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North American Palladium Announces Q2 Results

North American Palladium Ltd. (PDL.TO) last night announced financial results and operational updates for the second quarter ended June 30, 2011.

Q2 Highlights included: production of 46,971 ounces of payable palladium at a cash cost of US$335 per ounce; realized palladium price of US$751 per ounce, giving an operating margin of US$416 per ounce, and total operating margin of US$20 million for the palladium produced; revenue of $51.4 million; adjusted EBITDA of $15.4 million; net income of $5.4 million, or $0.03 per share. "Lac des Iles achieved improved results in the second quarter, allowing us to benefit from higher palladium prices. Compared to the first quarter, we had increased tonnage, lower cash costs and higher operating profit," William J. Biggar, President and Chief Executive Officer, said in a statement. "We believe that the solid results at LDI will be further enhanced following the completion of our mine expansion, which will ultimately transform LDI into a high-volume, low-cost operation. The development work remains on schedule for commercial production from the shaft in the fourth quarter of 2012."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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