonvested performance-based shares at December 31, 2014
|
|
214,236
|
|
|
$
|
15.69
|
|
Granted *
|
|
170,078
|
|
|
14.92
|
|
|
Vested
|
|
—
|
|
|
—
|
|
|
Forfeited
|
|
(5,037
|
)
|
|
15.34
|
|
|
Nonvested performance-based shares at December 31, 2015
|
|
379,277
|
|
|
$
|
15.34
|
|
Granted *
|
|
186,285
|
|
|
10.13
|
|
|
Vested
|
|
(115,314
|
)
|
|
14.32
|
|
|
Forfeited
|
|
(9,894
|
)
|
|
12.85
|
|
|
Nonvested performance-based shares at December 31, 2016
|
|
440,354
|
|
|
$
|
14.32
|
|
(In thousands)
|
|
Time-based shares
|
|
Performance -based shares
|
||||
2017
|
|
$
|
1,200
|
|
|
$
|
2,041
|
|
2018
|
|
587
|
|
|
1,125
|
|
||
2019
|
|
13
|
|
|
—
|
|
||
Total
|
|
$
|
1,800
|
|
|
$
|
3,166
|
|
Year Ended December 31,
|
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|||
Options outstanding at December 31, 2013
|
|
199,291
|
|
|
$
|
11.68
|
|
Options exercisable at December 31, 2013
|
|
81,144
|
|
|
14.03
|
|
|
2014 Activity
|
|
|
|
|
|||
Options exercised
|
|
(105,047
|
)
|
|
9.54
|
|
|
Options canceled / forfeited
|
|
(13,100
|
)
|
|
14.32
|
|
|
Options outstanding and exercisable at December 31, 2014
|
|
81,144
|
|
|
$
|
14.03
|
|
2015 Activity
|
|
|
|
|
|||
Options exercised
|
|
(6,492
|
)
|
|
9.16
|
|
|
Options canceled / forfeited
|
|
(17,542
|
)
|
|
11.01
|
|
|
Options outstanding and exercisable at December 31, 2015
|
|
57,110
|
|
|
$
|
15.51
|
|
2016 Activity
|
|
|
|
|
|||
Options exercised
|
|
(3,317
|
)
|
|
10.43
|
|
|
Options canceled / forfeited
|
|
(2,450
|
)
|
|
14.22
|
|
|
Options outstanding and exercisable at December 31, 2016
|
|
51,343
|
|
|
$
|
15.90
|
|
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
||||||
Intrinsic value of exercisable options
|
|
$
|
103
|
|
|
$
|
9
|
|
|
$
|
207
|
|
Cash received from options exercised
|
|
$
|
34
|
|
|
$
|
60
|
|
|
$
|
993
|
|
Intrinsic value of options exercised
|
|
$
|
12
|
|
|
$
|
25
|
|
|
$
|
674
|
|
|
|
Options Outstanding and Exercisable
|
|||||||
Range of Exercise
Price
|
|
Number Outstanding and Exercisable
|
|
Weighted Average
Remaining
Contract
Life
|
|
Weighted
Average
Exercise
Price
|
|||
$ 5.05 - $11.97
|
|
9,834
|
|
|
2.0
|
|
$
|
9.48
|
|
$11.98 - $14.12
|
|
10,125
|
|
|
1.9
|
|
12.81
|
|
|
$14.13 - $18.56
|
|
10,359
|
|
|
3.1
|
|
16.33
|
|
|
$18.57 - $19.55
|
|
10,600
|
|
|
3.9
|
|
19.05
|
|
|
$19.56 - $24.55
|
|
10,425
|
|
|
3.3
|
|
21.34
|
|
|
|
|
51,343
|
|
|
2.8
|
|
$
|
15.90
|
|
(In thousands)
|
|
DSUs
|
|
Fair market value
(1)
|
|
Closing Share Price
|
|||||
Granted
|
|
30,420
|
|
|
|
|
$
|
18.69
|
|
||
Distributions
|
|
(5,070
|
)
|
|
$
|
(66,667
|
)
|
|
|
||
Liability at December 31, 2014
|
|
25,350
|
|
|
$
|
373,637
|
|
|
$
|
14.74
|
|
Granted
|
|
37,053
|
|
|
|
|
13.22
|
|
|||
Liability at December 31, 2015
|
|
62,403
|
|
|
$
|
534,804
|
|
|
$
|
8.57
|
|
Granted
|
|
46,242
|
|
|
|
|
10.12
|
|
|||
Liability at December 31, 2016
|
|
108,645
|
|
|
$
|
1,750,302
|
|
|
$
|
16.11
|
|
(In thousands)
|
|
2016
|
|
2015
|
||||
Mine development and mineral interests-US
|
|
$
|
83,201
|
|
|
$
|
86,905
|
|
Mineral interests-South America
|
|
16,986
|
|
|
13,697
|
|
||
Long-term debt
|
|
21,422
|
|
|
27,835
|
|
||
Total deferred tax liabilities
|
|
$
|
121,609
|
|
|
$
|
128,437
|
|
Noncurrent liabilities
|
|
(11,232
|
)
|
|
(9,896
|
)
|
||
Mine development and mineral interests-Canada
|
|
(16,024
|
)
|
|
(15,900
|
)
|
||
Property and equipment
|
|
(16,776
|
)
|
|
(16,440
|
)
|
||
Current liabilities
|
|
(20,042
|
)
|
|
(18,844
|
)
|
||
Long-term investments
|
|
(1,540
|
)
|
|
(2,989
|
)
|
||
Inventory
|
|
(1,783
|
)
|
|
(993
|
)
|
||
AMT credit and other carryforwards
|
|
(40,531
|
)
|
|
(34,383
|
)
|
||
Exploration
|
|
(9,910
|
)
|
|
(3,578
|
)
|
||
Net operating loss (NOL) and other carryforwards
|
|
(25,946
|
)
|
|
(39,244
|
)
|
||
Total deferred tax assets
|
|
$
|
(143,784
|
)
|
|
$
|
(142,267
|
)
|
Valuation allowance
|
|
38,578
|
|
|
36,591
|
|
||
Total net deferred tax assets
