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Stillwater Mining chalks up $201 million loss

By Associated Press
Published On: Dec 24 2013 02:01:37 PM MST
Updated On: Nov 13 2013 08:17:35 AM MST
mining
BILLINGS, Mont. -

Stillwater Mining Co. is reporting a net loss of $201.5 million for the latest quarter after slashing the value of its copper reserve in Argentina.
    
The Billings-based company on Tuesday announced that it had reduced the value of the Altar copper and gold project to $102 million. The company in part cited uncertainty about Argentina's business climate as a drag on its investment in the country.
    
The precious metals mining company acquired the Altar reserve in 2011 as the centerpiece of a $487 million cash and stock purchase of Peregrine Metals Ltd.
    
Former Stillwater chairman and CEO Frank McCallister was ousted earlier this year in part due to investor discontent with his pursuit of Altar. That effort was joined by former Montana Gov. Brian Schweitzer, who replaced McCallister as chairman.