Stillwater Mining Up on Jewelry Venture

Shares of Stillwater Mining Co., the top U.S. palladium producer, rose Tuesday as a global coalition of the commodity's producers launched a marketing initiative to promote the precious metal in jewelry use.

Palladium, which is part of the platinum group of precious metals, is used in automotive catalytic converters, electronic devices and jewelry.

Moscow-based MMC Norilsk Nickel, the world's largest palladium producer, said Tuesday that the marketing project aims to create a "clear and specific brand position" for palladium in jewelry.

Tuesday's announcement follows completion of study by independent consultants and the Palladium Alliance International under the auspices of the International Platinum Group Metals Association.

Norilsk Nickel will lead the venture, which will be supported by Anglo Platinum, Impala Platinum and Lonmin, the major palladium producers in South Africa, and initially target the U.S. and China.

Billings, Mont.-based Stillwater Mining Co., which is majority-owned by Norilsk Nickel, also will support the marketing initiative.

Shares of Stillwater, which also produces platinum, rose 88 cents, or 5.3 percent, to $17.43 in midday trading. In the past 52 weeks shares have gained 31 percent.
Source: cnn