|
|
(105,206
|
)
|
|
(105,676
|
)
|
||
Net deferred tax liabilities
|
|
$
|
16,403
|
|
|
$
|
22,761
|
|
|
|
December 31,
|
||||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
||||||
(Loss) income before income taxes
|
|
$
|
13,153
|
|
|
$
|
(36,069
|
)
|
|
$
|
85,141
|
|
Income tax (benefit) provision at statutory rates
|
|
4,603
|
|
|
(12,624
|
)
|
|
29,799
|
|
|||
State income tax expense, net of federal benefit
|
|
218
|
|
|
50
|
|
|
3,553
|
|
|||
Percentage depletion
|
|
(6,098
|
)
|
|
(5,366
|
)
|
|
(17,302
|
)
|
|||
Foreign currency transaction loss (gain), net
|
|
1,571
|
|
|
3,471
|
|
|
(1,353
|
)
|
|||
Compensation related adjustment
|
|
834
|
|
|
59
|
|
|
6
|
|
|||
Change in valuation allowance
|
|
1,987
|
|
|
13,780
|
|
|
2,127
|
|
|||
Return-to-provision
|
|
(561
|
)
|
|
(1,259
|
)
|
|
92
|
|
|||
Impact of foreign operations
|
|
(3,372
|
)
|
|
(2,981
|
)
|
|
(52
|
)
|
|||
Rate adjustment
|
|
17
|
|
|
(7,290
|
)
|
|
(96
|
)
|
|||
Tax contingencies, net of reversals
|
|
3,515
|
|
|
—
|
|
|
—
|
|
|||
Other
|
|
966
|
|
|
(173
|
)
|
|
(516
|
)
|
|||
Net income tax (benefit) provision
|
|
$
|
3,680
|
|
|
$
|
(12,333
|
)
|
|
$
|
16,258
|
|
|
|
December 31,
|
||||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
||||||
Current
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
5,114
|
|
|
$
|
3,203
|
|
|
$
|
13,902
|
|
State
|
|
3,010
|
|
|
2,175
|
|
|
6,947
|
|
|||
Current income tax
|
|
$
|
8,124
|
|
|
$
|
5,378
|
|
|
$
|
20,849
|
|
Deferred
|
|
|
|
|
|
|
||||||
Federal
|
|
(1,859
|
)
|
|
(1,474
|
)
|
|
(1,577
|
)
|
|||
State
|
|
(1,428
|
)
|
|
(14,510
|
)
|
|
(2,462
|
)
|
|||
Foreign
|
|
(1,157
|
)
|
|
(1,727
|
)
|
|
(552
|
)
|
|||
Deferred income tax benefit
|
|
(4,444
|
)
|
|
(17,711
|
)
|
|
(4,591
|
)
|
|||
Income tax (benefit) provision
|
|
$
|
3,680
|
|
|
$
|
(12,333
|
)
|
|
$
|
16,258
|
|
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
||||||
United States
|
|
$
|
17,667
|
|
|
$
|
10,574
|
|
|
$
|
88,281
|
|
Foreign
|
|
(4,514
|
)
|
|
(46,643
|
)
|
|
(3,140
|
)
|
|||
Income / (loss) before income tax provision (benefit)
|
|
$
|
13,153
|
|
|
$
|
(36,069
|
)
|
|
$
|
85,141
|
|
(In thousands)
|
|
Available-for-sale marketable securities
|
|
Deferred Compensation
|
|
Accumulated Other Comprehensive (Loss) Income
|
||||||
Balance at December 31, 2013
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
6
|
|
Change in value, net of tax
|
|
11
|
|
|
—
|
|
|
11
|
|
|||
Balance at December 31, 2014
|
|
17
|
|
|
—
|
|
|
17
|
|
|||
Change in value, net of tax
|
|
(384
|
)
|
|
170
|
|
|
(214
|
)
|
|||
Balance at December 31, 2015
|
|
(367
|
)
|
|
170
|
|
|
(197
|
)
|
|||
Change in value, net of tax
|
|
97
|
|
|
(114
|
)
|
|
(17
|
)
|
|||
Balance at December 31, 2016
|
|
$
|
(270
|
)
|
|
$
|
56
|
|
|
$
|
(214
|
)
|
(In thousands)
|
|
Mine
Production
|
|
PGM
Recycling
|
|
Canadian
Properties
|
|
South
American
Properties
|
|
All
Other
|
|
Total
|
||||||||||||
Year ended December 31, 2016
|
|
|
|
|
|
|
||||||||||||||||||
Revenues
|
|
$
|
405,070
|
|
|
$
|
305,865
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
400
|
|
|
$
|
711,335
|
|
Costs of metals sold
|
|
$
|
279,274
|
|
|
$
|
294,850
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
574,124
|
|
Depletion, depreciation and amortization
|
|
$
|
73,080
|
|
|
$
|
728
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
73,808
|
|
General and administrative expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
695
|
|
|
$
|
577
|
|
|
$
|
33,392
|
|
|
$
|
34,664
|
|
Interest income
|
|
$
|
—
|
|
|
$
|
2,105
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
2,108
|
|
|
$
|
4,216
|
|
Interest expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,491
|
|
|
$
|
16,491
|
|
Income (loss) before income taxes
|
|
$
|
52,716
|
|
|
$
|
12,392
|
|
|
$
|
(1,082
|
)
|
|
$
|
(3,126
|
)
|
|
$
|
(47,747
|
)
|
|
$
|
13,153
|
|
Capital expenditures
|
|
$
|
87,967
