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Nicht nur der stetig steigende Platin / Palladiumpreis macht die Aktie von PAL höchst interessant. Nach dem Zusammnschluss von Norilsk - Nickel mit Stillwater Mining ist PAL die größte reinrassige Palladium - " Aktie " ( Fa. ) Nordamerikas.
Charttechnisch sieht PAL ebenfalls hochinteressant aus !
robby
Charttechnisch sieht PAL ebenfalls hochinteressant aus !
robby
hast du recht 
Vom 05.05.04 aus http://www.finanzundwirtschaft.net
Palladium knöpft Platin Marktanteile ab
Platinpreis übersteigt Schmerzgrenze von 800 $ - Dieselkatalysatoren neu auch mit Palladium erhältlich
Von Wolfgang Drechsler Kapstadt
Viele Metalle haben in den vergangenen zwei Jahren einen kräftigen Preisschub erlebt, doch der Höhenflug von Platin ist besonders eindrücklich. Nachdem der vor allem in Autokatalysatoren und in der Schmuckherstellung verwendete Rohstoff noch Anfang 2002 für 400 $ pro Unze gehandelt worden war, kletterte der Preis Mitte April auf 938 $, was dem höchsten Stand seit 24 Jahren entspricht.
Angesichts der weltweit immer schärferen Umweltstandards haben in den vergangenen Jahren Autokatalysatoren stetig an Bedeutung gewonnen, was wiederum die Nachfrage nach Platin angeheizt hat. Ein weiterer Grund liegt in der markant gestiegenen Platinnachfrage der chinesischen Schmuckindustrie, die allein im Jahr 2002 rund 2,82 Mio. Unzen verbrauchte. Allerdings regt sich in China zunehmend Widerstand gegen das hohe Preisniveau. Im vergangenen Jahr wurden aus China nur noch 2,45 Mio. Unzen Platin nachgefragt.
Im Markt mehren sich die Anzeichen, dass Platin Marktanteile an sein Schwestermetall Palladium abtreten muss. Der Grund dafür liegt vor allem in einem neuen Verfahren, das der belgische Katalysatorenhersteller Umicore entwickelt hat. Es soll ermöglichen, bis zum Jahr 2007 rund 25% des bislang in Dieselkatalysatoren verwendeten Platins durch Palladium zu ersetzen.
Keine Substitution über Nacht
Die von Umicore geplante Substitution von Platin durch Palladium nimmt sich mit 70 000 bis 80 000 Unzen pro Jahr bescheiden aus. Allerdings glauben viele Rohstoffstrategen, dass sich ihr Tempo rasch beschleunigt, weil andere Platinverarbeiter wie Engelhard und Johnson Matthey vermutlich bald eine ähnliche Technologie für Dieselkatalysatoren auf den Markt bringen.
Andy Smith von Mitsui Metals in London erachtet die Fortschritte im Bereich der Dieselkatalysatorenherstellung als günstig für die langfristige Stabilität der in Johannesburg kotierten Platinförderer. Er erwartet, dass die Preise für Platin und Palladium künftig enger korrelieren. Gegenwärtig ist Platin rund dreimal so teuer wie Palladium. Einige Prognosen gehen inzwischen sogar davon aus, dass es durch die rückläufige Platinnachfrage in China und die vermehrte Verwendung von Palladium in der Autobranche nach mehreren Jahren erstmals zu einem leichten Platinüberschuss am Markt kommt.
Gleichzeitig warnt Smith jedoch vor überzogenen Erwartungen. Denn selbst wenn es in der Autoindustrie zu einer allmählichen Substitution von Platin durch Palladium käme, würde sich ein solcher Prozess vermutlich über Jahre hinziehen und eine schnelle Hausse nicht rechtfertigen. Spekulationen, wonach Automobilhersteller künftig verstärkt Palladium einsetzen könnten, hatten dessen Preis von weniger als 180 $ im Januar auf zeitweise über 335 $ pro Unze schnellen lassen.
Dass der Aufbau von starken Positionen an den Terminmärkten übertrieben war, erklärt sich auch damit, dass Angebot und Nachfrage von Palladium weit weniger robust sind als von Platin. Russland, das mit Abstand am meisten Palladium fördert, erhöhte im vergangenen Jahr die Produktion zwar auf 6,3 Mio. Unzen und schuf damit einen Überhang von 70 000 Unzen am Markt. In der Vergangenheit konnten die Verbraucher von Palladium jedoch selten mit einer geregelten Produktion und Lieferung aus Russland rechnen. Platin stammt im Gegensatz dazu zu fast 75% aus Südafrika, das als verlässlicher Lieferant gilt.
Die häufigen Lieferengpässe der Russen sind nicht ohne Folgen geblieben: Nachdem Palladium noch im Jahr 2001 auf ein Rekordniveau gestiegen war, stellten Automobilproduzenten wie Peugeot und Toyota für die Herstellung ihrer Katalysatoren auf Platin um. Während der Preis für Palladium als Folge davon von mehr als 1100 $ auf zeitweise unter 200 $ pro Unze fiel, ging es mit Platin nur nach oben. In jüngster Zeit wurde der Platinpreis jedoch wie andere Rohstoffnotierungen durch Befürchtungen beeinträchtigt, das Wachstum in China werde sich verlangsamen (vgl. Seite 47).
Angesichts der jetzigen Preisdifferenz wird Palladium als Ersatzstoff für Platin attraktiver. Voraussetzung ist, dass Russland künftig stabile Lieferungen garantiert. Die Chancen dafür stehen nicht schlecht, denn die russischen Lieferanten wie Norilsk Nickel sind professioneller geworden. Ein höherer Palladiumpreis würde ausser den russischen Förderern auch den südafrikanischen Platinproduzenten nützen, die Palladium als Nebenprodukt fördern.
Anglo drosselt Platinförderung
Sowohl Anglo Platinum, die sich inzwischen zu fast 75% in den Händen des Minenhauses Anglo American befindet, als auch Impala Platinum sind in ihrer Branche weltweit führend und haben kaum Konkurrenz zu fürchten. Allerdings sind ihnen zuletzt wegen des festen Rands die Kosten aus dem Ruder gelaufen. Dies betrifft vor allem Anglo Platinum, die im vergangenen Jahr fast 20% höhere Kosten pro geförderte Unze auswies. Die Kostenexplosion zwang das Unternehmen, sein Expansionsprogramm zu beschneiden. Statt wie ursprünglich geplant rund 3,5 Mio. Unzen Platin und damit fast 40% der Weltproduktion zu fördern, wird der Platinriese in zwei Jahren nun allenfalls 3 Mio. Unzen aus dem Boden der Kaprepublik kratzen.
Sowohl Anglo Platinum als auch Impala weisen für das Jahr 2004 ein Kurs-Gewinn-Verhältnis von 13 auf. Gemessen an dem für das kommende Jahr erwarteten Gewinn werden die Impala-Aktien deutlich tiefer bewertet. Der Abschlag ist nicht gerechtfertigt, denn Impala arbeitet effizienter, und die Titel des Unternehmens haben einen wesentlich höheren Free float. Allerdings gilt bei beiden Platinhäusern die Einschränkung, dass ihre Aktien erst wieder spürbar zulegen können, wenn sich der Rand zum Dollar abschwächt.
Palladium knöpft Platin Marktanteile ab
Platinpreis übersteigt Schmerzgrenze von 800 $ - Dieselkatalysatoren neu auch mit Palladium erhältlich
Von Wolfgang Drechsler Kapstadt
Viele Metalle haben in den vergangenen zwei Jahren einen kräftigen Preisschub erlebt, doch der Höhenflug von Platin ist besonders eindrücklich. Nachdem der vor allem in Autokatalysatoren und in der Schmuckherstellung verwendete Rohstoff noch Anfang 2002 für 400 $ pro Unze gehandelt worden war, kletterte der Preis Mitte April auf 938 $, was dem höchsten Stand seit 24 Jahren entspricht.
Angesichts der weltweit immer schärferen Umweltstandards haben in den vergangenen Jahren Autokatalysatoren stetig an Bedeutung gewonnen, was wiederum die Nachfrage nach Platin angeheizt hat. Ein weiterer Grund liegt in der markant gestiegenen Platinnachfrage der chinesischen Schmuckindustrie, die allein im Jahr 2002 rund 2,82 Mio. Unzen verbrauchte. Allerdings regt sich in China zunehmend Widerstand gegen das hohe Preisniveau. Im vergangenen Jahr wurden aus China nur noch 2,45 Mio. Unzen Platin nachgefragt.
Im Markt mehren sich die Anzeichen, dass Platin Marktanteile an sein Schwestermetall Palladium abtreten muss. Der Grund dafür liegt vor allem in einem neuen Verfahren, das der belgische Katalysatorenhersteller Umicore entwickelt hat. Es soll ermöglichen, bis zum Jahr 2007 rund 25% des bislang in Dieselkatalysatoren verwendeten Platins durch Palladium zu ersetzen.
Keine Substitution über Nacht
Die von Umicore geplante Substitution von Platin durch Palladium nimmt sich mit 70 000 bis 80 000 Unzen pro Jahr bescheiden aus. Allerdings glauben viele Rohstoffstrategen, dass sich ihr Tempo rasch beschleunigt, weil andere Platinverarbeiter wie Engelhard und Johnson Matthey vermutlich bald eine ähnliche Technologie für Dieselkatalysatoren auf den Markt bringen.
Andy Smith von Mitsui Metals in London erachtet die Fortschritte im Bereich der Dieselkatalysatorenherstellung als günstig für die langfristige Stabilität der in Johannesburg kotierten Platinförderer. Er erwartet, dass die Preise für Platin und Palladium künftig enger korrelieren. Gegenwärtig ist Platin rund dreimal so teuer wie Palladium. Einige Prognosen gehen inzwischen sogar davon aus, dass es durch die rückläufige Platinnachfrage in China und die vermehrte Verwendung von Palladium in der Autobranche nach mehreren Jahren erstmals zu einem leichten Platinüberschuss am Markt kommt.
Gleichzeitig warnt Smith jedoch vor überzogenen Erwartungen. Denn selbst wenn es in der Autoindustrie zu einer allmählichen Substitution von Platin durch Palladium käme, würde sich ein solcher Prozess vermutlich über Jahre hinziehen und eine schnelle Hausse nicht rechtfertigen. Spekulationen, wonach Automobilhersteller künftig verstärkt Palladium einsetzen könnten, hatten dessen Preis von weniger als 180 $ im Januar auf zeitweise über 335 $ pro Unze schnellen lassen.
Dass der Aufbau von starken Positionen an den Terminmärkten übertrieben war, erklärt sich auch damit, dass Angebot und Nachfrage von Palladium weit weniger robust sind als von Platin. Russland, das mit Abstand am meisten Palladium fördert, erhöhte im vergangenen Jahr die Produktion zwar auf 6,3 Mio. Unzen und schuf damit einen Überhang von 70 000 Unzen am Markt. In der Vergangenheit konnten die Verbraucher von Palladium jedoch selten mit einer geregelten Produktion und Lieferung aus Russland rechnen. Platin stammt im Gegensatz dazu zu fast 75% aus Südafrika, das als verlässlicher Lieferant gilt.
Die häufigen Lieferengpässe der Russen sind nicht ohne Folgen geblieben: Nachdem Palladium noch im Jahr 2001 auf ein Rekordniveau gestiegen war, stellten Automobilproduzenten wie Peugeot und Toyota für die Herstellung ihrer Katalysatoren auf Platin um. Während der Preis für Palladium als Folge davon von mehr als 1100 $ auf zeitweise unter 200 $ pro Unze fiel, ging es mit Platin nur nach oben. In jüngster Zeit wurde der Platinpreis jedoch wie andere Rohstoffnotierungen durch Befürchtungen beeinträchtigt, das Wachstum in China werde sich verlangsamen (vgl. Seite 47).
Angesichts der jetzigen Preisdifferenz wird Palladium als Ersatzstoff für Platin attraktiver. Voraussetzung ist, dass Russland künftig stabile Lieferungen garantiert. Die Chancen dafür stehen nicht schlecht, denn die russischen Lieferanten wie Norilsk Nickel sind professioneller geworden. Ein höherer Palladiumpreis würde ausser den russischen Förderern auch den südafrikanischen Platinproduzenten nützen, die Palladium als Nebenprodukt fördern.
Anglo drosselt Platinförderung
Sowohl Anglo Platinum, die sich inzwischen zu fast 75% in den Händen des Minenhauses Anglo American befindet, als auch Impala Platinum sind in ihrer Branche weltweit führend und haben kaum Konkurrenz zu fürchten. Allerdings sind ihnen zuletzt wegen des festen Rands die Kosten aus dem Ruder gelaufen. Dies betrifft vor allem Anglo Platinum, die im vergangenen Jahr fast 20% höhere Kosten pro geförderte Unze auswies. Die Kostenexplosion zwang das Unternehmen, sein Expansionsprogramm zu beschneiden. Statt wie ursprünglich geplant rund 3,5 Mio. Unzen Platin und damit fast 40% der Weltproduktion zu fördern, wird der Platinriese in zwei Jahren nun allenfalls 3 Mio. Unzen aus dem Boden der Kaprepublik kratzen.
