North American Palladium Announces Q1 2012 Results
North American Palladium’s vision is to become a low cost, mid-tier precious metals company operating in mining friendly jurisdictions. NAP is an established precious metals producer that has been operating its flagship Lac des Iles mine (LDI) located in Ontario, Canada since 1993. LDI is one of only two primary producers of palladium in the world, and is currently undergoing a major expansion to increase production and reduce cash costs per ounce.
All figures are in Canadian dollars except where noted.
North American Palladium Ltd. announced financial and operational results for the first quarter ended March 31, 2012.
- Produced 41,760 ounces of payable palladium at a cash cost per ounce(1) of US$380;
- Realized palladium selling price of US$661 per ounce, giving a palladium operating margin of US$281 per ounce, or US$11 million;
- Revenue of $44.6 million;
- EBITDA(1) of $3.9 million and adjusted EBITDA(1) of $9.0 million;
- Invested $36.7 million in the Lac des Iles (“LDI”) mine expansion;
- Permitting delay shifts target for commercial production at Vezza by three months to end of June;
- Subsequent to quarter end, completed $35 million flow-through financing to fund LDI mine expenditures;
- Subsequent to quarter end, signed a three-year smelter contract with a shorter payment period than the previous contract, which will enable the Company to reduce its investment in working capital.
“Our solid operational results in the first quarter drove improved financial performance for the Company,” said William J. Biggar, President & Chief Executive Officer. “I am also very pleased with the steady progression of our LDI expansion project as we continued to achieve a number of development milestones during the quarter.”
Mr. Biggar added: “The highly acclaimed safety and exploration awards that we recently received are a testament to our employees’ dedication and shared vision to transform NAP into a low cost mid-tier precious metals producer.”
FULL REPORT: [ nap.com ]
Short URL: http://woodlawnpost.com/?p=49109