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
41
|
|
|
$
|
660
|
|
|
$
|
88,696
|
|
Total assets
|
|
$
|
636,310
|
|
|
$
|
87,553
|
|
|
$
|
24,988
|
|
|
$
|
102,980
|
|
|
$
|
475,206
|
|
|
$
|
1,327,037
|
|
(In thousands)
|
|
Mine
Production |
|
PGM
Recycling |
|
Canadian
Properties |
|
South
American Properties |
|
All
Other |
|
Total
|
||||||||||||
Year ended December 31, 2015
|
|
|
|
|
|
|
||||||||||||||||||
Revenues
|
|
$
|
415,774
|
|
|
$
|
310,156
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
400
|
|
|
$
|
726,330
|
|
Costs of metals sold
|
|
$
|
293,955
|
|
|
$
|
300,710
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
594,665
|
|
Depletion, depreciation and amortization
|
|
$
|
64,200
|
|
|
$
|
949
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
65,149
|
|
General and administrative expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,146
|
|
|
$
|
504
|
|
|
$
|
32,383
|
|
|
$
|
34,033
|
|
Interest income
|
|
$
|
—
|
|
|
$
|
1,653
|
|
|
$
|
7
|
|
|
$
|
27
|
|
|
$
|
1,268
|
|
|
$
|
2,955
|
|
Interest expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20,187
|
|
|
$
|
20,187
|
|
Income (loss) before impairment charge and income taxes
|
|
$
|
57,618
|
|
|
$
|
10,151
|
|
|
$
|
(1,910
|
)
|
|
$
|
2,218
|
|
|
$
|
(57,374
|
)
|
|
$
|
10,703
|
|
Impairment charge
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46,772
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46,772
|
|
Income (loss) after impairment charge, before income taxes
|
|
$
|
57,618
|
|
|
$
|
10,151
|
|
|
$
|
(48,682
|
)
|
|
$
|
2,218
|
|
|
$
|
(57,374
|
)
|
|
$
|
(36,069
|
)
|
Capital expenditures
|
|
$
|
100,725
|
|
|
$
|
327
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
6,336
|
|
|
$
|
107,434
|
|
Total assets
|
|
$
|
613,498
|
|
|
$
|
40,757
|
|
|
$
|
26,517
|
|
|
$
|
103,774
|
|
|
$
|
493,843
|
|
|
$
|
1,278,389
|
|
(In thousands)
|
|
Mine
Production |
|
PGM
Recycling |
|
Canadian
Properties |
|
South
American Properties |
|
All
Other |
|
Total
|
||||||||||||
Year ended December 31, 2014
|
|
|
|
|
|
|
||||||||||||||||||
Revenues
|
|
$
|
536,010
|
|
|
$
|
401,684
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,925
|
|
|
$
|
943,619
|
|
Costs of metals sold
|
|
$
|
332,632
|
|
|
$
|
391,481
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,357
|
|
|
$
|
729,470
|
|
Depletion, depreciation and amortization
|
|
$
|
66,387
|
|
|
$
|
1,019
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
67,406
|
|
General and administrative expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,251
|
|
|
$
|
337
|
|
|
$
|
31,479
|
|
|
$
|
35,067
|
|
Interest income
|
|
$
|
—
|
|
|
$
|
2,535
|
|
|
$
|
6
|
|
|
$
|
68
|
|
|
$
|
942
|
|
|
$
|
3,551
|
|
Interest expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
22,718
|
|
|
$
|
22,719
|
|
Income (loss) before impairment charge and income taxes
|
|
$
|
136,990
|
|
|
$
|
11,719
|
|
|
$
|
(4,581
|
)
|
|
$
|
2,600
|
|
|
$
|
(61,037
|
)
|
|
$
|
85,691
|
|
Impairment charge
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
550
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
550
|
|
Income (loss) after impairment charge, before income taxes
|
|
$
|
136,990
|
|
|
$
|
11,719
|
|
|
$
|
(5,131
|
)
|
|
$
|
2,600
|
|
|
$
|
(61,037
|
)
|
|
$
|
85,141
|
|
Capital expenditures
|
|
$
|
115,147
|
|
|
$
|
181
|
|
|
$
|
—
|
|
|
$
|
45
|
|
|
$
|
4,309
|
|
|
$
|
119,682
|
|
Total assets
|
|
$
|
596,653
|
|
|
$
|
65,513
|
|
|
$
|
75,250
|
|
|
$
|
106,947
|
|
|
$
|
554,964
|
|
|
$
|
1,399,327
|
|
(In thousands)
|
|
Amortized
Cost
|
|
Gross
unrealized
gains
|
|
Gross
unrealized
losses
|
|
Fair
market
value
|
||||||||
2016
|
|
|
|
|
|
|
|
|
||||||||
Federal agency notes
|
|
$
|
292,928
|
|
|
$
|
—
|
|
|
$
|
(348
|
)
|
|
$
|
292,580
|
|
Commercial paper
|
|
34,385
|
|
|
—
|
|
|
(81
|
)
|
|
34,304
|
|
||||
Subtotal
|
|
327,313
|
|
|
—
|
|
|
(429
|
)
|
|
326,884
|
|
||||
Mutual funds
|
|
1,148
|
|
|
86
