67 WALL STREET, New York - April 14, 2014 - The Wall Street Transcript has just published its Metals & Mining Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Mining Safety and Environmental Concerns - Global Iron Ore Production - Emerging Market Infrastructure Construction - Chinese Demand for Industrial Metals - Zinc Supply Deficit - Demand Growth in Zinc - Accelerated Grid Spending in China - Copper Demand in China
Companies include: Stillwater Mining Co. (SWC) and many more.
In the following excerpt from the Metals & Mining Report, the President and CEO of Stillwater Mining Company (SWC) discusses company strategy and the outlook for this vital industry:
TWST: I see that you've been CEO for four months - and congratulations. I wanted to ask you about your transition and more about how your focus differs from your predecessor.
Mr. McMullen: Thanks. Yes, I've been on the board as a director since May of last year, and I've been the CEO since the start of December. My management style is to give everybody an opportunity to perform under the management style or system that I put in place. I have to say, for the most part, I've been quite happy with the way people have actually risen to the challenge.
The focus that we have going forward is very much on profitable PGM businesses in low political-risk jurisdictions. And so as I mentioned with our Argentine asset, that doesn't really fit that core asset philosophy, but also at the mines, we're very much focused on profit. And we obviously have an excellent environmental performance record here, and we will continue working to maintain our social license and strong safety track record, but the company has not really had a strong focus on profitability and ensuring maximizing cash flow. So that's really the cultural change that I bring in here, is to really bring that discipline back in terms of how we deploy capital, how we conduct our mining activities, and how we improve productivity and efficiency - that's really a key drive that we have here now.
The key milestones that really I've set out to my team are to substantially reduce our all-in costs, and to grow our recycling and smelter business, because we have a substantial amount of unutilized capacity in that facility and similarly at the mines. We also have unutilized capacity, and I will set the team the task of filling up that capacity, utilizing - to the fullest extent we can - our fixed assets, obviously whilst keeping an eye on cash flow the whole time.
TWST: Is there anything else investors should know about your plans for delivering increased shareholder value?
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.