Sowohl Anglo Platinum als auch Impala weisen für das Jahr 2004 ein Kurs-Gewinn-Verhältnis von 13 auf. Gemessen an dem für das kommende Jahr erwarteten Gewinn werden die Impala-Aktien deutlich tiefer bewertet. Der Abschlag ist nicht gerechtfertigt, denn Impala arbeitet effizienter, und die Titel des Unternehmens haben einen wesentlich höheren Free float. Allerdings gilt bei beiden Platinhäusern die Einschränkung, dass ihre Aktien erst wieder spürbar zulegen können, wenn sich der Rand zum Dollar abschwächt.
Was ist denn heute los?
Zusammenfassung des folgenden Artikels:
Q2 2004 Nettoergebnis gegen 2003: 0,06$ nach 0,20 $
Q2 2004 Umsatz gegen 2003: 52 Mio $ gegen 44 Mio $
Q2 2004 Kosten / Unze Palladium gegen 2003: 158$ gegen 256
Hauptschuldiger am Rückgang des Ergebnisses scheint der Verfall des Palladium-Preises zu sein. Für den Rest und die Feinheiten lernt Englisch.
Gruß
Mickefett
BW)(NORTH-AMERICAN-PALLA)(PAL)(PDL.TO) North American Palladium Ltd.Announces Second Quarter 2004 Results
Business Editors
TORONTO--(BUSINESS WIRE)--Aug. 9, 2004--North American PalladiumLtd. (AMEX:PAL)(TSX:PDL):
Results of Operations
The Company realized net income for the three months ended June 30, 2004 of $2,834,000 or $0.06 per share on revenues from metal sales of $51,712,000 compared to net income of $10,361,000 or $0.20 per share on revenue from metal sales of $44,631,000 for the corresponding period a year earlier. These results include a foreign exchange loss of $264,000 in the current quarter compared to a foreign exchange gain of $6,210,000 in the second quarter of 2003, which primarily relates to the Company´s US dollar denominated long-term debt.
For the six months ended June 30, 2004 the Company reported net income of $8,955,000 or $0.17 per share on revenue of $104,868,000 compared to net income of $18,751,000 or $0.37 per share on revenues of $89,751,000 for the six months ended June 30, 2003. The results for the six month period include a foreign exchange loss of $1,046,000 compared to a foreign exchange gain of $14,861,000 in the six months ended June 30, 2003.
During the second quarter, the mill processed 1,445,445 tonnes of ore, or an average of 15,884 tonnes per day, with a palladium grade of 2.22 g/t, producing 75,970 ounces of palladium at a recovery rate of 73.5%. This compares with the second quarter of 2003, when the mill processed 1,154,965 tonnes of ore, or 12,692 tonnes per day, with a palladium grade of 2.08 g/t, producing 59,069 ounces of palladium at a recovery rate of 76.6%. The improvement in palladium production in the second quarter was directly related to the 25% improvement in mill throughput along with a 7% improvement in feed head grade.
Production costs including overheads but excluding non-cash amortization were $27,489,000 during the second quarter 2004 compared to $24,009,000 during the second quarter 2003. The higher production costs in the current quarter primarily relate to major repairs to mine loading and haul equipment and increased volumes of secondary crushed mill feed, which is currently provided by a contractor. Smelter treatment, refining and freight costs increased by 61% to $7,321,000 in the quarter compared to the second quarter of 2003. The increase in these costs was primarily the result of a 52% increase in the volume of concentrate treated. Additionally, costs were incurred in the quarter for transportation fuel surcharges and penalties related to concentrate quality.
Total unit cash costs to produce palladium (production costs including overhead and smelter treatment, refining and freight costs, net of by-product credits and royalties) decreased to US$158 per ounce in the second quarter 2004 compared to US$256 per ounce in the second quarter 2003. The increased production of platinum, gold, nickel and copper and the improvement in the prices for these by-product metals in the second quarter of 2004 made a significant contribution to operations and resulted in a reduction of the unit cash costs for palladium by US$202 per ounce compared to a reduction of US$155 per ounce in the second quarter of 2003. The decrease in unit cash costs was primarily due to a 29% increase in palladium production, which in part was offset by increased production costs.
At the end of the first quarter, the Company held an unusually high level of concentrate in inventory at the mine site as a result of the labour strike at the Falconbridge operations in Sudbury, Ontario. During the second quarter the Company was able to reduce the back-log of concentrate held in inventory by nearly 900 tonnes containing 7,151 ounces of palladium and other by-product metals. Approximately $4,350,000 was recognized as revenue from metal sales in the second quarter pertaining to this material.
Non-cash amortization expense increased to $8,885,000 during the quarter compared to $4,834,000 in the second quarter 2003. The higher amortization amount is attributable to the 29% increase in palladium production and an increase in the unit of production amortization rate due to the restatement of reserves at June 30, 2003.
As a result of the reduction in outstanding long-term debt, interest expense on long-term debt reduced to $411,000 in the current quarter compared to $657,000 in the second quarter of 2003. During the quarter, the Company repaid the project term loan from the proceeds of a new senior credit facility. Deferred financing costs relating to the project term loan in the amount of $788,000 were written off in the three months ended June 30, 2004. Exploration expense was $518,000 in the second quarter of 2004 compared to $778,000 in the corresponding 2003 period.
Cash Flow and Financial Position
Cash flow from operations, prior to changes in non-cash working capital, was $13,769,000 in the second quarter 2004 compared to $12,406,000 in the second quarter 2003. After allowing for working capital changes, cash provided by operations was $20,150,000 in the second quarter of 2004 compared to $20,823,000 in the second quarter of 2003. Cash flow from operations, prior to changes in non-cash working capital, was $33,250,000 in the first six months of 2004 compared to $23,767,000 in the first six months of 2003. After allowing for working capital changes, cash provided by operations was $32,428,000 in the first six months of 2004 compared to $31,182,000 in the first six months of 2003.
Investing activity in the second quarter required $4,019,000 of cash, with the main capital spending activities being the completion of the next phase of open pit pre-stripping, completion of the first phase of construction of the underground mine access portal and decline ramp and major rebuilds to mine equipment. In addition, the Company completed site preparation and has begun foundation work for a new secondary crusher designed to improve mill throughput. The Company expects to have the secondary crusher operational in the fourth quarter after which its milling costs will be reduced by about $2.00 per tonne.
The Company further strengthened its balance sheet during the quarter. Outstanding long-term debt, including current and long-term portions was reduced by a net amount of $5,992,000, resulting in a long-term debt balance of $42,224,000 (US$31,500,000) at quarter end. During the quarter, the Company issued 215,492 common shares for total consideration of $2,374,000, the majority of which was from the exercise of stock options. At June 30, 2004, the Company had cash and cash equivalents of $24,832,000.
During the quarter the Company negotiated a new US$20 million and C$10 million senior credit facility with a leading equipment finance company. The credit facility was used to repay the Company´s existing bank loan totaling approximately US$19 million and will be used to purchase additional equipment, which is required as part of the mine expansion. The new facility will permit the Company to utilize free cash flow to finance the Lac des Iles underground mine and secondary crusher projects. The new credit facility is a five-year amortizing loan with an interest margin of 2-1/2% over LIBOR or Bankers Acceptances. The credit facility allows in certain circumstances, full repayment of outstanding loans any time during the term of the facility.
The Company also extended the term of its US$20 million subordinated loan from its affiliate, Kaiser Francis Oil Company, to June 30, 2006, of which US$11.5 million is outstanding under this loan facility, and interest on the facility will be 2-1/2% over LIBOR.
Subsequent to the end of the quarter the Company received $7,148,000 as an interim payment against a claim filed with its insurance company relating to losses incurred in connection with the failure of the primary crusher in 2002. The Company will include this insurance recovery in income from mining operations in the third quarter.
Production Statistics ------------------------------------------------------------------------------------------ Second Quarter Six Months June 30 June 30 2004 2003 2004 2003---------------------------------------------------------------------Palladium (oz) 75,970 59,069 167,231 117,860Payable Palladium (oz) 69,399 54,354 152,766 107,682Platinum (oz) 6,319 5,216 13,302 10,501Gold (oz) 6,249 5,050 14,004 9,614Copper (lbs) 2,103,948 1,574,906 4,245,703 2,971,061Nickel (lbs) 1,060,318 915,977 2,381,519 1,688,522---------------------------------------------------------------------Ore Tonnes Milled 1,445,445 1,154,965 2,794,224 2,351,224Ore Tonnes Mined 1,305,529 1,527,756 2,958,196 2,921,725Waste Tonnes Mined 2,848,833 2,108,737 5,074,933 4,579,622---------------------------------------------------------------------Waste Strip Ratio 2.18:1 1.38:1 1.72:1 1.57:1---------------------------------------------------------------------
Exploration & Development
During the second quarter of 2004, the Company entered into an agreement to complete a private placement of flow-through common shares for gross proceeds of $4,050,000 by issuing 270,000 common shares. This transaction closed on July 7, 2004 and the funds will be used for the upcoming diamond drill programs on various exploration projects as well as to fund exploration on new acquisitions currently being pursued.
The Company was active on several projects during the second quarter of 2004. Nine holes totaling 1,347 meters were drilled on the Shebandowan and Roaring River projects. Drilling at Shebandowan returned the following intersections: 2.34m @ 2.28% Cu, 0.17% Ni from hole SP-04-02 and 10.8m @ 0.32% Ni, 0.506 g/t PGE from hole SP-04-01.
Fieldwork consisting of geological mapping, prospecting and ground geophysics commenced on the Shebandowan properties late in the second quarter. The immediate focus will be selected airborne anomalies associated with ultramafic bodies, which are the host lithologies for the adjoining, past producing, Shebandowan nickel mine. Additional drilling on the project is scheduled for later this summer.
At the Lac Des Iles mine site the Magnetotelleurics and 3D Magnetic Inversion data were remodeled. This new information, as well as various geochemical, geophysical (detailed airborne magnetics and resistivity, ground gravity) will provide greater target definition for a fourth quarter drill program.
Outlook
As we progress into the third quarter of 2004, production from the Lac des Iles mine continues to be ahead of budget owing to favorable palladium ore grades and mill throughput. Additionally, we are progressing well on our secondary crusher and underground projects. The secondary crusher is on schedule and we expect this facility to be operational during the fourth quarter. Construction of the access ramp at the underground mine is on track for an expected production ramp-up in the fourth quarter of 2005.
While metal prices were softer in the second quarter of 2004, continued weakness in the U.S. dollar and strong fundamentals has spurred renewed investor interest in precious and base metals. Platinum and palladium have found support at levels around US$820 and US$220 respectively, but continue to trade in a narrow range. Providing support for both metals is the continued concern about the viability of planned mine expansions and new projects as the South African rand to the U.S. dollar exchange rate goes below 6 to 1. The world´s leading platinum producer, Anglo Platinum, has warned that it may be forced to curtail its expansion plans further due to the continued rand strength.
Andre J. Douchane, President & CEO commented: "While we constantly stay on top of the safety, operational, and construction progress at Lac des Iles, we are shifting more and more of our corporate effort toward the growth of our business. We are pleased with our performance thus far in 2004 and our continued progress in strengthening our financial position. Continued focus on enhancing our operations and financial position remain our top priority as we move forward with our growth strategy."
North American Palladium´s Lac des Iles Mine is Canada´s only primary producer of platinum group metals and is one of the largest open pit bulk mineable palladium reserves in the world. In addition to palladium, the Company earns substantial revenue from by-product nickel, platinum, gold and copper. Palladium use in the auto industry continues to be an important component in controlling exhaust emissions as mandated by more stringent hydrocarbon emissions standards for cars, particularly in the United States, Europe and Japan. Palladium is also used in the dental, electronics, jewelry and chemical sectors.
Forward-Looking Statements - Certain statements included in this news release are forward-looking statements which are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. They include estimates and statements that describe the Company´s future plans, objectives and goals, including words to the effect that the Company or management expects a stated condition or result to occur. When used herein, words such as "estimate", "expect", "intend", and other similar expressions are intended to identify forward-looking statements. In particular statements relating to estimated cash flows, capital costs, ore production, mine life, financing and construction are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond our control, that may cause actual results or performance to differ materially from those currently anticipated in such statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include among others metal price volatility, economic and political events affecting metal supply and demand, fluctuations in ore grade, ore tonnes milled, geological, technical, mining or processing problems, future profitability and production, and availability of financing on acceptable terms. For a more comprehensive review of risk factors, please refer to the Company´s most recent Annual Report under "Management´s Discussion and Analysis of Financial Results" and Annual Information Form under "Risk Factors" on file with the U.S. Securities and Exchange Commission and Canada provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements.
