Missoula
56° F
Clear
Clear
Kalispell
57° F
Partly Cloudy
Partly Cloudy
Bozeman
60° F
Clear
Clear
Advertisement

Ex-gov, hedge fund target Mont. mining company

By Associated Press
Published On: Feb 25 2013 10:54:42 AM MST
schweitzer

Montana's bolo tie-wearing former governor is teaming up with an unlikely ally - a New York hedge fund - to seek control of a precious metals mining company that has sunk more than $500 million into projects deemed questionable in Canada and Argentina.
    
Democrat Brian Schweitzer says he's intervening to save Stillwater Mining Co. and its 1,500 employees from the same fate that befell Montana's legendary Anaconda Co. That copper industry giant cratered after the Chilean government took over much of its foreign assets in the 1970s.
    
Stillwater operates the only platinum and palladium mines in the U.S.
    
Schweitzer and the Clinton Group hedge fund want the company to refocus on those Montana mines.
    
They announced Monday intentions to oust Stillwater's leadership and seat new directors, including Schweitzer.