|
|
|
—
|
|
|
1,234
|
|
||||
Total
|
|
$
|
328,461
|
|
|
$
|
86
|
|
|
$
|
(429
|
)
|
|
$
|
328,118
|
|
2015
|
|
|
|
|
|
|
|
|
||||||||
Federal agency notes
|
|
$
|
285,276
|
|
|
$
|
—
|
|
|
$
|
(519
|
)
|
|
$
|
284,757
|
|
Commercial paper
|
|
31,730
|
|
|
—
|
|
|
(58
|
)
|
|
31,672
|
|
||||
Subtotal
|
|
317,006
|
|
|
—
|
|
|
(577
|
)
|
|
316,429
|
|
||||
Mutual funds
|
|
482
|
|
|
261
|
|
|
—
|
|
|
743
|
|
||||
Total
|
|
$
|
317,488
|
|
|
$
|
261
|
|
|
$
|
(577
|
)
|
|
$
|
317,172
|
|
(In thousands)
|
|
Amortized cost
|
|
Fair market value
|
||||
Federal agency notes
|
|
|
|
|
||||
Due in one year or less
|
|
$
|
232,610
|
|
|
$
|
232,462
|
|
Due after one year through two years
|
|
60,318
|
|
|
60,118
|
|
||
Total
|
|
$
|
292,928
|
|
|
$
|
292,580
|
|
|
|
|
|
|
||||
Commercial paper
|
|
|
|
|
||||
Due in one year or less
|
|
$
|
11,740
|
|
|
$
|
11,737
|
|
Due after one year through two years
|
|
22,645
|
|
|
22,567
|
|
||
Total
|
|
$
|
34,385
|
|
|
$
|
34,304
|
|
(In thousands)
|
|
2016
|
|
2015
|
||||
Metals inventory
|
|
|
|
|
||||
Raw ore
|
|
$
|
3,193
|
|
|
$
|
4,234
|
|
Concentrate and in-process
|
|
76,520
|
|
|
43,727
|
|
||
Finished goods
|
|
41,329
|
|
|
32,618
|
|
||
|
|
$
|
121,042
|
|
|
$
|
80,579
|
|
Materials and supplies
|
|
17,611
|
|
|
21,493
|
|
||
Total inventory
|
|
$
|
138,653
|
|
|
$
|
102,072
|
|
|
|
Year Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
December 31, 2016
|
|
December 31, 2014
|
||||||||||||||||||
(In thousands, except per share amounts)
|
|
Income (Numerator)
|
|
Weighted Average Shares (Denominator)
|
|
Per Share Amount
|
|
Income (Numerator)
|
|
Weighted Average Shares (Denominator)
|
|
Per Share Amount
|
||||||||||
Basic EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to common stockholders
|
|
$
|
9,473
|
|
|
121,072
|
|
|
$
|
0.08
|
|
|
$
|
70,297
|
|
|
119,953
|
|
|
$
|
0.59
|
|
Effect of Dilutive Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options
|
|
—
|
|
|
1
|
|
|
|
|
—
|
|
|
31
|
|
|
|
||||||
Nonvested shares
|
|
—
|
|
|
126
|
|
|
|
|
—
|
|
|
53
|
|
|
|
||||||
Contingently issuable shares
|
|
—
|
|
|
377
|
|
|
|
|
—
|
|
|
98
|
|
|
|
||||||
1.875% Convertible Debentures, net of tax
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
95
|
|
|
|
||||||
1.75% Convertible Debentures, net of tax and capitalized interest
|
|
—
|
|
|
—
|
|
|
|
|
16,613
|
|
|
36,003
|
|
|
|
||||||
Diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to common stockholders and assumed conversions
|
|
$
|
9,473
|
|
|
121,576
|
|
|
$
|
0.08
|
|
|
$
|
86,910
|
|
|
156,233
|
|
|
$
|
0.56
|
|
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
|||
Stock options
|
|
3
|
|
|
6
|
|
|
34
|
|
Nonvested time-based shares
|
|
3
|
|
|
44
|
|
|
13
|
|
Contingently issuable shares
|
|
226
|
|
|
308
|
|
|
116
|
|
1.875% Convertible debentures, net of tax
|
|
22
|
|
|
22
|
|
|
—
|
|
1.75% Convertible debentures, net of tax
|
|
30,413
|
|
|
30,413
|
|
|
—
|
|
(In thousands)
|
|
2016
|
|
2015 *
|
|
2014 *
|
||||||
1.75% Convertible Debentures
|
|
|
|
|
|
|
||||||
Amortization of debt issuance costs
|
|
$
|
892
|
|
|
$
|
925
|
|
|
$
|
1,120
|
|
|
|
|
|
|
|
|
||||||
Interest expense, net of capitalized interest
|
|
$
|
15,585
|
|
|
$
|
18,596
|
|
|
$
|
18,947
|
|
Reduction in debt issuance costs (repurchase of debt)
|
|
$
|
—
|
|
|
$
|
747
|
|
|
$
|
—
|
|
Cash payments for interest
|
|
$
|
5,865
|
|
|
$
|
6,827
|
|
|
$
|
6,943
|
|
|
|
|
|
|
|
|
||||||
1.875% Convertible Debentures
|
|
|
|
|
|
|
||||||
Amortization of debt issuance costs
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest expense, net of capitalized interest
|
|
$
|
6
|
|
|
$
|
25
|
|
|
$
|
33
|
|
Cash payments for interest
|
|
$
|
10
|
|
|
$
|
42
|
|
|
$
|
42
|
|
|
|
|
|
|
|
|
||||||
Asset-Backed Revolving Credit Facility
|
|
|
|
|
|
|
||||||
Amortization of debt issuance costs
|
|
$
|
—
|
|
|
$
|
539
|
|
|
$
|
272
|
|
Fees
|
|
$
|
—
|
|
|
$
|
1,168