North American Palladium Ltd. Consolidated Balance Sheets (Canadian funds in thousands of dollars) June 30 December 31 2004 2003 (Unaudited) --------------------------------------------------------------------- Assets ---------------------------------------------------------------------Current Assets Cash and cash equivalents $ 24,832 $ 11,950Short-term investments 1,116 1,813Concentrate awaiting settlement, net - Note 3 97,122 94,610Inventories 8,584 9,141Crushed and broken ore stockpiles - Note 4 8,278 6,251Future tax asset -- 84Accounts receivable and other assets 1,768 1,387--------------------------------------------------------------------- 141,700 125,236Mining interests, net 237,919 247,116Mine closure deposit - Note 5 5,333 4,733Deferred financing costs 267 1,290Crushed and broken ore stockpiles - Note 4 3,230 5,983Future tax asset 6,505 9,334--------------------------------------------------------------------- $ 394,954 $ 393,692--------------------------------------------------------------------- Liabilities and Shareholders´ Equity Current Liabilities Accounts payable and accrued liabilities $ 15,521 $ 16,041Taxes payable 2,561 1,311Future tax liability 61 216Current portion of obligations under capital leases 1,196 1,070Current portion of senior credit facility - Note 6 5,362 34,538--------------------------------------------------------------------- 24,701 53,176Mine closure obligation 7,446 7,300Obligations under capital leases 1,812 1,015Senior credit facility - Note 6 21,447 7,272Kaiser-Francis credit facility - Note 6 15,415 14,866Future tax liability 10,318 10,108--------------------------------------------------------------------- 81,139 93,737Shareholders´ Equity Capital stock - Note 8 318,166 313,489Contributed surplus 228 --Deficit (4,579) (13,534)---------------------------------------------------------------------Total shareholders´ equity 313,815 299,955--------------------------------------------------------------------- $ 394,954 $ 393,692---------------------------------------------------------------------These financial statements have been prepared by Management of NorthAmerican Palladium Ltd. and the prior year financial statements havenot been reviewed by the auditor of North American Palladium Ltd. North American Palladium Ltd. Consolidated Statements of Earnings and Deficit (Canadian funds in thousands of dollars, except share and per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30 June 30 2004 2003 2004 2003---------------------------------------------------------------------Revenue from metal sales - Note 10 $51,712 $44,631 $104,868 $89,751Deduct: smelter treatment, refining and freight costs (7,321) (4,549) (12,652) (8,048)---------------------------------------------------------------------Net revenue from mining operations 44,391 40,082 92,216 81,703---------------------------------------------------------------------Operating expenses Production costs including Overhead 27,489 24,009 52,487 52,228Amortization 8,885 4,834 18,731 9,715Administrative expenses 1,072 692 2,289 1,610Provision for mine closure costs 223 127 466 259---------------------------------------------------------------------Total operating expenses 37,669 29,662 73,973 63,812---------------------------------------------------------------------Income from mining Operations 6,722 10,420 18,243 17,891---------------------------------------------------------------------Other income (expenses) Interest on long-term debt (411) (657) (898) (1,725)Exploration expense (518) (778) (947) (1,101)Foreign exchange gain (loss) (264) 6,210 (1,046) 14,861Derivative income - Note 2(c) and 11(d) (257) -- 213 --Write-off of deferred financing costs (788) -- (788) --Loss on disposal of capital assets (491) (2,710) (623) (2,710)Interest income 67 71 114 145Interest expense (1) -- (11) -----------------------------------------------------------------------Total other income (expenses) (2,663) 2,136 (3,986) 9,470---------------------------------------------------------------------Income before income taxes 4,059 12,556 14,257 27,361Provision for income taxes - Note 7 1,225 2,195 5,302 8,610---------------------------------------------------------------------Net income for the period 2,834 10,361 8,955 18,751Deficit, beginning of period 7,413 43,147 13,534 51,537---------------------------------------------------------------------Deficit, end of period $4,579 $32,786 $4,579 $32,786---------------------------------------------------------------------Net income per share $0.06 0.20 0.18 $0.37---------------------------------------------------------------------Diluted net income per share $0.06 0.20 0.17 $0.37---------------------------------------------------------------------Weighted average number of shares outstanding - basic 51,254,953 50,744,304 51,114,948 50,711,677--------------------------------------------------------------------- North American Palladium Ltd. Consolidated Statements of Cash Flows (Canadian funds in thousands of dollars) (Unaudited) Three Months Six Months Ended Ended June 30 June 30 2004 2003 2004 2003---------------------------------------------------------------------Cash provided by (used in)OperationsNet income for the period $2,834 $10,361 $8,955 $18,751Operating items not involving cash Future income tax expense 464 2,048 3,261 7,959 Amortization 8,885 4,834 18,731 9,715 Foreign exchange loss (gain) (217) (7,674) 549 (15,627) Loss on disposal of capital assets 491 2,710 623 2,710 Write-off of deferred financing costs 788 -- 788 -- Provision for mine closure costs 223 127 466 259 Stock-based compensation 44 -- 90 -- Derivative income - Note 2(C) and 11(d) 257 -- (213) ----------------------------------------------------------------------- 13,769 12,406 33,250 23,767Changes in non-cash working capital - Note 9 6,381 8,417 (822) 7,415--------------------------------------------------------------------- 20,150 20,823 32,428 31,182---------------------------------------------------------------------Financing ActivitiesRepayment of project term loan (32,584) (11,545) (41,810) (24,310)Increase in senior credit facility 26,809 -- 26,809 --Issuance of common shares 2,374 222 4,677 465Mine closure deposit (300) (300) (600) (600)Obligations under capital leases (673) (273) (876) (524)--------------------------------------------------------------------- (4,374) (11,896) (11,800) (24,969)---------------------------------------------------------------------Investing ActivitiesShort-term investments 704 (34) 697 (62)Additions to mining interests (5,144) (7,485) (8,894) (10,397)Proceeds on disposal of capital assets 421 108 451 108--------------------------------------------------------------------- (4,019) (7,411) (7,746) (10,351)---------------------------------------------------------------------Increase (decrease) in cash and cash equivalents 11,757 1,516 12,882 (4,138)Cash and cash equivalents, beginning of period 13,075 5,882 11,950 11,536---------------------------------------------------------------------Cash and cash equivalents, end of period $24,832 $7,398 $24,832 $7,398--------------------------------------------------------------------- North American Palladium Ltd. Notes to the June 30, 2004 Consolidated Financial Statements (in thousands of Canadian dollars except per share and per ounce amounts) (Unaudited)
1.Basis of Presentation
These unaudited interim consolidated financial statements have been prepared using disclosure standards appropriate for interim financial statements and do not contain all the explanatory notes, descriptions of accounting policies or other disclosures required by Canadian generally accepted accounting principles for annual financial statements. Such notes, descriptions of accounting policies and other disclosures have been included in the Company´s audited annual consolidated financial statements included in the Company´s annual report to shareholders for the year ended December 31, 2003. Accordingly, these consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for 2003.
2. Changes in Accounting Policies
(a) Stock-based Compensation
As discussed in the audited annual consolidated financial statements, effective January 1, 2003, the Company changed its method of accounting for stock options from the intrinsic value method to one that recognizes as an expense the cost of stock-based compensation based on the estimated fair value of new stock options granted to employees and directors. The fair value of each stock option granted is estimated on the date of the grant using the Black-Scholes option pricing model. An expense of $44 was recorded in the three months ended June 30, 2004 (three months ended June 30, 2003 - nil) and $90 in the six months ended June 30, 2004 (six months ended June 30, 2003 - nil).
(b) Asset Retirement Obligations
Also, as disclosed in the audited annual consolidated financial statements, effective January 1, 2003, the Company adopted a new accounting standard of the Canadian Institute of Chartered Accountants ("CICA") for asset retirement obligations which harmonizes the accounting with Generally Accepted Accounting Principles in the U.S. This standard significantly changed the method of accounting for future site restoration costs. Under this new standard, asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The amount of the liability is subject to re-measurement at each reporting period. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset´s carrying value and depreciated over the estimated life of the mine. This change in accounting policy was applied retroactively and, accordingly, the consolidated financial statements of prior periods were restated. An expense of $223 and $466 was recorded in the three months and six months ended June 30, 2004 respectively for accretion of the mine closure obligation and amortization of mining interests. This change in accounting policy did not have a material impact on the financial statements for the six months ended June 30, 2003.
(c) Hedging Relationships
In 2003, the CICA finalized amendments to Accounting Guideline AcG-13, "Hedging Relationships" that clarified certain of the requirements in AcG-13 and provided additional documentation and application guidance. AcG-13 is applicable for the Company´s 2004 fiscal year. As a result of AcG-13, the Company has marked to market its forward foreign exchange contracts beginning January 1, 2004. The impact of this change was a decrease to derivative income of $257 in the three months ended June 30, 2004 and an increase to derivative income of $213 in the six-months ended June 30, 2004.
3. Concentrate Awaiting Settlement
The gross value of concentrate awaiting settlement represents the value of all platinum group metals and base metals from production shipped to the smelters for up to a seven month period prior to the balance sheet date. At June 30, 2004, concentrate awaiting settlement included 155,025 ounces of palladium (December 31, 2003 - 147,570). Concentrate awaiting settlement was entirely from two domestic customers at June 30, 2004 and December 31, 2003. Revaluations of the net realizable value of concentrate awaiting settlement are included in revenue at each reporting period and are adjusted for the effects of hedging instruments, sales contracts and foreign exchange.
4. Crushed and Broken Ore Stockpiles
Crushed and broken ore stockpiles are valued at the lower of average production cost and estimated net realizable value. The amount of stockpiled ore that is not expected to be processed within one year is shown as a long-term asset.
5. Mine Closure Plan
As part of the expansion project, the Company has established a revised mine closure plan with the Ontario Ministry of Northern Development and Mines (the "Ministry"), which requires a total amount of $7,800 to be accumulated in a Trust Fund controlled by the Ministry. At June 30, 2004, the Company had $5,333 on deposit with the Ministry and has agreed to make monthly deposits of $100.
6. Long-Term Debt
During the quarter the Company negotiated a new US$20 million and C$10 million senior credit facility with a leading equipment finance company. The credit facility was used to repay the Company´s existing project term loan totaling approximately US$19 million. The new credit facility is a five-year amortizing loan with an interest margin of 2-1/2% over LIBOR or Bankers Acceptances. The lender received a first priority security interest in all of the Company´s existing and future assets excluding its production leases and claims. The credit facility allows in certain circumstances, full repayment of outstanding loans any time during the term of the facility.
The Company also extended the term of its US$20 million subordinated loan from its affiliate, Kaiser Francis Oil Company, to June 30, 2006. US$11.5 million is outstanding under this loan facility, and interest on the facility will be 2-1/2% over LIBOR.
The Company´s long-term debt, comprising its senior credit facility and Kaiser-Francis credit facility, is denominated in US dollars. At June 30, 2004, the outstanding long-term debt, including current and long-term portions was $42,224 (US$31,500) compared to $56,676 (US$43,844) at December 31, 2003.
7. Income Taxes
The variance between the income taxes as computed at the combined statutory rate and the effective rate for the Company is reconciled as follows:
Six Months Ended Six Months Ended June 30 June 30 2004 2003--------------------------------------------------------------------Income tax provision using statutory income tax rates $ 5,489 $ 11,114Increase (decrease) in taxes resulting from: Resource allowance (1,459) (1,924) Non-taxable portion of capital gains (899) (1,625) Changes in income tax rates and laws -- (539) Federal large corporations tax 430 396 Ontario mining taxes 1,468 1,379 Other 273 (191)--------------------------------------------------------------------Income tax expense $ 5,302 $ 8,610--------------------------------------------------------------------8. Capital Stock June 30, 2004 June 30, 2003 Shares Amount Shares Amount---------------------------------------------------------------------Common shares issued, beginning of period 50,895,338 313,489 50,647,955 311,983Common shares issued Pursuit to stock options exercised 394,223 4,215 -- -- To Group RRSP participants 39,037 462 105,485 465---------------------------------------------------------------------Common shares issued, end of period 51,328,598 318,166 50,753,440 312,448---------------------------------------------------------------------
At June 30, 2004, the Company had 890,276 options outstanding at a weighted average exercise price of $9.69, expiring at various dates from March 3, 2005 to June 23, 2012.
In the second quarter of 2004 the Company granted 287,300 options to directors, officers and employees at an exercise price of $11.90 per share. The fair market value of the options grant was $5.48 per option and has been estimated at the date of grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 3.7%, expected dividend yield of nil, expected volatility of 55% and expected option life of 4 years. The estimated fair value of the options is being expensed over the three-year option vesting period.
9. Changes in Non-Cash Working Capital Three Months Ended Six Months Ended June June 30 2004 2003 2004 2003---------------------------------------------------------------------Decrease (increase) in: Concentrate awaiting settlement $ 3,478 $ 4,349 $ (2,512) $ 3,578 Inventories and stockpiles 1,366 (330) 1,283 1,519 Accounts receivable and other assets (452) 527 (168) 639--------------------------------------------------------------------- 4,392 4,546 (1,397) 5,736---------------------------------------------------------------------Increase (decrease) in: Accounts payable and accrued liabilities 2,094 4,143 (520) 1,570 Taxes payable (105) (272) 1,095 109--------------------------------------------------------------------- 1,989 3,871 575 1,679---------------------------------------------------------------------Changes in non-cash working capital $ 6,381 $ 8,417 $ (822) $ 7,415---------------------------------------------------------------------10. Revenue from Metal Sales Three Months Ended Six Months Ended June 30 June 30 2004 2003 2004 2003---------------------------------------------------------------------Palladium (a) $ 31,423 $ 22,593 $ 63,146 $ 46,801Palladium forward contracts (b) -- 9,803 -- 20,437Adjustments for mark to market 786 1,483 3,098 685Nickel 7,029 4,077 13,258 7,925Platinum 6,227 3,317 11,761 7,461Gold 2,398 1,863 5,704 3,478Copper 3,104 1,283 6,016 2,564Other metals 745 212 1,885 400--------------------------------------------------------------------- $ 51,712 $ 44,631 $ 104,868 $ 89,751---------------------------------------------------------------------
(a) The Company entered into a Palladium Sales Contract with a major automobile manufacturer, which provides for a floor price of US$325 per ounce on 100% of palladium production and a cap of US$550 per ounce on 50% of palladium production delivered by June 30, 2005. Palladium revenue includes the impact of the Palladium Sales Contract.
