Breaking News: SMC reports second quarter loss of $27 million

The Stillwater Mining Company is offering the third -- and apparently final -- proposed contract to union members.
"We believe we've reached impasse on the negotiations," said SMC CEO Mick McMullens during a conference call Friday morning regarding the second quarter earnings report.
"We want them to continue working," McMullen said. "It's a very difficult pricing environment at the Stillwater mine and changes need to be made."
USW International Union Local 11-0001 members failed to ratify a second proposed contract last week that had been recommended by the union negotiating committee. McMullen said the union had been notified of the final proposed contract offer on Thursday, July 30.
The comments come during a question and answer session following a conference on the company's second quarter earnings report.
That report revealed a $27 million loss for second quarter.
The Canadian Marathon project and continued slumping PGM prices were cited as factors in the earnings loss. A $34.3 million impairment charge against the carrying value of the mineral properties in Canada, which knocked the carrying value to approximately $8.6 million.
Also making an impact was a scheduled 7-day maintenance and repair shutdown at the Stillwater site in June.
"This was a major maintenance shut down," said McMullen.
For the time in the history of the mine, the concentrator, production hoist and underground crusher were all worked on. The shutdown of the production hoist was extended by eight days as a result of issues identified during the maintenance process.
McMullen also referenced "anticipated headcount reductions" that are expected to save the company $10 million to $15 million every year.