|
|
|
$
|
1,026
|
|
|
|
|
|
|
|
|
||||||
Exempt Facility Revenue Bonds, Series 2000
|
|
|
|
|
|
|
||||||
Amortization of debt issuance costs
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
896
|
|
Interest expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,240
|
|
Cash payments for interest
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,240
|
|
|
|
|
|
|
|
|
||||||
Capital Lease Obligation
|
|
|
|
|
|
|
||||||
Interest expense
|
|
$
|
8
|
|
|
$
|
102
|
|
|
$
|
211
|
|
Cash payments for interest
|
|
$
|
8
|
|
|
$
|
102
|
|
|
$
|
211
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
(In thousands)
|
|
Current
|
|
Long-Term
|
|
Current
|
|
Long-Term
|
||||||||
1.75% Convertible Debentures
|
|
|
|
|
|
|
|
|
||||||||
Aggregate principal
|
|
$
|
—
|
|
|
$
|
335,150
|
|
|
$
|
—
|
|
|
$
|
335,150
|
|
Debt discount
|
|
—
|
|
|
(57,939
|
)
|
|
—
|
|
|
(76,754
|
)
|
||||
Deferred debt issuance costs
|
|
—
|
|
|
(2,929
|
)
|
|
—
|
|
|
(3,821
|
)
|
||||
Debt balance *
|
|
$
|
—
|
|
|
$
|
274,282
|
|
|
$
|
—
|
|
|
$
|
254,575
|
|
1.875% Convertible Debentures
|
|
—
|
|
|
524
|
|
|
—
|
|
|
524
|
|
||||
Capital Lease Obligation
|
|
—
|
|
|
—
|
|
|
580
|
|
|
—
|
|
||||
Small Land Purchase
|
|
—
|
|
|
—
|
|
|
77
|
|
|
—
|
|
||||
Total debt balances *
|
|
$
|
—
|
|
|
$
|
274,806
|
|
|
$
|
657
|
|
|
$
|
255,099
|
|
(In thousands)
|
|
2016
|
|
2015
|
||||
Mineral Properties:
|
|
|
|
|
||||
Montana, United States of America
|
|
|
|
|
||||
Stillwater Mine
|
|
$
|
1,950
|
|
|
$
|
1,950
|
|
Ontario, Canada
|
|
|
|
|
||||
Marathon properties
|
|
8,560
|
|
|
8,560
|
|
||
San Juan, Argentina
|
|
|
|
|
||||
Altar property
|
|
101,970
|
|
|
101,970
|
|
||
Mine Development:
|
|
|
|
|
||||
Montana, United States of America
|
|
|
|
|
||||
Stillwater Mine
|
|
764,054
|
|
|
697,781
|
|
||
East Boulder Mine
|
|
235,511
|
|
|
220,281
|
|
||
|
|
$
|
1,112,045
|
|
|
$
|
1,030,542
|
|
Accumulated depletion and amortization
|
|
(515,113
|
)
|
|
(457,311
|
)
|
||
Total mineral properties and mine development, net
|
|
$
|
596,932
|
|
|
$
|
573,231
|
|
(In thousands)
|
|
2016
|
|
2015
|
||||
Machinery and equipment
|
|
$
|
165,490
|
|
|
$
|
161,292
|
|
Buildings and structural components
|
|
176,612
|
|
|
173,580
|
|
||
Land
|
|
11,740
|
|
|
11,740
|
|
||
Construction-in-progress:
|
|
|
|
|
||||
Stillwater Mine
|
|
13,967
|
|
|
2,615
|
|
||
East Boulder Mine
|
|
1,016
|
|
|
435
|
|
||
Marathon
|
|
148
|
|
|
148
|
|
||
Processing facilities and other
|
|
1,846
|
|
|
1,982
|
|
||
|
|
$
|
370,819
|
|
|
$
|
351,792
|
|
Accumulated depreciation
|
|
(259,423
|
)
|
|
(241,835
|
)
|
||
Total property, plant, and equipment, net
|
|
$
|
111,396
|
|
|
$
|
109,957
|
|
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
||||||
Stillwater Mine
|
|
$
|
84,634
|
|
|
$
|
88,799
|
|
|
$
|
95,038
|
|
East Boulder Mine
|
|
16,709
|
|
|
17,916
|
|
|
28,813
|
|
|||
Altar project
|
|
41
|
|
|
46
|
|
|
45
|
|
|||
Other
|
|
1,219
|
|
|
5,089
|
|
|
5,917
|
|
|||
Total capital outlay
|
|
$
|
102,603
|
|
|
$
|
111,850
|
|
|
$
|
129,813
|
|
Non-cash capitalized interest / depreciation
|
|
(10,329
|
)
|
|
(9,347
|
)
|
|
(8,443
|
)
|
|||
Change in accounts payable for capital expenditures
|
|
(3,578
|
)
|
|
4,931
|
|
|
(1,688
|
)
|
|||
Total cash paid
|
|
$
|
88,696
|
|
|
$
|
107,434
|
|
|
$
|
119,682
|
|
(In thousands)
|
|
Stillwater
Mine
|
|
East
Boulder
Mine
|
|
Total
|
||||||
Balance at December 31, 2014
|
|
$
|
8,720
|
|
|
$
|
681
|
|
|
$
|
9,401
|
|
Accretion expense
|
|
777
|
|
|
35
|
|
|
812
|
|
|||
Additions and changes in estimates
|
|
1,115
|
|
|
(301
|
)
|
|
814
|
|
|||
Balance at December 31, 2015
|
|
$
|
10,612
|
|
|
$
|
415
|
|
|
$
|
11,027
|
|
Accretion expense
|
|
800
|
|
|
58
|
|
|
858
|
|
|||
Additions and changes in estimates
|
|
(452
|
)
|
|
163
|
|
|
(289
|
)
|
|||
Balance at December 31, 2016
|
|
$
|
10,960
|
|
|
$
|
636
|
|
|
$
|
11,596
|
|
•
|