(b) The Company entered into palladium forward contracts in 2001 for 100,800 ounces of palladium at an average price of US$922 per ounce, the revenue from which was fully realized by June 30, 2003. The effect of palladium forward contracts represents the difference between the fixed price realized under the palladium forward contracts and the palladium price at the time of revenue recognition.
11. Commitments
The Company enters into forward contracts from time to time to hedge the effects of changes in the prices of metals it produces and foreign exchange on the Company´s revenues. Gains and losses realized on derivative financial instruments used to mitigate metal price risk are recognized in revenue from metal sales when the hedge transaction occurs.
(a) Platinum Forward Contracts
At June 30, 2004, the Company had forward sales contracts for 8,140 ounces of platinum at an average price of US$769 per ounce maturing at various dates through December 2004. As at June 30, 2004, the fair value of these forward sales contracts approximated their carrying value.
(b) Nickel Swap Contracts
At June 30, 2004, the Company had swap contracts for 1,190,000 lbs. of nickel at an average fixed price of US$5.67 per lb. maturing at various dates through December 2004. As at June 30, 2004, the fair value of these swap contracts was below their carrying value by $552.
(c) Copper Swap Contracts
At June 30, 2004, the Company had swap contracts for 2,645,000 lbs. of copper at an average fixed price of US$1.16 per lb. maturing at various dates through December 2004. As at June 30, 2004, the fair value of these swap contracts was above their carrying value by $10.
(d) Forward Foreign Exchange Contracts
At June 30, 2004, the Company had forward foreign exchange contracts outstanding for US$30,000,000 at an average exchange rate of $1.35 maturing at various dates through December 31, 2004. At June 30, 2004, the fair value of these contracts was $353, of which $140 was included in revenue from metal sales as a mark to market adjustment for concentrate awaiting settlement, and $213 was recorded as derivative income.
12. Subsequent Events
(a) Insurance Recovery
Subsequent to the end of the quarter the Company received $7,148 as an interim payment against a claim filed with its insurance company relating to losses incurred in connection with the failure of the primary crusher in 2002. The Company will include this insurance recovery in income from mining operations in the third quarter.
(b) Flow Through Financing
On July 7, 2004, the Company completed a private placement of flow-through common shares for gross proceeds of $4,050 by issuing 270,000 common shares.
--30--TLM/na* CONTACT: North American Palladium Ltd. Andre Douchane President & CEO (416) 360-2656 email: adouchane@napalladium.com OR North American Palladium Ltd. George D. Faught Vice President Finance & CFO (416) 360-2650 email: gfaught@napalladium.com OR North American Palladium Ltd. Douglas H. Bache Treasurer (416) 360-2651 email: dbache@napalladium.com www.napalladium.com KEYWORD: NEW YORK INTERNATIONAL CANADA INDUSTRY KEYWORD: MINING/METALS EARNINGS SOURCE: North American Palladium Ltd.
(c) 2004 Business Wire. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission.
Autor: © Business Wire , 22:06 09.08.04
Q2 2004 Nettoergebnis gegen 2003: 0,06$ nach 0,20 $
Q2 2004 Umsatz gegen 2003: 52 Mio $ gegen 44 Mio $
Q2 2004 Kosten / Unze Palladium gegen 2003: 158$ gegen 256
Hauptschuldiger am Rückgang des Ergebnisses scheint der Verfall des Palladium-Preises zu sein. Für den Rest und die Feinheiten lernt Englisch.
Gruß
Mickefett
BW)(NORTH-AMERICAN-PALLA)(PAL)(PDL.TO) North American Palladium Ltd.Announces Second Quarter 2004 Results
Business Editors
TORONTO--(BUSINESS WIRE)--Aug. 9, 2004--North American PalladiumLtd. (AMEX:PAL)(TSX:PDL):
Results of Operations
The Company realized net income for the three months ended June 30, 2004 of $2,834,000 or $0.06 per share on revenues from metal sales of $51,712,000 compared to net income of $10,361,000 or $0.20 per share on revenue from metal sales of $44,631,000 for the corresponding period a year earlier. These results include a foreign exchange loss of $264,000 in the current quarter compared to a foreign exchange gain of $6,210,000 in the second quarter of 2003, which primarily relates to the Company´s US dollar denominated long-term debt.
For the six months ended June 30, 2004 the Company reported net income of $8,955,000 or $0.17 per share on revenue of $104,868,000 compared to net income of $18,751,000 or $0.37 per share on revenues of $89,751,000 for the six months ended June 30, 2003. The results for the six month period include a foreign exchange loss of $1,046,000 compared to a foreign exchange gain of $14,861,000 in the six months ended June 30, 2003.
During the second quarter, the mill processed 1,445,445 tonnes of ore, or an average of 15,884 tonnes per day, with a palladium grade of 2.22 g/t, producing 75,970 ounces of palladium at a recovery rate of 73.5%. This compares with the second quarter of 2003, when the mill processed 1,154,965 tonnes of ore, or 12,692 tonnes per day, with a palladium grade of 2.08 g/t, producing 59,069 ounces of palladium at a recovery rate of 76.6%. The improvement in palladium production in the second quarter was directly related to the 25% improvement in mill throughput along with a 7% improvement in feed head grade.
Production costs including overheads but excluding non-cash amortization were $27,489,000 during the second quarter 2004 compared to $24,009,000 during the second quarter 2003. The higher production costs in the current quarter primarily relate to major repairs to mine loading and haul equipment and increased volumes of secondary crushed mill feed, which is currently provided by a contractor. Smelter treatment, refining and freight costs increased by 61% to $7,321,000 in the quarter compared to the second quarter of 2003. The increase in these costs was primarily the result of a 52% increase in the volume of concentrate treated. Additionally, costs were incurred in the quarter for transportation fuel surcharges and penalties related to concentrate quality.
Total unit cash costs to produce palladium (production costs including overhead and smelter treatment, refining and freight costs, net of by-product credits and royalties) decreased to US$158 per ounce in the second quarter 2004 compared to US$256 per ounce in the second quarter 2003. The increased production of platinum, gold, nickel and copper and the improvement in the prices for these by-product metals in the second quarter of 2004 made a significant contribution to operations and resulted in a reduction of the unit cash costs for palladium by US$202 per ounce compared to a reduction of US$155 per ounce in the second quarter of 2003. The decrease in unit cash costs was primarily due to a 29% increase in palladium production, which in part was offset by increased production costs.
At the end of the first quarter, the Company held an unusually high level of concentrate in inventory at the mine site as a result of the labour strike at the Falconbridge operations in Sudbury, Ontario. During the second quarter the Company was able to reduce the back-log of concentrate held in inventory by nearly 900 tonnes containing 7,151 ounces of palladium and other by-product metals. Approximately $4,350,000 was recognized as revenue from metal sales in the second quarter pertaining to this material.
Non-cash amortization expense increased to $8,885,000 during the quarter compared to $4,834,000 in the second quarter 2003. The higher amortization amount is attributable to the 29% increase in palladium production and an increase in the unit of production amortization rate due to the restatement of reserves at June 30, 2003.
As a result of the reduction in outstanding long-term debt, interest expense on long-term debt reduced to $411,000 in the current quarter compared to $657,000 in the second quarter of 2003. During the quarter, the Company repaid the project term loan from the proceeds of a new senior credit facility. Deferred financing costs relating to the project term loan in the amount of $788,000 were written off in the three months ended June 30, 2004. Exploration expense was $518,000 in the second quarter of 2004 compared to $778,000 in the corresponding 2003 period.
Cash Flow and Financial Position
Cash flow from operations, prior to changes in non-cash working capital, was $13,769,000 in the second quarter 2004 compared to $12,406,000 in the second quarter 2003. After allowing for working capital changes, cash provided by operations was $20,150,000 in the second quarter of 2004 compared to $20,823,000 in the second quarter of 2003. Cash flow from operations, prior to changes in non-cash working capital, was $33,250,000 in the first six months of 2004 compared to $23,767,000 in the first six months of 2003. After allowing for working capital changes, cash provided by operations was $32,428,000 in the first six months of 2004 compared to $31,182,000 in the first six months of 2003.
Investing activity in the second quarter required $4,019,000 of cash, with the main capital spending activities being the completion of the next phase of open pit pre-stripping, completion of the first phase of construction of the underground mine access portal and decline ramp and major rebuilds to mine equipment. In addition, the Company completed site preparation and has begun foundation work for a new secondary crusher designed to improve mill throughput. The Company expects to have the secondary crusher operational in the fourth quarter after which its milling costs will be reduced by about $2.00 per tonne.
The Company further strengthened its balance sheet during the quarter. Outstanding long-term debt, including current and long-term portions was reduced by a net amount of $5,992,000, resulting in a long-term debt balance of $42,224,000 (US$31,500,000) at quarter end. During the quarter, the Company issued 215,492 common shares for total consideration of $2,374,000, the majority of which was from the exercise of stock options. At June 30, 2004, the Company had cash and cash equivalents of $24,832,000.
During the quarter the Company negotiated a new US$20 million and C$10 million senior credit facility with a leading equipment finance company. The credit facility was used to repay the Company´s existing bank loan totaling approximately US$19 million and will be used to purchase additional equipment, which is required as part of the mine expansion. The new facility will permit the Company to utilize free cash flow to finance the Lac des Iles underground mine and secondary crusher projects. The new credit facility is a five-year amortizing loan with an interest margin of 2-1/2% over LIBOR or Bankers Acceptances. The credit facility allows in certain circumstances, full repayment of outstanding loans any time during the term of the facility.
The Company also extended the term of its US$20 million subordinated loan from its affiliate, Kaiser Francis Oil Company, to June 30, 2006, of which US$11.5 million is outstanding under this loan facility, and interest on the facility will be 2-1/2% over LIBOR.
Subsequent to the end of the quarter the Company received $7,148,000 as an interim payment against a claim filed with its insurance company relating to losses incurred in connection with the failure of the primary crusher in 2002. The Company will include this insurance recovery in income from mining operations in the third quarter.
Production Statistics ------------------------------------------------------------------------------------------ Second Quarter Six Months June 30 June 30 2004 2003 2004 2003---------------------------------------------------------------------Palladium (oz) 75,970 59,069 167,231 117,860Payable Palladium (oz) 69,399 54,354 152,766 107,682Platinum (oz) 6,319 5,216 13,302 10,501Gold (oz) 6,249 5,050 14,004 9,614Copper (lbs) 2,103,948 1,574,906 4,245,703 2,971,061Nickel (lbs) 1,060,318 915,977 2,381,519 1,688,522---------------------------------------------------------------------Ore Tonnes Milled 1,445,445 1,154,965 2,794,224 2,351,224Ore Tonnes Mined 1,305,529 1,527,756 2,958,196 2,921,725Waste Tonnes Mined 2,848,833 2,108,737 5,074,933 4,579,622---------------------------------------------------------------------Waste Strip Ratio 2.18:1 1.38:1 1.72:1 1.57:1---------------------------------------------------------------------
Exploration & Development
During the second quarter of 2004, the Company entered into an agreement to complete a private placement of flow-through common shares for gross proceeds of $4,050,000 by issuing 270,000 common shares. This transaction closed on July 7, 2004 and the funds will be used for the upcoming diamond drill programs on various exploration projects as well as to fund exploration on new acquisitions currently being pursued.
The Company was active on several projects during the second quarter of 2004. Nine holes totaling 1,347 meters were drilled on the Shebandowan and Roaring River projects. Drilling at Shebandowan returned the following intersections: 2.34m @ 2.28% Cu, 0.17% Ni from hole SP-04-02 and 10.8m @ 0.32% Ni, 0.506 g/t PGE from hole SP-04-01.
Fieldwork consisting of geological mapping, prospecting and ground geophysics commenced on the Shebandowan properties late in the second quarter. The immediate focus will be selected airborne anomalies associated with ultramafic bodies, which are the host lithologies for the adjoining, past producing, Shebandowan nickel mine. Additional drilling on the project is scheduled for later this summer.
At the Lac Des Iles mine site the Magnetotelleurics and 3D Magnetic Inversion data were remodeled. This new information, as well as various geochemical, geophysical (detailed airborne magnetics and resistivity, ground gravity) will provide greater target definition for a fourth quarter drill program.
Outlook
As we progress into the third quarter of 2004, production from the Lac des Iles mine continues to be ahead of budget owing to favorable palladium ore grades and mill throughput. Additionally, we are progressing well on our secondary crusher and underground projects. The secondary crusher is on schedule and we expect this facility to be operational during the fourth quarter. Construction of the access ramp at the underground mine is on track for an expected production ramp-up in the fourth quarter of 2005.
While metal prices were softer in the second quarter of 2004, continued weakness in the U.S. dollar and strong fundamentals has spurred renewed investor interest in precious and base metals. Platinum and palladium have found support at levels around US$820 and US$220 respectively, but continue to trade in a narrow range. Providing support for both metals is the continued concern about the viability of planned mine expansions and new projects as the South African rand to the U.S. dollar exchange rate goes below 6 to 1. The world´s leading platinum producer, Anglo Platinum, has warned that it may be forced to curtail its expansion plans further due to the continued rand strength.
