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Stillwater Mining offering buyouts to up to 50
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Stillwater Mining offering buyouts to up to 50

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Ex Governors Takeover Battle

The entrance to Stillwater Mining Co. mine in Nye in November 2012.

BILLINGS – Stillwater Mining Co. officials say they are offering buyouts to up to 50 hourly union workers from its mining operations in south-central Montana as part of an effort to cut $4.3 million in costs. 

CEO Mick McMullen made the announcement during a conference call with investors on Thursday.

The buyouts follow the layoffs of 35 salaried, non-union Stillwater employees last week. Union officials reported the layoffs, but the company would not confirm them until Thursday’s conference call.

The company reported $19.6 million in earnings for the first quarter of 2014, or 15 cents per diluted share, up from $14.6 million a year ago.

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