Stillwater Mining Company (SWC) CEO Mike McMullen says the company has reduced its SG&A spend by about 35%. He says the cuts have been achieved through various reductions and productivity enhancements over the last six months.
“We cut headcount within the company as a whole from when I started to today by over 160 people, and that was achieved through a combination of reorganizations in the salaried ranks and voluntary severances in the hourly work force — where we offered people a package if they wanted to leave — and through natural attrition,” McMullen says. “So we haven’t replaced all of the people that have left.”
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Many of the cuts have been focused on the company’s Stillwater Mine. McMullen says 110 positions have been taken out of the workforce there.
“It’s a very large operation. Focus in the past had always been on production ounces but not necessarily profitable ounces, and so we’ve really changed the focus of the business to be back on profitable ounces,” McMullen says. “And we have also been investing in infrastructure and technology there, especially to enhance productivity.”
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