Andre J. Douchane, President & CEO commented: "While we constantly stay on top of the safety, operational, and construction progress at Lac des Iles, we are shifting more and more of our corporate effort toward the growth of our business. We are pleased with our performance thus far in 2004 and our continued progress in strengthening our financial position. Continued focus on enhancing our operations and financial position remain our top priority as we move forward with our growth strategy."
North American Palladium´s Lac des Iles Mine is Canada´s only primary producer of platinum group metals and is one of the largest open pit bulk mineable palladium reserves in the world. In addition to palladium, the Company earns substantial revenue from by-product nickel, platinum, gold and copper. Palladium use in the auto industry continues to be an important component in controlling exhaust emissions as mandated by more stringent hydrocarbon emissions standards for cars, particularly in the United States, Europe and Japan. Palladium is also used in the dental, electronics, jewelry and chemical sectors.
Forward-Looking Statements - Certain statements included in this news release are forward-looking statements which are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. They include estimates and statements that describe the Company´s future plans, objectives and goals, including words to the effect that the Company or management expects a stated condition or result to occur. When used herein, words such as "estimate", "expect", "intend", and other similar expressions are intended to identify forward-looking statements. In particular statements relating to estimated cash flows, capital costs, ore production, mine life, financing and construction are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond our control, that may cause actual results or performance to differ materially from those currently anticipated in such statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include among others metal price volatility, economic and political events affecting metal supply and demand, fluctuations in ore grade, ore tonnes milled, geological, technical, mining or processing problems, future profitability and production, and availability of financing on acceptable terms. For a more comprehensive review of risk factors, please refer to the Company´s most recent Annual Report under "Management´s Discussion and Analysis of Financial Results" and Annual Information Form under "Risk Factors" on file with the U.S. Securities and Exchange Commission and Canada provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements.
North American Palladium Ltd. Consolidated Balance Sheets (Canadian funds in thousands of dollars) June 30 December 31 2004 2003 (Unaudited) --------------------------------------------------------------------- Assets ---------------------------------------------------------------------Current Assets Cash and cash equivalents $ 24,832 $ 11,950Short-term investments 1,116 1,813Concentrate awaiting settlement, net - Note 3 97,122 94,610Inventories 8,584 9,141Crushed and broken ore stockpiles - Note 4 8,278 6,251Future tax asset -- 84Accounts receivable and other assets 1,768 1,387--------------------------------------------------------------------- 141,700 125,236Mining interests, net 237,919 247,116Mine closure deposit - Note 5 5,333 4,733Deferred financing costs 267 1,290Crushed and broken ore stockpiles - Note 4 3,230 5,983Future tax asset 6,505 9,334--------------------------------------------------------------------- $ 394,954 $ 393,692--------------------------------------------------------------------- Liabilities and Shareholders´ Equity Current Liabilities Accounts payable and accrued liabilities $ 15,521 $ 16,041Taxes payable 2,561 1,311Future tax liability 61 216Current portion of obligations under capital leases 1,196 1,070Current portion of senior credit facility - Note 6 5,362 34,538--------------------------------------------------------------------- 24,701 53,176Mine closure obligation 7,446 7,300Obligations under capital leases 1,812 1,015Senior credit facility - Note 6 21,447 7,272Kaiser-Francis credit facility - Note 6 15,415 14,866Future tax liability 10,318 10,108--------------------------------------------------------------------- 81,139 93,737Shareholders´ Equity Capital stock - Note 8 318,166 313,489Contributed surplus 228 --Deficit (4,579) (13,534)---------------------------------------------------------------------Total shareholders´ equity 313,815 299,955--------------------------------------------------------------------- $ 394,954 $ 393,692---------------------------------------------------------------------These financial statements have been prepared by Management of NorthAmerican Palladium Ltd. and the prior year financial statements havenot been reviewed by the auditor of North American Palladium Ltd. North American Palladium Ltd. Consolidated Statements of Earnings and Deficit (Canadian funds in thousands of dollars, except share and per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30 June 30 2004 2003 2004 2003---------------------------------------------------------------------Revenue from metal sales - Note 10 $51,712 $44,631 $104,868 $89,751Deduct: smelter treatment, refining and freight costs (7,321) (4,549) (12,652) (8,048)---------------------------------------------------------------------Net revenue from mining operations 44,391 40,082 92,216 81,703---------------------------------------------------------------------Operating expenses Production costs including Overhead 27,489 24,009 52,487 52,228Amortization 8,885 4,834 18,731 9,715Administrative expenses 1,072 692 2,289 1,610Provision for mine closure costs 223 127 466 259---------------------------------------------------------------------Total operating expenses 37,669 29,662 73,973 63,812---------------------------------------------------------------------Income from mining Operations 6,722 10,420 18,243 17,891---------------------------------------------------------------------Other income (expenses) Interest on long-term debt (411) (657) (898) (1,725)Exploration expense (518) (778) (947) (1,101)Foreign exchange gain (loss) (264) 6,210 (1,046) 14,861Derivative income - Note 2(c) and 11(d) (257) -- 213 --Write-off of deferred financing costs (788) -- (788) --Loss on disposal of capital assets (491) (2,710) (623) (2,710)Interest income 67 71 114 145Interest expense (1) -- (11) -----------------------------------------------------------------------Total other income (expenses) (2,663) 2,136 (3,986) 9,470---------------------------------------------------------------------Income before income taxes 4,059 12,556 14,257 27,361Provision for income taxes - Note 7 1,225 2,195 5,302 8,610---------------------------------------------------------------------Net income for the period 2,834 10,361 8,955 18,751Deficit, beginning of period 7,413 43,147 13,534 51,537---------------------------------------------------------------------Deficit, end of period $4,579 $32,786 $4,579 $32,786---------------------------------------------------------------------Net income per share $0.06 0.20 0.18 $0.37---------------------------------------------------------------------Diluted net income per share $0.06 0.20 0.17 $0.37---------------------------------------------------------------------Weighted average number of shares outstanding - basic 51,254,953 50,744,304 51,114,948 50,711,677--------------------------------------------------------------------- North American Palladium Ltd. Consolidated Statements of Cash Flows (Canadian funds in thousands of dollars) (Unaudited) Three Months Six Months Ended Ended June 30 June 30 2004 2003 2004 2003---------------------------------------------------------------------Cash provided by (used in)OperationsNet income for the period $2,834 $10,361 $8,955 $18,751Operating items not involving cash Future income tax expense 464 2,048 3,261 7,959 Amortization 8,885 4,834 18,731 9,715 Foreign exchange loss (gain) (217) (7,674) 549 (15,627) Loss on disposal of capital assets 491 2,710 623 2,710 Write-off of deferred financing costs 788 -- 788 -- Provision for mine closure costs 223 127 466 259 Stock-based compensation 44 -- 90 -- Derivative income - Note 2(C) and 11(d) 257 -- (213) ----------------------------------------------------------------------- 13,769 12,406 33,250 23,767Changes in non-cash working capital - Note 9 6,381 8,417 (822) 7,415--------------------------------------------------------------------- 20,150 20,823 32,428 31,182---------------------------------------------------------------------Financing ActivitiesRepayment of project term loan (32,584) (11,545) (41,810) (24,310)Increase in senior credit facility 26,809 -- 26,809 --Issuance of common shares 2,374 222 4,677 465Mine closure deposit (300) (300) (600) (600)Obligations under capital leases (673) (273) (876) (524)--------------------------------------------------------------------- (4,374) (11,896) (11,800) (24,969)---------------------------------------------------------------------Investing ActivitiesShort-term investments 704 (34) 697 (62)Additions to mining interests (5,144) (7,485) (8,894) (10,397)Proceeds on disposal of capital assets 421 108 451 108--------------------------------------------------------------------- (4,019) (7,411) (7,746) (10,351)---------------------------------------------------------------------Increase (decrease) in cash and cash equivalents 11,757 1,516 12,882 (4,138)Cash and cash equivalents, beginning of period 13,075 5,882 11,950 11,536---------------------------------------------------------------------Cash and cash equivalents, end of period $24,832 $7,398 $24,832 $7,398--------------------------------------------------------------------- North American Palladium Ltd. Notes to the June 30, 2004 Consolidated Financial Statements (in thousands of Canadian dollars except per share and per ounce amounts) (Unaudited)
1.Basis of Presentation
These unaudited interim consolidated financial statements have been prepared using disclosure standards appropriate for interim financial statements and do not contain all the explanatory notes, descriptions of accounting policies or other disclosures required by Canadian generally accepted accounting principles for annual financial statements. Such notes, descriptions of accounting policies and other disclosures have been included in the Company´s audited annual consolidated financial statements included in the Company´s annual report to shareholders for the year ended December 31, 2003. Accordingly, these consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for 2003.
2. Changes in Accounting Policies
(a) Stock-based Compensation
As discussed in the audited annual consolidated financial statements, effective January 1, 2003, the Company changed its method of accounting for stock options from the intrinsic value method to one that recognizes as an expense the cost of stock-based compensation based on the estimated fair value of new stock options granted to employees and directors. The fair value of each stock option granted is estimated on the date of the grant using the Black-Scholes option pricing model. An expense of $44 was recorded in the three months ended June 30, 2004 (three months ended June 30, 2003 - nil) and $90 in the six months ended June 30, 2004 (six months ended June 30, 2003 - nil).
(b) Asset Retirement Obligations
Also, as disclosed in the audited annual consolidated financial statements, effective January 1, 2003, the Company adopted a new accounting standard of the Canadian Institute of Chartered Accountants ("CICA") for asset retirement obligations which harmonizes the accounting with Generally Accepted Accounting Principles in the U.S. This standard significantly changed the method of accounting for future site restoration costs. Under this new standard, asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The amount of the liability is subject to re-measurement at each reporting period. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset´s carrying value and depreciated over the estimated life of the mine. This change in accounting policy was applied retroactively and, accordingly, the consolidated financial statements of prior periods were restated. An expense of $223 and $466 was recorded in the three months and six months ended June 30, 2004 respectively for accretion of the mine closure obligation and amortization of mining interests. This change in accounting policy did not have a material impact on the financial statements for the six months ended June 30, 2003.
(c) Hedging Relationships
In 2003, the CICA finalized amendments to Accounting Guideline AcG-13, "Hedging Relationships" that clarified certain of the requirements in AcG-13 and provided additional documentation and application guidance. AcG-13 is applicable for the Company´s 2004 fiscal year. As a result of AcG-13, the Company has marked to market its forward foreign exchange contracts beginning January 1, 2004. The impact of this change was a decrease to derivative income of $257 in the three months ended June 30, 2004 and an increase to derivative income of $213 in the six-months ended June 30, 2004.
3. Concentrate Awaiting Settlement
The gross value of concentrate awaiting settlement represents the value of all platinum group metals and base metals from production shipped to the smelters for up to a seven month period prior to the balance sheet date. At June 30, 2004, concentrate awaiting settlement included 155,025 ounces of palladium (December 31, 2003 - 147,570). Concentrate awaiting settlement was entirely from two domestic customers at June 30, 2004 and December 31, 2003. Revaluations of the net realizable value of concentrate awaiting settlement are included in revenue at each reporting period and are adjusted for the effects of hedging instruments, sales contracts and foreign exchange.
4. Crushed and Broken Ore Stockpiles
Crushed and broken ore stockpiles are valued at the lower of average production cost and estimated net realizable value. The amount of stockpiled ore that is not expected to be processed within one year is shown as a long-term asset.
5. Mine Closure Plan
As part of the expansion project, the Company has established a revised mine closure plan with the Ontario Ministry of Northern Development and Mines (the "Ministry"), which requires a total amount of $7,800 to be accumulated in a Trust Fund controlled by the Ministry. At June 30, 2004, the Company had $5,333 on deposit with the Ministry and has agreed to make monthly deposits of $100.
6. Long-Term Debt
During the quarter the Company negotiated a new US$20 million and C$10 million senior credit facility with a leading equipment finance company. The credit facility was used to repay the Company´s existing project term loan totaling approximately US$19 million. The new credit facility is a five-year amortizing loan with an interest margin of 2-1/2% over LIBOR or Bankers Acceptances. The lender received a first priority security interest in all of the Company´s existing and future assets excluding its production leases and claims. The credit facility allows in certain circumstances, full repayment of outstanding loans any time during the term of the facility.
The Company also extended the term of its US$20 million subordinated loan from its affiliate, Kaiser Francis Oil Company, to June 30, 2006. US$11.5 million is outstanding under this loan facility, and interest on the facility will be 2-1/2% over LIBOR.
The Company´s long-term debt, comprising its senior credit facility and Kaiser-Francis credit facility, is denominated in US dollars. At June 30, 2004, the outstanding long-term debt, including current and long-term portions was $42,224 (US$31,500) compared to $56,676 (US$43,844) at December 31, 2003.
7. Income Taxes
The variance between the income taxes as computed at the combined statutory rate and the effective rate for the Company is reconciled as follows:
Six Months Ended Six Months Ended June 30 June 30 2004 2003--------------------------------------------------------------------Income tax provision using statutory income tax rates $ 5,489 $ 11,114Increase (decrease) in taxes resulting from: Resource allowance (1,459) (1,924) Non-taxable portion of capital gains (899) (1,625) Changes in income tax rates and laws -- (539) Federal large corporations tax 430 396 Ontario mining taxes 1,468 1,379 Other 273 (191)--------------------------------------------------------------------Income tax expense $ 5,302 $ 8,610--------------------------------------------------------------------8. Capital Stock June 30, 2004 June 30, 2003 Shares Amount Shares Amount---------------------------------------------------------------------Common shares issued, beginning of period 50,895,338 313,489 50,647,955 311,983Common shares issued Pursuit to stock options exercised 394,223 4,215 -- -- To Group RRSP participants 39,037 462 105,485 465---------------------------------------------------------------------Common shares issued, end of period 51,328,598 318,166 50,753,440 312,448---------------------------------------------------------------------
At June 30, 2004, the Company had 890,276 options outstanding at a weighted average exercise price of $9.69, expiring at various dates from March 3, 2005 to June 23, 2012.
