North American Palladium Ltd. (NAP) has announced impressive operating results for the months of October and November, showcasing the successful ramp-up of operations at its Lac des Iles (“LDI”) mine in Thunder Bay, Ontario.
During October and November 2014, the company produced 41,986 payable ounces of palladium from the LDI mine at a cash cost per ounce of US$375. The mill began a trial full-time run on October 1, 2014, with production cost per tonne milled averaging $36 over the two months. Year-to-date production of payable palladium up to the end of November 2014 totaled 156,409 ounces, and the company is on track to meet its guidance for 2014. The year-to-date cash cost per ounce stands at US$495, while the production cost per tonne milled is $50.
Phil du Toit, President, and CEO, expressed satisfaction with the strong production numbers, stating, “Our payable palladium production for October and November was very strong, and our key cost metrics are significantly below our guidance.”
The company has seen a continuous increase in underground production rates at LDI, with daily mining rates surpassing 5,000 tonnes per day on several occasions. The successful ramp-up at LDI has been attributed to the trial full-time mill run initiated in the fourth quarter, which is performing well.
NAP plans to provide its next operational update in early January 2015, which will include operating guidance for 2015 and preliminary full-year production results for 2014. With the company’s shares trading on the NYSE MKT under the symbol PAL and on the TSX under the symbol PDL, investors can expect further updates on NAP’s progress in the precious metals industry.