Level 1 – Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or inputs that are observable or can be corroborated by observable market data.
|
•
|
Level 3 – Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.
|
(In thousands)
|
|
Fair Value Measurements
|
||||||||||||||
At December 31, 2016
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Money market funds
|
|
$
|
35,131
|
|
|
$
|
35,131
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
|
$
|
1,234
|
|
|
$
|
1,234
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Investments
|
|
|
|
|
|
|
|
|
||||||||
Federal agency notes
|
|
$
|
292,580
|
|
|
$
|
—
|
|
|
$
|
292,580
|
|
|
$
|
—
|
|
Commercial paper
|
|
$
|
34,304
|
|
|
$
|
—
|
|
|
$
|
34,304
|
|
|
$
|
—
|
|
(In thousands)
|
|
Fair Value Measurements
|
||||||||||||||
At December 31, 2015
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Money market funds
|
|
$
|
54,761
|
|
|
$
|
54,761
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
|
$
|
743
|
|
|
$
|
743
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Investments
|
|
|
|
|
|
|
|
|
||||||||
Federal agency notes
|
|
$
|
284,757
|
|
|
$
|
—
|
|
|
$
|
284,757
|
|
|
$
|
—
|
|
Commercial paper
|
|
$
|
31,672
|
|
|
$
|
—
|
|
|
$
|
31,672
|
|
|
$
|
—
|
|
(In thousands)
|
|
Fair Value Measurements
|
||||||||||||||
At December 31, 2016
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
1.875 % Convertible Debentures
|
|
$
|
524
|
|
|
$
|
—
|
|
|
$
|
524
|
|
|
$
|
—
|
|
1.75% Convertible Debentures
|
|
$
|
244,807
|
|
|
$
|
—
|
|
|
$
|
244,807
|
|
|
$
|
—
|
|
Long-term investments
|
|
$
|
91
|
|
|
$
|
91
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(In thousands)
|
|
Fair Value Measurements
|
||||||||||||||
At December 31, 2015
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
1.875% Convertible Debentures
|
|
$
|
524
|
|
|
$
|
—
|
|
|
$
|
524
|
|
|
$
|
—
|
|
1.75% Convertible Debentures
|
|
$
|
285,446
|
|
|
$
|
—
|
|
|
$
|
285,446
|
|
|
$
|
—
|
|
Long-term investments
|
|
$
|
524
|
|
|
$
|
524
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Year ended (In thousands)
|
|
Minimum
Lease
Payments
|
||
2017
|
|
$
|
148
|
|
2018
|
|
120
|
|
|
2019
|
|
66
|
|
|
Total
|
|
$
|
334
|
|
|
2016
(1)
|
|
2015
(1)
|
|
2014
(1)
|
|||
Customer A
|
70
|
%
|
|
75
|
%
|
|
51
|
%
|
Customer B
|
10
|
%
|
|
—
|
|
|
—
|
|
Customer C
|
—
|
|
|
—
|
|
|
15
|
%
|
|
80
|
%
|
|
75
|
%
|
|
66
|
%
|
(In thousands, except per share data)
|
|
2016 Quarter Ended
|
||||||||||||||
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
Revenue
|
|
$
|
133,638
|
|
|
$
|
165,683
|
|
|
$
|
196,617
|
|
|
$
|
215,397
|
|
Depletion, depreciation and amortization
|
|
$
|
17,260
|
|
|
$
|
20,711
|
|
|
$
|
17,771
|
|
|
$
|
18,066
|
|
Operating (loss) income
|
|
$
|
(8,253
|
)
|
|
$
|
3,630
|
|
|
$
|
18,011
|
|
|
$
|
10,703
|
|
Net (loss) income *
|
|
$
|
(9,930
|
)
|
|
$
|
784
|
|
|
$
|
12,599
|
|
|
$
|
6,021
|
|
Comprehensive (loss) income attributable to common stockholders*
|
|
$
|
(9,583
|
)
|
|
$
|
967
|
|
|
$
|
12,406
|
|
|
$
|
5,667
|
|
Basic (loss) earnings per share attributable to common stockholders
|
|
$
|
(0.08
|
)
|
|
$
|
0.01
|
|
|
$
|
0.10
|
|
|
$
|
0.05
|
|
Diluted (loss) earnings per share attributable to common stockholders
|
|
$
|
(0.08
|
)
|
|
$
|
0.01
|
|
|
$
|
0.10
|
|
|
$
|
0.05
|
|
(In thousands, except per share data)
|
|
2015 Quarter Ended
|
||||||||||||||
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
Revenue
|
|
$
|
200,520
|
|
|
$
|
185,384
|
|
|
$
|
168,441
|
|
|
$
|
171,985
|
|
Depletion, depreciation and amortization
|
|
$
|
17,121
|
|
|
$
|
17,198
|
|
|
$
|
15,362
|
|
|
$
|
15,468
|
|
Operating income (loss)
|
|
$
|
21,170
|
|
|
$
|
(34,812
|
)
|
|
$
|
(6,181
|
)
|
|
$
|
129
|
|
Net income (loss) *
|
|
$
|
22,888
|
|
|
$
|
(39,018
|
)
|
|
$
|
(12,029
|
)
|
|
$
|
4,424
|
|
Comprehensive income (loss) attributable to common stockholders *
|
|
$
|
23,139
|
|
|
$
|
(27,429
|
)
|
|
$
|
(11,912
|
)
|
