Unionized employees at Stillwater Mining's Stillwater platinum group metals mine and Columbus processing facilities in Montana have ratified a new four-year labor agreement, the US company said Monday.
"I believe this agreement represents a reasonable outcome for all stakeholders in this challenging metal price environment," company president and CEO Mick McMullen said.
The workers are represented by USW International Union Local 11-0001.
The material points of the agreement are no increase in base wages for each of the first two years of the agreement, and a simplification of the incentive program and introduction of metrics "that better align employee and shareholder outcomes", the company said.
The effective date of the new agreement is June 2, 2015.
Stillwater Mining produced 402,900 oz of palladium and 117,900 oz of platinum from its Stillwater and Boulder mines in 2015.
