BILLINGS, Mont. (AP) -- General Motors Co. is renewing its ties to a Montana mining company that provides precious metals for catalytic converters.
Stillwater Mining Co. lost its GM contract to supply palladium in 2009 when the automaker went into bankruptcy. The Detroit automaker chose to use cheaper overseas suppliers.
Terms of the deal released Thursday show Stillwater will provide palladium to GM for three years beginning in January. The price will be based on the market average at the time of the sale.
Stillwater operates the only platinum and palladium mines in the U.S. The company has enjoyed a turnaround after getting battered over the past two years by low metals prices and the loss of the GM contract.
Russia's Norilsk Nickel sold its stake in the Montana company this month for about $900 million.
Stillwater Mining Co. lost its GM contract to supply palladium in 2009 when the automaker went into bankruptcy. The Detroit automaker chose to use cheaper overseas suppliers.
Terms of the deal released Thursday show Stillwater will provide palladium to GM for three years beginning in January. The price will be based on the market average at the time of the sale.
Stillwater operates the only platinum and palladium mines in the U.S. The company has enjoyed a turnaround after getting battered over the past two years by low metals prices and the loss of the GM contract.
Russia's Norilsk Nickel sold its stake in the Montana company this month for about $900 million.
