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Platinum group metals miner Stillwater Mining (NYSE: SWC ) has confirmed that it had been advised by Clinton Group, a shareholder that owns 1.1% of Stillwater's outstanding stock, of its intent to nominate a slate of eight candidates to stand for election as directors at the company's 2013 annual shareholders meeting, the date for which has not been set.
Stillwater pointed out that not only do some of Clinton's proposals for reforming the miner mirror actions it's already taken, but it also points out that the New York-based hedge fund that's trying to take over the company has minimal mining experience behind it.
On Dec. 20, Clinton's managing director, Gregory P. Taxin, and senior portfolio manager, Joseph De Perio, wrote a letter to Stillwater's shareholders charging management with pursuing "two value-destructive acquisitions" in an effort to become a diversified mining company.
Last July Stillwater's stock reached a low point, having lost more than half of its value, but since then it's gained 72%. While the stock has clawed back some of its losses, shares are still 46% below where they were two years ago.
Stillwater Mining is the only U.S. producer of palladium and platinum, and it is the largest primary producer of platinum group metals outside South Africa and Russia.