WASHINGTON, D.C. – Montana’s Congressman, Denny Rehberg, today praised the House passage of his legislation to instruct the U.S. Mint to create a Palladium Bullion Coin.  Montana is the only source of palladium in the United States, which is mined at two locations by the Stillwater Mining Company.  The mine was recently dealt a blow when, after taking a massive taxpayer bailout, General Motors decided to stop buying American palladium in favor of metals mined overseas.

“Today, we’re one step closer to ensuring Stillwater workers can keep their jobs despite the reckless collaboration between General Motors and President Obama’s “Car Czar” to outsource their Palladium needs,” said Rehberg.  “I worked shoulder to shoulder with my colleagues in the House to get this done, and I’m hopeful that the Senate will act on it quickly so we can get the bill across the finish line this Congress.”

Rehberg’s legislation creates a $25 investment-grade palladium coin, stipulating that the metal used to make the coin must come from natural deposits in the United States.  The front of the coin will feature the popular “Winged Liberty” design from the 1916 Mercury Dime and the back will be a high-relief version of the 1907 American Institute of Architects medal.  The coin will include the inscriptions “Liberty,” “In God We Trust,” and “United States of America.”

Last year, when General Motors was 60% owned by American taxpayers after accepting TARP funds, the company decided to cancel its contract for palladium with Stillwater Mine.  GM instead receives its palladium from mines in Russia and South Africa.

One of the reasons domestic palladium costs more is because American mines take greater precautions to protect the environment and reduce emissions. Compared with overseas competitors, for example, Stillwater emits about 1,000 times less sulfur-dioxide into the atmosphere. Stillwater also pays fair wages, provides adequate benefits and negotiates with organized labor. That’s not necessarily the case in overseas mines where employee rights and workplace safety conditions aren’t a priority.

Rehberg expressed outrage that a company that was effectively owned by the American people would make decisions that cost American jobs – especially since saving those jobs was one of the justifications used to pass the unpopular bailout in the first place.  To help make up for the lost business and save Montana jobs, and to fill a demand from both palladium investors and coin collectors, Rehberg introduced legislation to mint a palladium coin.

The House passed H.R. 6166, sponsored by Rehberg, late Wednesday night.  It now goes to the Senate for consideration.  The mint incurs no net cost to the taxpayer.

“This is very good news and we are delighted that Denny was able to pass this through the House,” said Frank McAllister, Chairman and CEO of Stillwater Mining Company.  “This legislation will mean a lot to not only our miners but our entire workforce.”