Stillwater inks deal to recycle autocatalyst PGMs
NEW YORK - Stillwater Mining Co. SWCw.N said Wednesday that Power Mount Inc. will supply autocatalysts, which are rich in platinum group metals, for Stillwater to recycle at its Montana smelting and refining facility.
Under the long-term deal, Stillwater will purchase secondary catalytic converter material that is sourced by Power Mount mostly from automobile repair shops and yards that dissemble old cars for the recycling of their parts, a Stillwater statement said.
Once the precious metals platinum, palladium and rhodium are recycled at Stillwater\'s Columbus, Montana, facility, the metal will be sold for reuse
Stillwater Chairman and CEO, Frank McAllister said the contract with Somerset, Kentucky-based Power Mount would allow Stillwater\'s smelter and refinery complex to increase the amount of metals it recovered.
\"The metals we mine are used by the automotive industry to protect the environment by cleaning auto emissions. Recycling these metals back into commerce after they have been used is also environmentally responsible,\" said McAllister.
A spokesman at Stillwater Mining said both companies had agreed not to publicly disclose details of the arrangement, including the amount of metals to be processed, as it was a \"commercially sensitive issue in a small market.\"
Stillwater Mining is the only U.S. producer of palladium and platinum.
REUTERS NEWS SERVICE
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