In the second quarter of 2004 the Company granted 287,300 options to directors, officers and employees at an exercise price of $11.90 per share. The fair market value of the options grant was $5.48 per option and has been estimated at the date of grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 3.7%, expected dividend yield of nil, expected volatility of 55% and expected option life of 4 years. The estimated fair value of the options is being expensed over the three-year option vesting period.
9. Changes in Non-Cash Working Capital Three Months Ended Six Months Ended June June 30 2004 2003 2004 2003---------------------------------------------------------------------Decrease (increase) in: Concentrate awaiting settlement $ 3,478 $ 4,349 $ (2,512) $ 3,578 Inventories and stockpiles 1,366 (330) 1,283 1,519 Accounts receivable and other assets (452) 527 (168) 639--------------------------------------------------------------------- 4,392 4,546 (1,397) 5,736---------------------------------------------------------------------Increase (decrease) in: Accounts payable and accrued liabilities 2,094 4,143 (520) 1,570 Taxes payable (105) (272) 1,095 109--------------------------------------------------------------------- 1,989 3,871 575 1,679---------------------------------------------------------------------Changes in non-cash working capital $ 6,381 $ 8,417 $ (822) $ 7,415---------------------------------------------------------------------10. Revenue from Metal Sales Three Months Ended Six Months Ended June 30 June 30 2004 2003 2004 2003---------------------------------------------------------------------Palladium (a) $ 31,423 $ 22,593 $ 63,146 $ 46,801Palladium forward contracts (b) -- 9,803 -- 20,437Adjustments for mark to market 786 1,483 3,098 685Nickel 7,029 4,077 13,258 7,925Platinum 6,227 3,317 11,761 7,461Gold 2,398 1,863 5,704 3,478Copper 3,104 1,283 6,016 2,564Other metals 745 212 1,885 400--------------------------------------------------------------------- $ 51,712 $ 44,631 $ 104,868 $ 89,751---------------------------------------------------------------------
(a) The Company entered into a Palladium Sales Contract with a major automobile manufacturer, which provides for a floor price of US$325 per ounce on 100% of palladium production and a cap of US$550 per ounce on 50% of palladium production delivered by June 30, 2005. Palladium revenue includes the impact of the Palladium Sales Contract.
(b) The Company entered into palladium forward contracts in 2001 for 100,800 ounces of palladium at an average price of US$922 per ounce, the revenue from which was fully realized by June 30, 2003. The effect of palladium forward contracts represents the difference between the fixed price realized under the palladium forward contracts and the palladium price at the time of revenue recognition.
11. Commitments
The Company enters into forward contracts from time to time to hedge the effects of changes in the prices of metals it produces and foreign exchange on the Company´s revenues. Gains and losses realized on derivative financial instruments used to mitigate metal price risk are recognized in revenue from metal sales when the hedge transaction occurs.
(a) Platinum Forward Contracts
At June 30, 2004, the Company had forward sales contracts for 8,140 ounces of platinum at an average price of US$769 per ounce maturing at various dates through December 2004. As at June 30, 2004, the fair value of these forward sales contracts approximated their carrying value.
(b) Nickel Swap Contracts
At June 30, 2004, the Company had swap contracts for 1,190,000 lbs. of nickel at an average fixed price of US$5.67 per lb. maturing at various dates through December 2004. As at June 30, 2004, the fair value of these swap contracts was below their carrying value by $552.
(c) Copper Swap Contracts
At June 30, 2004, the Company had swap contracts for 2,645,000 lbs. of copper at an average fixed price of US$1.16 per lb. maturing at various dates through December 2004. As at June 30, 2004, the fair value of these swap contracts was above their carrying value by $10.
(d) Forward Foreign Exchange Contracts
At June 30, 2004, the Company had forward foreign exchange contracts outstanding for US$30,000,000 at an average exchange rate of $1.35 maturing at various dates through December 31, 2004. At June 30, 2004, the fair value of these contracts was $353, of which $140 was included in revenue from metal sales as a mark to market adjustment for concentrate awaiting settlement, and $213 was recorded as derivative income.
12. Subsequent Events
(a) Insurance Recovery
Subsequent to the end of the quarter the Company received $7,148 as an interim payment against a claim filed with its insurance company relating to losses incurred in connection with the failure of the primary crusher in 2002. The Company will include this insurance recovery in income from mining operations in the third quarter.
(b) Flow Through Financing
On July 7, 2004, the Company completed a private placement of flow-through common shares for gross proceeds of $4,050 by issuing 270,000 common shares.
--30--TLM/na* CONTACT: North American Palladium Ltd. Andre Douchane President & CEO (416) 360-2656 email: adouchane@napalladium.com OR North American Palladium Ltd. George D. Faught Vice President Finance & CFO (416) 360-2650 email: gfaught@napalladium.com OR North American Palladium Ltd. Douglas H. Bache Treasurer (416) 360-2651 email: dbache@napalladium.com www.napalladium.com KEYWORD: NEW YORK INTERNATIONAL CANADA INDUSTRY KEYWORD: MINING/METALS EARNINGS SOURCE: North American Palladium Ltd.
(c) 2004 Business Wire. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission.
Autor: © Business Wire , 22:06 09.08.04
Trading Spotlight
Das Hauptproblem ist ja wohl der Palladiumpreis. An die Substitution von Platin durch Palladium haben ja wohl viele geglaubt, insbesondere Spekulanten, die ihre Positionen in der letzten Zeit wieder abgebaut haben, weil diese Substitution doch nicht so schnell geht. Langfristig kommt das aber und je größer der Preisunterschied zwischen Platin und Palladium ist, desto größer ist das Interesse an Palladium.
Das kommt sicher ganz schnell
Gruß
Mickefett
Das kommt sicher ganz schnell
Gruß
Mickefett
Press Release Source: North American Palladium Ltd.
North American Palladium Ltd. Announces Operating Performance for Third Quarter 2004
Wednesday October 6, 5:11 pm ET
TORONTO--(BUSINESS WIRE)--Oct. 6, 2004--North American Palladium Ltd. (AMEX:PAL - News; TSX:PDL - News): During the third quarter of 2004, the Lac des Iles mill processed 1,301,378 tonnes of ore or an average of 14,145 tonnes per day with a palladium head grade of 2.53 grams per tonne, producing 79,174 ounces of palladium at a recovery rate of 74.8%. By-product metals production during the third quarter of 2004 included 6,352 ounces of platinum, 6,745 ounces of gold, 1,090,932 pounds of nickel and 1,986,471 pounds of copper. This compares to the second quarter of 2004, when the mill processed 1,445,445 tonnes of ore, or an average of 15,884 tonnes per day with a palladium grade of 2.22 grams per tonne, producing 75,970 ounces of palladium at a recovery rate of 73.5%. Production in the third quarter was affected by a scheduled mill shutdown, which was done to accommodate the new secondary crusher facility tie-in.
In the first nine months of 2004, the Company exceeded its production targets by producing 246,405 ounces of palladium. By-product metal production also exceeded budget.
The following table outlines the operating results for the past five quarters:
---------------------------------------------------------------------
Q3, 2003 Q4, 2003 Q1, 2004 Q2, 2004 Q3, 2004
---------------------------------------------------------------------
Mill Throughput
(Tonnes per day) 14,215 16,312 14,822 15,884 14,145
---------------------------------------------------------------------
Palladium
Recovery (%) 74.0 75.1 77.3 73.5 74.8
---------------------------------------------------------------------
Mill
Availability (%) 92.6 94.8 89.3 92.3 87.3
---------------------------------------------------------------------
Palladium
Production
(ounces) 76,729 94,114 91,261 75,970 79,174
---------------------------------------------------------------------
Underground Mine and Secondary Crusher Projects at Lac des Iles Progressing
Construction of the underground mine at Lac des Iles is on schedule. The portal has been established, 340 metres of main ramp have been driven, and all ancillary facilities are in place. The Company will start construction of the ventilation raise and secondary escape during the fourth quarter of 2004. The underground mine development is progressing toward 2006-targeted full production.
The secondary crusher project is on budget to begin commissioning by the mid fourth quarter of 2004. The key milestone of splitting the main SAG mill feed belt was completed in the third quarter during a scheduled six-day shutdown and final construction of the crusher plant is progressing as scheduled. Andre Douchane, President and CEO, commented: "I am very pleased with the performance to-date of our operations and project teams. I am looking forward to the successful start-up of these projects."
Exploration Drilling Underway at Lac des Iles and Shebandowan Project
On the Lac des Iles property a 10,000+ metre diamond drill program was initiated late in the third quarter of 2004, with drilling scheduled to continue through the first half of 2005. Several priority target areas will be tested. They include: the South Roby Zone, where reconnaissance drilling in 2003 intersected encouraging values, and the Creek Zone where surface sampling returned assay values significant enough to warrant drilling. In addition, the Company has commenced a deep 2000-2200-metre diamond drill hole to test the down plunge extension of the High-Grade Offset Zone some 600 metres below current drilling. On the Shebandowan Lake properties, a 3,000-metre drill program is scheduled to start in early October. The bulk of the drilling is testing various targets on ground recently optioned from Inco Limited surrounding its past producing Shebandowan Mine (Nickel, Copper, PGM). Further, drilling will be conducted on a high-grade Palladium bearing breccia on the Company`s adjoining Haines Property.
North American Palladium`s Lac des Iles Mine is Canada`s only primary producer of platinum group metals and is one of the largest open pit bulk mineable palladium reserves in the world. In addition to palladium, the Company earns substantial revenue from by-product nickel, platinum, gold and copper. Palladium use in the auto industry continues to be an important component in controlling exhaust emissions as mandated by more stringent hydrocarbon emissions standards for cars, particularly in the United States, Europe and Japan. Palladium is also used in the dental, electronics, jewelry and chemical sectors.
Forward-Looking Statements - Certain statements included in this news release are forward-looking statements which are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. They include estimates and statements that describe the Company`s future plans, objectives and goals, including words to the effect that the Company or management expects a stated condition or result to occur. When used herein, words such as "estimate", "expect", "intend", and other similar expressions are intended to identify forward-looking statements. In particular statements relating to estimated mineral reserves, cash flows, capital costs, ore production, metal production, mine life, financing and construction are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond our control, that may cause actual results or performance to differ materially from those currently anticipated in such statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include among others metal price volatility, economic and political events affecting metal supply and demand, fluctuations in ore grade, ore tonne milled, geological, technical, mining or processing problems, future profitability and production, and availability of financing on acceptable terms. For a more comprehensive review of risk factors, please refer to the Company`s most recent Annual Report under "Management`s Discussion and Analysis of Financial Results" and Annual Information Form under "Risk Factors" on file with the U.S. Securities and Exchange Commission and Canada provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements.
--------------------------------------------------------------------------------
Contact:
North American Palladium Ltd.
Andre J. Douchane
President & CEO
(416) 360-2656
or
North American Palladium Ltd.
George D. Faught
Vice President Finance & CFO
(416) 360-2650
or
North American Palladium Ltd.
Douglas H. Bache
Treasurer, Corporate Development and Investor Relations
(416) 360-2651
Fax: (416) 360-7709
info@napalladium.com
www.napalladium.com
North American Palladium Ltd. Announces Operating Performance for Third Quarter 2004
Wednesday October 6, 5:11 pm ET
TORONTO--(BUSINESS WIRE)--Oct. 6, 2004--North American Palladium Ltd. (AMEX:PAL - News; TSX:PDL - News): During the third quarter of 2004, the Lac des Iles mill processed 1,301,378 tonnes of ore or an average of 14,145 tonnes per day with a palladium head grade of 2.53 grams per tonne, producing 79,174 ounces of palladium at a recovery rate of 74.8%. By-product metals production during the third quarter of 2004 included 6,352 ounces of platinum, 6,745 ounces of gold, 1,090,932 pounds of nickel and 1,986,471 pounds of copper. This compares to the second quarter of 2004, when the mill processed 1,445,445 tonnes of ore, or an average of 15,884 tonnes per day with a palladium grade of 2.22 grams per tonne, producing 75,970 ounces of palladium at a recovery rate of 73.5%. Production in the third quarter was affected by a scheduled mill shutdown, which was done to accommodate the new secondary crusher facility tie-in.
In the first nine months of 2004, the Company exceeded its production targets by producing 246,405 ounces of palladium. By-product metal production also exceeded budget.
The following table outlines the operating results for the past five quarters:
---------------------------------------------------------------------
Q3, 2003 Q4, 2003 Q1, 2004 Q2, 2004 Q3, 2004
---------------------------------------------------------------------
Mill Throughput
(Tonnes per day) 14,215 16,312 14,822 15,884 14,145
---------------------------------------------------------------------
Palladium
Recovery (%) 74.0 75.1 77.3 73.5 74.8
---------------------------------------------------------------------
Mill
Availability (%) 92.6 94.8 89.3 92.3 87.3
---------------------------------------------------------------------
Palladium
Production
(ounces) 76,729 94,114 91,261 75,970 79,174
---------------------------------------------------------------------
Underground Mine and Secondary Crusher Projects at Lac des Iles Progressing
Construction of the underground mine at Lac des Iles is on schedule. The portal has been established, 340 metres of main ramp have been driven, and all ancillary facilities are in place. The Company will start construction of the ventilation raise and secondary escape during the fourth quarter of 2004. The underground mine development is progressing toward 2006-targeted full production.
