Stillwater Mining Names New Board Member

COLUMBUS, Mont. (AP) — Stillwater Mining Co. said late Monday that it named Ajay Paliwal to its board effective immediately.

Paliwal is a chartered accountant based in the United Kingdom. He is a founder of Jiva Capital, a firm that focuses on private equity and advisory services in the mining and metals sector.

Until August 2008, Paliwal served as Group Deputy CFO of Vedanta Resources PLC and previously led Ernst & Young's U.K. mining transaction business.

Paliwal is a nominee of Norimet Ltd., Stillwater's majority stockholder. As such, Norimet is entitled to appoint a candidate to fill any vacancy on the board resulting from the resignation or removal of a director, subject to the approval of Stillwater's governance and nominating committee.

Stillwater said that after a review the committee has found Paliwal to be qualified.

In afternoon trading, Stillwater shares rose 28 cents, or 3.6 percent, to $8.17.