Breaking News - SMC Contract

For the second time in two months, USW International Union Local 11-0001 members have rejected a proposed labor contract recommended by the union negotiating committee and the Stillwater Mining Company (SMC) for the Nye site and processing facility in Columbus.
The vote came in shortly before 10 p.m. Monday night, July 27, according to Union President Scott McGinnis.
Negotiations have been ongoing since March, with the first failure to ratify the proposed the contract coming in June. The two sides reached an agreement on a proposed 4-year contract in May. The current contract expired at midnight on June 1 but was extended to midnight on June 12, but workers have continued to fulfill their job duties pending negotiations.
In a press release issued Tuesday morning, July 28, SMC stated the following:
"Following this latest decision by the union members and in light of the current metal price environment, Company management continues to consider all alternatives to create a situation that will best promote the long-term economic viability of operations at the Stillwater Mine and Columbus processing facilities."
In other news, SMC's second quarter earnings are slated to be announced this Friday, July 31.