Stillwater Mining Company agreed to buyout terms with 35 union workers, the Associated Press reported.

The company, which is looking to cut production costs, was looking to buyout 50 employees.

Mike Gentry, international representative for United Steelworkers, told The Billings Gazette that most of the 35 aren't old enough to retire and plan to look for other work.

Those accepting will receive six months' severance pay and health benefits. Last month, the company laid off 48 salaried employees, including 35 in Montana.

Stillwater has about 1,800 employees who extract and refine palladium and platinum. The metals are used to make electronics, jewelry, fuel cells, coins and other products. Stillwater also operates a smelter and recycling facility.

The company recently signed a five-year deal to supply platinum and palladium to a British chemical company.