press release

Chevron Press Release - Chevron Sells Stake In Montana Metals Mine

SAN FRANCISCO, Sept. 16, 1994 -- Chevron Corp. today announced that its subsidiary, Chevron U.S.A. Inc., has sold its 50-percent interest in the Stillwater Mining Co. back to Stillwater.

Terms were not disclosed. Stillwater has obtained financing for the redemption of Chevron's interest and future expansion through a private placement.

Stillwater operates a platinum and palladium mine and associated processing and smelting facilities in southern Montana. Stillwater has been owned and operated jointly by Chevron and a subsidiary of Manville Corp. of Denver, which continues to hold the other 50 percent of Stillwater.

For Chevron, the sale continues a strategic plan adopted several years ago to withdraw from non-coal minerals and divest minerals holdings the United States, Chile, Ireland and other countries.

Chevron will continue in the coal mining business through its long-established, wholly owned subsidiary, The Pittsburg & Midway Coal Mining Co. (P&M), based in Englewood, Colo., which had also been managing the phase-out of Chevron's interest in Stillwater.

Updated: September 1994