|
$
|
4,061
|
|
Basic earnings (loss) per share attributable to common stockholders
|
|
$
|
0.19
|
|
|
$
|
(0.23
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
0.04
|
|
Diluted earnings (loss) per share attributable to common stockholders *
|
|
$
|
0.17
|
|
|
$
|
(0.23
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
0.04
|
|
(a)
|
Disclosure Controls and Procedures.
|
(b)
|
Changes in Internal Control Over Financial Reporting.
|
(c)
|
Internal Control Over Financial Reporting.
|
Name
|
|
Age
|
|
Position
|
Michael J. McMullen
|
|
46
|
|
President and Chief Executive Officer
|
Christopher M. Bateman
|
|
52
|
|
Chief Financial Officer
|
Kristen K. Koss
|
|
61
|
|
Vice President of Safety, Health and Human Resources
|
Brent R. Wadman
|
|
44
|
|
Vice President of Legal Affairs and Corporate Secretary
|
Dee L. Bray
|
|
51
|
|
Vice President of Mine Operations
|
|
||
Number
|
|
Description
|
|
|
|
2.1
|
|
Agreement and Plan of Merger, dated December 9, 2016, by and among the Stillwater Mining Company, Sibanye Gold Limited, Thor US Holdco Inc. and Thor Mergco Inc. (incorporated by reference to Exhibit 2.1 to the Registrant's on Form 8-K filed on December 9, 2016).
|
|
|
|
3.1
|
|
Restated Certificate of Incorporation of Stillwater Mining Company, dated October 23, 2003 (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 10-Q for the quarterly period ended September 30, 2003, filed on October 27, 2003).
|
|
|
|
3.2
|
|
Amendment No. 2 to Amended and Restated By-Laws of Stillwater Mining Company, as amended, dated May 21, 2013 (incorporated by reference to Exhibit 3.2 to the Registrant's on Form 8-K filed on May 22, 2013).
|
|
|
|
3.3
|
|
Amended and Restated Bylaws of Stillwater Mining Company, compiled and reflecting all amendments through November 23, 2016 (incorporated by reference to Exhibit 3.3 to the Registrant's on Form 8-K filed on November 28, 2016).
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4.01
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Form of 1.875% Convertible Senior Notes due 2028 (incorporated by reference to Exhibit 4.2 to the Registrant’s Form 8-K, filed on March 14, 2008).
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4.02
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First Supplemental Indenture between Stillwater Mining Company and Law Debenture Trust Company of New York dated October 17, 2012 (incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on October 17, 2012).
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4.03
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Form of 1.75% Convertible Senior Notes due 2032 (incorporated by reference to Exhibit 4.2 to the Registrant's Form 8-K filed on October 17, 2012).
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10.1
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Conveyance of Royalty Interest and Agreement between Stillwater Mining Company and Manville Mining Company, dated October 1, 1993 (incorporated by reference to Exhibit 10.9 to the Registrant’s 1994 S-1).
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10.2
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Executive Employment Agreement between Stillwater Mining Company and Kristen K. Koss, dated March 7, 2016 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on March 10, 2016).
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10.3
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Executive Employment Agreement between Stillwater Mining Company and Brent R. Wadman, dated March 7, 2016 (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on March 10, 2016).
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10.4
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Executive Employment Agreement between Stillwater Mining Company and Rhonda L. Ihde, dated March 7, 2016 (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on March 10, 2016).
