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Milton Financials: Palladium mining companies post large gains for third quarter.
Spurred on by strong prices and increased demand mining companies post huge third quarter profits.
Stillwater Mining Company revealed a net profit for the third quarter of $5.9 million on revenues of $142.9 million compared to the same period in 2009 with net income of $4.2 million on revenues of $112.0 million.
Stronger realised PGM prices in the third quarter this year more than compensated for lower sales volumes compared to the same period in 2009. For the first nine months of 2010 Stillwater Mining reported net income of $33.8 million, or 34 cents for each fully diluted share, on revenues of $411.2 million. The same three quarters in 2009 saw the company register a net loss of $2.9 million, or 3 cents per diluted share.
Sylvania Resources, another major palladium producer saw PGM production rise by almost a third during the first quarter of this year, Milton Financials has learned.
The firm announced that output reached a record total of 8,758 ounces, or a 32% increase from the previous three-month period. The company had initially forecast that it would produce 8.000 ounces, but the final figure was boosted by an additional 137 ounces of PGMs being received after refinery corrections.
Sylvania is now aiming for PGM production of 40,000 ounces for the full financial year through end June 2011.
Milton Financials data shows that the spot price of Palladium has increased by almost 50% during 2010, almost double that of gold and three times that of platinum, palladiums chemical cousin.
The globes two largest palladium producers, South Africa and Russia account for around 45% of the market each with the U.S. and Canada sharing the remaining 10 %.
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