Stillwater Mining Company CEO Mick McMullen says Wall Street doesn’t fully appreciate the value of his company’s smelter and recycling business. He says that segment of the business generates good margins, is low-risk and can be easily expanded.
“We do have the second world-class asset in the form of the smelter and recycling business, which historically, the revenue from that has just been portrayed as a credit against the mine operations,” McMullen says. “They are actually two separate businesses.”
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The investment community also tends to misunderstand the labor intensity of Stillwater’s mining operations, McMullen says. He believes there is a perception that the company’s mine is not very productive and requires labor-intensive hand-held mining.
“And the reality is that in the early days that was the case,” McMullen says. “However, now most of the ore tons that we mine from underground are by mechanized means; we do a small amount of hand-held mining, but efficiency has improved significantly.”
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