GM bankruptcy closely watched by provider of precious metals for cars Stillwater Mining

GM bankruptcy watched by Stillwater Mining

BILLINGS, Mont. — An official at Stillwater Mining Co., which sells platinum and palladium for use in automobiles’ catalytic converters, says the company is monitoring the General Motors bankruptcy to see if Stillwater-GM contracts will be honored.

Stillwater Mining spokesman John Beaudry says all the palladium and 70 percent of the platinum produced by the company’s mine near Nye, in south-central Montana, is committed for filling contracts with GM and Ford.

With GM facing a sweeping reorganization, Beaudry said Stillwater could be hurt if its contract is modified as the automaker’s case moved through U.S. bankruptcy court.

Stillwater, which has offices in Columbus east of Billings, last month reported a first-quarter loss of $11.6 million on revenue of $85.8 million.