North American Palladium reports Q3 loss of $71.2 million as metal prices fall
Published Monday November 10th, 2008
TORONTO - North American Palladium Ltd. (TSX:PDL) reported Monday a third-quarter loss of $71.2 million, hurt by a sharp fall in metal prices.
"The unprecedented speed and magnitude of the decline in metal prices resulted in a significant loss for the Company in the third quarter" president and chief executive William Biggar said in a statement.
The loss amounted to 85 cents per share for the three months ended Sept. 30 compared with a loss of $14 million or 25 cents per share a year ago.
Revenue was $35.3 million compared with $42.7 million.
However the company took a $44.2-million charge on mark-to-market pricing and foreign currency adjustments.
Palladium sales for the third quarter of 2008 were recognized for accounting purposes at US$199 per ounce, a 42 per cent decrease compared with US$344 per ounce in the same period last year.
Last month, North American Palladium placed its Lac des Iles mine near Thunder Bay in northwestern Ontario on care and maintenance, laying off 350 workers.
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