AEMA, coalition launch legal challenge to BLM Conservation and Landscape Health Rule
The American Exploration & Mining Association was joined by a coalition in filing a challenge last Friday in the Wyoming district court.
Stillwater Mining, the only platinum and palladium producer in the U.S., announced on Monday that it will acquire Peregrine Metals for US$487.1 million.
Peregrine Metals is a publicly-traded exploration and development company with gold and copper projects in Argentina and Peru. The company is listed on the Toronto Stock Exchange.
Stillwater Mining’s stock plummeted 22% on NYSE after the announcement to $18.46 a share.
According to a statement by the company, Stillwater will exchange 0.08136 shares of Stillwater common stock and US$1.35 in cash for each common share of Peregrine. The agreement places a value on Peregrine common shares of US$3.28 per share.
Frank McAllister, Stillwater’s Chairman and Chief Executive Officer, lauded the deal in a statement
“For several years, one of Stillwater’s primary strategic goals has been to grow and diversify our business through the acquisition and development of high-quality mining assets. The Peregrine transaction provides us with broader diversification into copper—a metal with favorable long-term fundamentals driven by growing market demand—as well as meaningful exposure to gold.”
“In combination with our PGM producing assets in Montana and the continuing development of our Marathon assets in Canada, we are creating a leading mid-cap diversified mining company with a strong financial profile and a robust growth pipeline across attractive commodity classes and geographies. We believe that the mix of PGMs, gold and copper provides Stillwater and its shareholders with a unique and compelling investment proposition.”
Stillwater mines, processes and markets platinum group metals. It has mining operations at the Stillwater Mine near Nye, Montana and the East Boulder Mine South of McLeod, Montana. The company also processes spent catalyst material at one of its smelter and refinery plants.
Michael McCrae wrote this story. You can contact him at [email protected] or on twitter at @michaelmccrae.
