Profits drop for mining company eyed for takeover

HELENA (AP) — A Montana precious metals mining company targeted for takeover by a group that includes former Gov. Brian Schweitzer reported Wednesday that its profits dropped almost 62 percent in 2012.

Stillwater Mining Company's year-end results showed the company had $55 million in net income, down from $144 million in 2011. Revenues for the Billings-based platinum and palladium miner fell 12 percent, to $800 million, as prices for the metals dropped through much of last year.

Schweitzer and a New York-based hedge fund, the Clinton Group, announced this week their intentions to oust Stillwat...