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Stillwater scaling back work at proposed precious metals, copper mine in Canada

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BILLINGS, Montana — Stillwater Mining Co. is further scaling back work on a proposed precious metals and copper mine in Canada.

The Billings-based company said Tuesday it expects to spend $4 million to $6 million at the Marathon, Ontario project in 2014. It had previously said up to $10 million would be spent this year.

Spending in future years would drop to an annual range of $1 million to $3 million.

Stillwater last year reduced the Marathon project's property value by 75 percent after determining studies on the grade of palladium at the site had been overstated.

Stillwater is the only U.S. producer of platinum and palladium and is Montana's largest company by revenue.

Shares on the New York Stock Exchange were down about 4 percent Tuesday morning to $17.84.

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