The secondary crusher project is on budget to begin commissioning by the mid fourth quarter of 2004. The key milestone of splitting the main SAG mill feed belt was completed in the third quarter during a scheduled six-day shutdown and final construction of the crusher plant is progressing as scheduled. Andre Douchane, President and CEO, commented: "I am very pleased with the performance to-date of our operations and project teams. I am looking forward to the successful start-up of these projects."
Exploration Drilling Underway at Lac des Iles and Shebandowan Project
On the Lac des Iles property a 10,000+ metre diamond drill program was initiated late in the third quarter of 2004, with drilling scheduled to continue through the first half of 2005. Several priority target areas will be tested. They include: the South Roby Zone, where reconnaissance drilling in 2003 intersected encouraging values, and the Creek Zone where surface sampling returned assay values significant enough to warrant drilling. In addition, the Company has commenced a deep 2000-2200-metre diamond drill hole to test the down plunge extension of the High-Grade Offset Zone some 600 metres below current drilling. On the Shebandowan Lake properties, a 3,000-metre drill program is scheduled to start in early October. The bulk of the drilling is testing various targets on ground recently optioned from Inco Limited surrounding its past producing Shebandowan Mine (Nickel, Copper, PGM). Further, drilling will be conducted on a high-grade Palladium bearing breccia on the Company`s adjoining Haines Property.
North American Palladium`s Lac des Iles Mine is Canada`s only primary producer of platinum group metals and is one of the largest open pit bulk mineable palladium reserves in the world. In addition to palladium, the Company earns substantial revenue from by-product nickel, platinum, gold and copper. Palladium use in the auto industry continues to be an important component in controlling exhaust emissions as mandated by more stringent hydrocarbon emissions standards for cars, particularly in the United States, Europe and Japan. Palladium is also used in the dental, electronics, jewelry and chemical sectors.
Forward-Looking Statements - Certain statements included in this news release are forward-looking statements which are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. They include estimates and statements that describe the Company`s future plans, objectives and goals, including words to the effect that the Company or management expects a stated condition or result to occur. When used herein, words such as "estimate", "expect", "intend", and other similar expressions are intended to identify forward-looking statements. In particular statements relating to estimated mineral reserves, cash flows, capital costs, ore production, metal production, mine life, financing and construction are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond our control, that may cause actual results or performance to differ materially from those currently anticipated in such statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include among others metal price volatility, economic and political events affecting metal supply and demand, fluctuations in ore grade, ore tonne milled, geological, technical, mining or processing problems, future profitability and production, and availability of financing on acceptable terms. For a more comprehensive review of risk factors, please refer to the Company`s most recent Annual Report under "Management`s Discussion and Analysis of Financial Results" and Annual Information Form under "Risk Factors" on file with the U.S. Securities and Exchange Commission and Canada provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements.
--------------------------------------------------------------------------------
Contact:
North American Palladium Ltd.
Andre J. Douchane
President & CEO
(416) 360-2656
or
North American Palladium Ltd.
George D. Faught
Vice President Finance & CFO
(416) 360-2650
or
North American Palladium Ltd.
Douglas H. Bache
Treasurer, Corporate Development and Investor Relations
(416) 360-2651
Fax: (416) 360-7709
info@napalladium.com
www.napalladium.com
Könnte ein guter Moment für den Einstieg sein.
#8 Sehe ich auch so. In die Aktie oder in ein Zertifikat??
Totale Ausverkaufskurse diese Woche, jetzt aber wieder rein.
Die Aussichten für den Palladiumpreis schauen gut aus.
Die Aussichten für den Palladiumpreis schauen gut aus.
Die Aktie sieht mehr als sch... aus!
Was ist los mit dem Wert,ich kann nichts negatives finden.Palladium hat noch nicht gebreakt,charttechn ist die Aktie im Eimer,Palladiumphantasie allerorten.
Oder schütteln die großen Jungs um sich vollzusaugen.
Meinungen oder Infos wären gut!
Danke Rani!
Oder schütteln die großen Jungs um sich vollzusaugen.Meinungen oder Infos wären gut!
Danke Rani!
Die Ergebnisse sehen nicht wirklich überzeugend aus:
Earnings Per Share - Quarterly Results
FY (12/04) FY (12/03) FY (12/02)
1st Qtr $0.09 $0.12 $0.08
2nd Qtr $0.04 $0.15 $0.10
3rd Qtr $0.10 $0.05 $0.04
4th Qtr -$1.74 $0.24 -$0.02
Total -$1.51 $0.56 $0.20
North American Palladium Ltd. Announces First Quarter 2005 Financial Results
Results of Operations
The Company realized a net loss for the three months ended March 31, 2005 of $7,736,000 or $0.15 per share on revenues of $26,206,000 compared to net income of $6,121,000 or $0.11 per share on revenues of $53,156,000 for the corresponding period a year earlier.
In the first quarter of 2005, the Company`s palladium revenue was affected by a 42% decline in palladium production compared to the first quarter of 2004, together with a continuing low palladium price. During the first quarter of 2005, revenue was recorded for 45,022 ounces of palladium production of which 6,403 ounces were recorded at the floor price of US$325 per ounce under the expiring palladium sales contract, while the remainder, which will be available for physical delivery after June 30, 2005, was recorded at the March 31, 2005 quoted market price of US$199 per ounce. The blended average realized palladium price for the first quarter of 2005 was US$224 per ounce compared to a price of US$325 per ounce in the year-earlier period, which was the floor price under the palladium sales contract in that period. Variations from the provisionally priced sales will be recognized as revenue adjustments as they occur until the price is finalized. In addition, revenue from by-product metal declined by 27% to $14,010,000 in the first quarter of 2005 compared to $19,121,000 in the first quarter of 2004, reflecting the decreased production of nickel, platinum, gold and copper. Despite the lower by-product production, prices for these metals continued well above historical levels and in fact were at higher levels than the first quarter 2004. Partially offsetting the higher by-product prices was a strengthening Canadian dollar which averaged US$0.82 in the first quarter 2005, compared to US$0.76 in the first quarter 2004.
Auf die schnelle habe ich auch nichts gefunden, was auf bessere Ergebnisse hindeutet. Der angeblich hohe Buchwert von rd. 3,5$ je Aktie sollte jedoch ein weiteres Abstürzen verhindern!?
Earnings Per Share - Quarterly Results
FY (12/04) FY (12/03) FY (12/02)
1st Qtr $0.09 $0.12 $0.08
2nd Qtr $0.04 $0.15 $0.10
3rd Qtr $0.10 $0.05 $0.04
4th Qtr -$1.74 $0.24 -$0.02
Total -$1.51 $0.56 $0.20
North American Palladium Ltd. Announces First Quarter 2005 Financial Results
Results of Operations
The Company realized a net loss for the three months ended March 31, 2005 of $7,736,000 or $0.15 per share on revenues of $26,206,000 compared to net income of $6,121,000 or $0.11 per share on revenues of $53,156,000 for the corresponding period a year earlier.
In the first quarter of 2005, the Company`s palladium revenue was affected by a 42% decline in palladium production compared to the first quarter of 2004, together with a continuing low palladium price. During the first quarter of 2005, revenue was recorded for 45,022 ounces of palladium production of which 6,403 ounces were recorded at the floor price of US$325 per ounce under the expiring palladium sales contract, while the remainder, which will be available for physical delivery after June 30, 2005, was recorded at the March 31, 2005 quoted market price of US$199 per ounce. The blended average realized palladium price for the first quarter of 2005 was US$224 per ounce compared to a price of US$325 per ounce in the year-earlier period, which was the floor price under the palladium sales contract in that period. Variations from the provisionally priced sales will be recognized as revenue adjustments as they occur until the price is finalized. In addition, revenue from by-product metal declined by 27% to $14,010,000 in the first quarter of 2005 compared to $19,121,000 in the first quarter of 2004, reflecting the decreased production of nickel, platinum, gold and copper. Despite the lower by-product production, prices for these metals continued well above historical levels and in fact were at higher levels than the first quarter 2004. Partially offsetting the higher by-product prices was a strengthening Canadian dollar which averaged US$0.82 in the first quarter 2005, compared to US$0.76 in the first quarter 2004.
Auf die schnelle habe ich auch nichts gefunden, was auf bessere Ergebnisse hindeutet. Der angeblich hohe Buchwert von rd. 3,5$ je Aktie sollte jedoch ein weiteres Abstürzen verhindern!?
Hallo allerseits (insbesondere für alle PAL-Investierte),
mal ein deutscher Bericht, Quelle:
http://www.goldseiten.de/content/firmen/artikel.php?storyid=…
Verfasst von Redaktion am 03.06.2005 um 18:46 Uhr
North American Palladium bringt Bohrungen auf Gossans Bird River Property nieder
Winnipeg, 1. Juno 2005: Gossan Resources Limited (GSS-TSX.V & GSR-Frankfurt/Freiverkehr) gibt bekannt, dass Lac des Iles Mines Ltd. ("LDI") - eine hundertprozentige Tochter von North American Palladium Ltd. - eine geophysische Untersuchung und Kartographierung per Luftbild auf der Bird River Property abgeschlossen hat. Die beauftragte Firma Geotech Limited führte auf einer insgesamt 750 km langen, sich über das Gelände netzartig hinziehenden Messstrecke zeitgenaue kartographische Vermessungsarbeiten auf elektromagnetischer (EM) und magnetischer Basis mit hochdichter Auflösung durch. Hierbei kam das auf Hubschraubern montierte" VTEM-System" zum Einsatz, welches in der Umgangssprache gewöhnlich als "Traumfänger" bezeichnet wird.
Den vorläufigen Interpretationen zufolge hat diese umfangreiche Untersuchung verschiedene Zielpunkte mit höchster Priorität identifiziert, die sich im wesentlichen vom Ward’s Sektor im Westen zum Page Block im Osten hinziehen. Anfang Mai hatte LDI bereits eine Crew zur Property hinausgeschickt und zwar mit dem Auftrag, geologische Karten zu erstellen, Prospektorenarbeiten zu leisten und die per Luftaufnahmen und Untersuchungen früher bereits identifizierte EM-Prioritäts-Anomalien durch Prüfungen der Oberflächengegebenheiten zu bestätigen. Der Beginn eines Bohr-Programms wurde auf Ende Juni festgelegt.
North American Palladium Ltd. (PDL-TSX & PAL-Amex) ist Kanadas einziger Primär-Produzent von Palladium, und ist gleichzeitig Eigner und Betreiber der Lac des Iles - Mine, die nordwestlich der Stadt Thunder Bay in der Provinz Ontario liegt.
Die qualifizierte Person die die an der Bird River Property durch LDI ausgeführten Arbeiten beaufsichtigt, ist Bruce W. Mackie, seines Zeichens Vice-President für Exploration von North American Palladium Ltd.
Zusätzliche Informationen, die die kürzliche Identifikation von Nickel-Sulphiden hoher Konzentrationen im Bird River Sill betreffen, und die einer Präsentation des Geologischen Vermessungsdienstes von Manitoba auszugsweise entnommen und dann veröffentlicht wurden, können unter www.gossan.ca/mgs.pdf abgerufen werden.
Das Ministerium für Industrie, Handel und Minenwesen hatte bereits im Jahre 2001 ein Wiederholungsprogramm für die Analyse von Metallvorkommen auf der Page Property durchgeführt. Dieses Programm hatte als Folge der amtlichen Laboranalyse von Bohrkernen eine 4,6 Meter starke Schicht nachgewiesen, die 1,38% Kupfer, 1,43% Nickel, und 1,6 Gramm Palladium pro Tonne enthielt. In der Schicht fand sich insbesondere eine 20 cm starke Sektion, die 3,61 % Nickel und 7,2 Gramm Platin und Palladium enthielt.
Für den Inhalt der Mitteilung ist allein der Gesellschaft verantwortlich. (Originalmeldung)
Weitere Informationen erhalten Sie bei: Douglas Reeson, Chairman & CEO
Gossan Resources Limited
404 - 171 Donald Street
Winnipeg, Manitoba
Canada R3C 1M4
Phone: (204) 943-1990
Toll Free: (800) 462-4283
Fax: (204) 942-3434
Website: www.gossan.ca
E-mail: info@gossan.ca
Gruß
L.
mal ein deutscher Bericht, Quelle:
http://www.goldseiten.de/content/firmen/artikel.php?storyid=…
Verfasst von Redaktion am 03.06.2005 um 18:46 Uhr
North American Palladium bringt Bohrungen auf Gossans Bird River Property nieder
Winnipeg, 1. Juno 2005: Gossan Resources Limited (GSS-TSX.V & GSR-Frankfurt/Freiverkehr) gibt bekannt, dass Lac des Iles Mines Ltd. ("LDI") - eine hundertprozentige Tochter von North American Palladium Ltd. - eine geophysische Untersuchung und Kartographierung per Luftbild auf der Bird River Property abgeschlossen hat. Die beauftragte Firma Geotech Limited führte auf einer insgesamt 750 km langen, sich über das Gelände netzartig hinziehenden Messstrecke zeitgenaue kartographische Vermessungsarbeiten auf elektromagnetischer (EM) und magnetischer Basis mit hochdichter Auflösung durch. Hierbei kam das auf Hubschraubern montierte" VTEM-System" zum Einsatz, welches in der Umgangssprache gewöhnlich als "Traumfänger" bezeichnet wird.
