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MT gov blasts GM plan to cancel mine contract
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BILLINGS, Mont. - Gov. Brian Schweitzer is asking the Obama administration to force General Motors to honor its contract with a Montana platinum mine instead of buying the precious metal from overseas.
GM is seeking to exit its contract with the Stillwater mine as part of a bankruptcy reorganization that infused the company with $50 billion in government loans.
With platinum mined in just two other countries — Russia and South Africa — Schweitzer says the cancellation would put the United States at a strategic risk and hurt the mining industry.
Stillwater Mining Co. of Columbus is the only platinum and palladium producer in the country. It is highly dependent on sales to Ford and GM, which use the metal in catalytic converters.
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