The value of small cap stock for Stillwater Mining Company (NYSE:SWC) was down on Friday, following the company's submission of its Environmental Impact Statement for its Marathon platinum metals group metals and copper project.
The company recently announced it had submitted the statement to the Joint Federal and Provincial Review Panel, which will look over the Marathon project located near Lake Superior in Ontario, Canada.
"The Joint Federal-Provincial Review Panel will now coordinate consultations among the various communities and governmental interests affected by the Marathon Project in a process designed to balance the concerns of all the parties involved. We look forward to participating with these groups as the process moves forward," the company said in a statement.
If approved, the Marathon Project could potentially produce as much as 200,000 ounces of palladium and platinum every year, and another 37 million pounds of copper.
However, investors may not be certain of the statement's approval, as the company's stock was down 2.82 percent to $8.61 as of 2:33 p.m. on Friday, July 6. On the day of the announcement, stock fell as low as $8.37.