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10.5
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Amended and Restated General Employee Stock Plan, dated October 23, 2003 (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the quarterly period ended September 30, 2003, filed on October 27, 2003).
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10.6
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Executive Employment Agreement between Stillwater Mining Company and Michael J. McMullen, dated March 25, 2016 (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on March 28, 2016).
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10.7
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|
Side letter to the Executive Employment Agreement between Michael J. McMullen and Stillwater Mining Company, dated as of December 7, 2016 (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K filed on December 9, 2016).
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10.8
|
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409A Nonqualified Deferred Compensation Plan, (incorporated by reference to Exhibit 10.34 to the Registrant’s Form 10-K filed on March 16, 2006).
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10.9
|
|
2004 Equity Incentive Plan (incorporated by reference to Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on March 25, 2004).
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10.10
|
|
409A Non-Employee Directors Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K dated May 9, 2005).
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10.11
|
|
2012 Equity Incentive Plan (incorporated by reference to Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on March 23, 2012).
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10.12
|
|
Indenture, dated as of March 12, 2008, among Stillwater Mining Company, Law Debenture Trust Company of New York, and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K, dated March 14, 2008).
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||
Number
|
|
Description
|
10.13
|
|
Independent Director Deferred Share Unit Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K dated August 13, 2014).
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10.14
|
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Master Goods and Services Agreement between Stillwater Mining Company and Johnson Matthey Inc. effective July 1, 2014 (portions of the agreement have been omitted pursuant to a confidential treatment request) (incorporated by reference to Exhibit 10.2 to the Registrant's Form 10-Q filed on November 5, 2014).
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10.15
|
|
Precious Metals Supply Agreement between Stillwater Mining Company and Johnson Matthey Inc. effective July 1, 2014 (portions of the agreement have been omitted pursuant to a confidential treatment request) (incorporated by reference to Exhibit 10.3 to the Registrant's Form 10-Q filed on November 5, 2014).
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10.16
|
|
Executive Employment Agreement between Christopher M. Bateman and Stillwater Mining Company, dated November 13, 2014 (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 8-K/A filed on December 12, 2014).
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10.17
|
|
First Amendment to the Stillwater Mining Company 2012 Equity Incentive Plan (incorporated by reference to Exhibit 10.66 of the Registrant's Form 10-K / A filed on March 5, 2014).
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|
|
10.18
|
|
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on May 7, 2015).
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10.19
|
|
Amended Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on March 28, 2016).
|
|
|
|
10.20
|
|
Amended Performance Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on March 28, 2016).
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18.1
|
|
Preferability letter from KPMG LLP dated March 30, 2005 (incorporated by reference to Exhibit 18.1 to the Registrant's Form 10-K filed on March 31, 2005).
|
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18.2
|
|
Preferability letter from KPMG LLP dated May 5, 2010 (incorporated by reference to Exhibit 18.1 to the Registrant’s Form 10-Q filed on May 5, 2010).
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|
|
21.1
|
|
List of Subsidiaries pursuant to Item 601(b)(21)(ii) of Regulation S-K (filed herewith).
|
|
|
|
23.1
|
|
Consent of KPMG LLP, Independent Registered Public Accounting Firm (filed herewith).
|
|
|
|
23.2
|
|
Consent of Behre Dolbear & Company, Inc., (filed herewith).
|
|
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|
31.1
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 (filed herewith).
|
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|
31.2
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 (filed herewith).
|
|
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|
32.1
|
|
Section 1350 Certification (filed herewith).
|
|
|
|
32.2
|
|
Section 1350 Certification (filed herewith).
|
|
|
|
95.0
|
|
Mine Safety Disclosures
|
|
|
|
101.INS
|
|
XBRL Instance
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation
|
|
|
|
STILLWATER MINING COMPANY
|
||
|
|
|
(“Registrant”)
|
||
|
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|
||
Dated:
|
February 16, 2017
|
|
By:
|
|
/s/ Michael J. McMullen
|
|
|
|
|
|
Michael J. McMullen
|
|
|
|
|
|
President and Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Michael J. McMullen
|
|
President, Chief Executive Officer and Director
|
|
February 16, 2017
|
Michael J. McMullen
|
|
(Principal Executive Officer)
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|
|
|
|
|
|
|
/s/ Christopher M. Bateman
|
|
Chief Financial Officer
|
|
February 16, 2017
|
Christopher M. Bateman
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Brian D. Schweitzer
|
|
Chairman of the Board
|
|
February 16, 2017
|
Brian D. Schweitzer
|
|
|
|
|
|
|
|
|
|
/s/ George M. Bee
|
|
Director
|
|
February 16, 2017
|
George M. Bee
|
|
|
|
|
|
|
|
|
|
/s/ Patrice E. Merrin
|
|
Director
|
|
February 16, 2017
|
Patrice E. Merrin
|
|
|
|
|
|
|
|
|
|
/s/ Lawrence Peter O'Hagan
|
|
Director
|
|
February 16, 2017
|
Lawrence Peter O'Hagan
|
|
|
|
|
|
|
|
|
|
/s/ Michael S. Parrett
|
|
Director
|
|
February 16, 2017
|
Michael S. Parrett
|
|
|
|
|
|
|
|
|
|
/s/ Gary A. Sugar
|
|
Director
|
|
February 16, 2017
|
Gary A. Sugar
|
|
|
|
|
1 Year Stillwater Mining Chart |
1 Month Stillwater Mining Chart |
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