Baucus, Tester announce palladium coin bill clears Senate

Senators Say Collectors’ Coin would Boost Jobs, Montana Economy

(Washington, D.C.) – Montana’s U.S. Senators Max Baucus and Jon Tester today applauded the passage of the American Eagle Palladium Bullion Coin Act, which requires the government to examine the possibility of minting a palladium coin.  Such a coin would be composed of palladium from the Stillwater Mine in Montana—the only palladium mine in the U.S.—and would boost Montana’s economy and create good-paying mining jobs in the Treasure State.

Both Senators have been at the forefront of fighting to create new markets for Stillwater’s palladium. In 2008, they introduced legislation to create a palladium collectors’ coin. The coin would appeal to both coin collectors and investors.

“The passage of this coin legislation is great news for the folks at the Stillwater Mine and great news for Montana,” Baucus said. “A palladium coin made right here at home would help create good-paying jobs under the Big Sky and add another boost to our economy.”

“Thanks to Stillwater Mine and many folks who work there, palladium is a valuable part of Montana’s economy,” Tester said. “Passing this bill is a smart step toward boosting Montana jobs and strengthening the demand for palladium in the years ahead.”

"Stillwater Mining Company appreciates the initiative and sponsorship of the Montana Congressional Delegation in moving the recently passed Palladium Coin Bill through Congress,” said Frank McAllister, Chairman & CEO of Stillwater Mining Company. “A official United States palladium coin will be highly valued by collectors and investors alike.  We look forward to the minting of the new palladium coin by the U.S Treasury."

Today Baucus and Tester’s bi-partisan Diesel Emissions Reduction Act of 2010 also passed out of the Environmental and Public Works Committee.  Montana-based Stillwater Mining Company produces the palladium and platinum for the diesel emission-reducing filters used nationwide for this program. The program has been particularly helpful in Montana by awarding grants to school districts to help retrofit school buses with diesel emission reducing filters.