Den vorläufigen Interpretationen zufolge hat diese umfangreiche Untersuchung verschiedene Zielpunkte mit höchster Priorität identifiziert, die sich im wesentlichen vom Ward’s Sektor im Westen zum Page Block im Osten hinziehen. Anfang Mai hatte LDI bereits eine Crew zur Property hinausgeschickt und zwar mit dem Auftrag, geologische Karten zu erstellen, Prospektorenarbeiten zu leisten und die per Luftaufnahmen und Untersuchungen früher bereits identifizierte EM-Prioritäts-Anomalien durch Prüfungen der Oberflächengegebenheiten zu bestätigen. Der Beginn eines Bohr-Programms wurde auf Ende Juni festgelegt.
North American Palladium Ltd. (PDL-TSX & PAL-Amex) ist Kanadas einziger Primär-Produzent von Palladium, und ist gleichzeitig Eigner und Betreiber der Lac des Iles - Mine, die nordwestlich der Stadt Thunder Bay in der Provinz Ontario liegt.
Die qualifizierte Person die die an der Bird River Property durch LDI ausgeführten Arbeiten beaufsichtigt, ist Bruce W. Mackie, seines Zeichens Vice-President für Exploration von North American Palladium Ltd.
Zusätzliche Informationen, die die kürzliche Identifikation von Nickel-Sulphiden hoher Konzentrationen im Bird River Sill betreffen, und die einer Präsentation des Geologischen Vermessungsdienstes von Manitoba auszugsweise entnommen und dann veröffentlicht wurden, können unter www.gossan.ca/mgs.pdf abgerufen werden.
Das Ministerium für Industrie, Handel und Minenwesen hatte bereits im Jahre 2001 ein Wiederholungsprogramm für die Analyse von Metallvorkommen auf der Page Property durchgeführt. Dieses Programm hatte als Folge der amtlichen Laboranalyse von Bohrkernen eine 4,6 Meter starke Schicht nachgewiesen, die 1,38% Kupfer, 1,43% Nickel, und 1,6 Gramm Palladium pro Tonne enthielt. In der Schicht fand sich insbesondere eine 20 cm starke Sektion, die 3,61 % Nickel und 7,2 Gramm Platin und Palladium enthielt.
Für den Inhalt der Mitteilung ist allein der Gesellschaft verantwortlich. (Originalmeldung)
Weitere Informationen erhalten Sie bei: Douglas Reeson, Chairman & CEO
Gossan Resources Limited
404 - 171 Donald Street
Winnipeg, Manitoba
Canada R3C 1M4
Phone: (204) 943-1990
Toll Free: (800) 462-4283
Fax: (204) 942-3434
Website: www.gossan.ca
E-mail: info@gossan.ca
Gruß
L.
North American Palladium führt Probebohrungen auf Gossans Bird River Projekt aus
Winnipeg, 27. Juni 2005: Gossan Resources Limited (TSX: GSS, Frankfurt: 904 435) gibt bekannt, dass Lac des Iles Mines Ltd. ("LDI") - eine hundertprozentige Tochter von North American Palladium Ltd. - ein Bohrprogramm mit Diamantbohrköpfen auf Gossans Bird River Property begonnen hat. Dieses Bohrprogramm umfasst 10 Bohrlöcher, mit einer Gesamttiefe von 1 200 m, und wird verschiedene Prioritätszielzonen an der Basis der Bird River Property - oder ganz in deren Nähe - für Nickel, Kupfer und Metalle der Platingruppe ("PGEs") testen. Diese Zielzonen waren vorher durch eine von Hubschraubern aus gesteuerte elektromagnetische und magnetische "Traumfänger" - Luftbild-Vermessung bzw. –Kartographierung identifiziert worden. Man erwartet, dass dieses Programm mit den Diamantbohrköpfen innerhalb von 3 bis 4 Wochen zum Abschluss kommen wird.
Diese Property umfasst eine Fläche von insgesamt 6.870 Hektar (16 975 Acres) und erstreckt sich über eine Länge von 21 km im Bird River Sill Komplex.
Zusätzliche Informationen, die die kürzliche Identifikation von Nickel-Sulphiden hoher Konzentrationen im Bird River Sill betreffen, und die einer Präsentation des Geologischen Vermessungsdienstes von Manitoba auszugsweise entnommen und dann veröffentlicht wurden, können unter www.gossan.ca/mgs.pdf abgerufen werden. Das Ministerium für Industrie, Handel und Minenwesen hatte bereits im Jahre 2001 ein Wiederholungsprogramm für die Analyse von Metallvorkommen auf der Page Property durchgeführt. Dieses Programm hatte als Folge der amtlichen Laboranalyse von Bohrkernen eine 4,6 Meter starke Schicht nachgewiesen, die 1,38% Kupfer, 1,43% Nickel, und 1,6 Gramm Palladium pro Tonne enthielt.
North American Palladium Ltd. (PDL-TSX & PAL-Amex) ist Kanadas einziger Primär-Produzent von Palladium, und gleichzeitig Eigner und Betreiber der Lac des Iles - Mine, die nordwestlich der Stadt Thunder Bay in der Provinz Ontario liegt. Unter den Konditionen des Abkommens kann Lac des Iles Mines Ltd. ("LDI") einen unteilbaren Anteil von 75% an der Bird River Property erwerben, sobald das Unternehmen eine komplette, bankfähige Machbarkeitsstudie vorlegt und dann noch die notwendige Projekt-Finanzierung beschafft.
Die Arbeiten werden durch Bruce W. Mackie, seines Zeichens Vice-President für Exploration von North American Palladium Ltd. beaufsichtigt
Für den Inhalt der Mitteilung ist allein der Gesellschaft verantwortlich. (Originalmeldung)
Ich denke, bei dem derzeitigen Tiefstand ist einiges drin, oder?
Gruß weba3
Winnipeg, 27. Juni 2005: Gossan Resources Limited (TSX: GSS, Frankfurt: 904 435) gibt bekannt, dass Lac des Iles Mines Ltd. ("LDI") - eine hundertprozentige Tochter von North American Palladium Ltd. - ein Bohrprogramm mit Diamantbohrköpfen auf Gossans Bird River Property begonnen hat. Dieses Bohrprogramm umfasst 10 Bohrlöcher, mit einer Gesamttiefe von 1 200 m, und wird verschiedene Prioritätszielzonen an der Basis der Bird River Property - oder ganz in deren Nähe - für Nickel, Kupfer und Metalle der Platingruppe ("PGEs") testen. Diese Zielzonen waren vorher durch eine von Hubschraubern aus gesteuerte elektromagnetische und magnetische "Traumfänger" - Luftbild-Vermessung bzw. –Kartographierung identifiziert worden. Man erwartet, dass dieses Programm mit den Diamantbohrköpfen innerhalb von 3 bis 4 Wochen zum Abschluss kommen wird.
Diese Property umfasst eine Fläche von insgesamt 6.870 Hektar (16 975 Acres) und erstreckt sich über eine Länge von 21 km im Bird River Sill Komplex.
Zusätzliche Informationen, die die kürzliche Identifikation von Nickel-Sulphiden hoher Konzentrationen im Bird River Sill betreffen, und die einer Präsentation des Geologischen Vermessungsdienstes von Manitoba auszugsweise entnommen und dann veröffentlicht wurden, können unter www.gossan.ca/mgs.pdf abgerufen werden. Das Ministerium für Industrie, Handel und Minenwesen hatte bereits im Jahre 2001 ein Wiederholungsprogramm für die Analyse von Metallvorkommen auf der Page Property durchgeführt. Dieses Programm hatte als Folge der amtlichen Laboranalyse von Bohrkernen eine 4,6 Meter starke Schicht nachgewiesen, die 1,38% Kupfer, 1,43% Nickel, und 1,6 Gramm Palladium pro Tonne enthielt.
North American Palladium Ltd. (PDL-TSX & PAL-Amex) ist Kanadas einziger Primär-Produzent von Palladium, und gleichzeitig Eigner und Betreiber der Lac des Iles - Mine, die nordwestlich der Stadt Thunder Bay in der Provinz Ontario liegt. Unter den Konditionen des Abkommens kann Lac des Iles Mines Ltd. ("LDI") einen unteilbaren Anteil von 75% an der Bird River Property erwerben, sobald das Unternehmen eine komplette, bankfähige Machbarkeitsstudie vorlegt und dann noch die notwendige Projekt-Finanzierung beschafft.
Die Arbeiten werden durch Bruce W. Mackie, seines Zeichens Vice-President für Exploration von North American Palladium Ltd. beaufsichtigt
Für den Inhalt der Mitteilung ist allein der Gesellschaft verantwortlich. (Originalmeldung)
Ich denke, bei dem derzeitigen Tiefstand ist einiges drin, oder?
Gruß weba3
Die Aktie scheint ja nun in Bewegung zu geraten - und zwar nach oben.
Mit Charttechnik kenne ich mich nicht besonders gut aus, könnte aber ein Einstieg wert sein...
Mit Charttechnik kenne ich mich nicht besonders gut aus, könnte aber ein Einstieg wert sein...
# 16,
klopft die Aktie demnächst nochmals bei 4,20 an, könnte alles sehr schnell gehen Richtung 4,60 / 6,60. Ist man ein Edelmetallfreund, so würde man sich heute oder morgen z.B. 30 % einer geplanten Position herlegen, bei > 4,20 / 4,60 den Rest kaufen.
Falls sie wieder zurückfallen, kann man das aussitzen.
Ich selbst hatte sie schon, leider 2001 über € 10 gekauft und nicht mehr angeschaut. Bin später bei 3,96 raus. Wollt mir das Geld eigentlich wiedr holen.
Good Luck,
Ser.
klopft die Aktie demnächst nochmals bei 4,20 an, könnte alles sehr schnell gehen Richtung 4,60 / 6,60. Ist man ein Edelmetallfreund, so würde man sich heute oder morgen z.B. 30 % einer geplanten Position herlegen, bei > 4,20 / 4,60 den Rest kaufen.
Falls sie wieder zurückfallen, kann man das aussitzen.
Ich selbst hatte sie schon, leider 2001 über € 10 gekauft und nicht mehr angeschaut. Bin später bei 3,96 raus. Wollt mir das Geld eigentlich wiedr holen.
Good Luck,
Ser.
Kauforder mit Limit 4,11 erteilt (60 %), Zukauf restl. 40 %bei 4,80 geplant, Ziele: ca. 5,90 und 7,50. Gedachtes SL 2,90. Zeitfenster: 6 Mo.
Schaun mer mal.
Ser,
Schaun mer mal.
Ser,
Pall.- Preis hat um ca. 3 % angezogen, auf NAP hat sichs mit 6,2 % ausgewirkt. Die 4,7 müssen überwunden werden, dann ist Luft bis ca. 5,5, da drüber könnte echte Freude ausbrechen.
Augen auf also.
Gruß und schönes WE, Ser.
Augen auf also.
Gruß und schönes WE, Ser.
Na geht doch. Bißi langsamer wär mir lieber.
Ziel: erstmal 5,50.
Gruß, Ser.
Ziel: erstmal 5,50.
Gruß, Ser.
Ist doch alles super - gut zu traden die Aktie - jetzt wird wieder die untere Trendlinie bei 4 getestet und dann geht es wieder aufwärts. Alles im Lot
VK gestern € 6,54, KK war € 4,09 vor paar Wochen = 60 %
Zu frühen Ausstieg habe ich in Kauf genommen, da Pall. bei ca. 260 ein Zwischenhoch hat und NAPALL derzeit etwas Probleme mit der Pall.-Konzentration ihres geförderten Erzvolumens hat bzw. Fördermenge kurzfristig nicht einfach schnell gesteigert werden kann.
Warte auf Rücksetzer, traue Pall. noch einen schönen weiteren Anstieg zu.
Good Trades, Ser.
Zu frühen Ausstieg habe ich in Kauf genommen, da Pall. bei ca. 260 ein Zwischenhoch hat und NAPALL derzeit etwas Probleme mit der Pall.-Konzentration ihres geförderten Erzvolumens hat bzw. Fördermenge kurzfristig nicht einfach schnell gesteigert werden kann.
Warte auf Rücksetzer, traue Pall. noch einen schönen weiteren Anstieg zu.
Good Trades, Ser.
Und noch was von der Nachfrageseite:
Metallhändler meinten, der Palladiumpreis könne fallen, weil GM und Ford in der nächsten Zeit weniger Autos produzierten. Ich weiß nicht, ob in indischen und chinesischen Neuwagen derzeit schon pall.-bestückte Kats eingebaut werden müssen, oder ob diese Regelungen schon kurz bevorstehen.
Weiß jemand was Genaueres ?
Gruß, Ser.
Metallhändler meinten, der Palladiumpreis könne fallen, weil GM und Ford in der nächsten Zeit weniger Autos produzierten. Ich weiß nicht, ob in indischen und chinesischen Neuwagen derzeit schon pall.-bestückte Kats eingebaut werden müssen, oder ob diese Regelungen schon kurz bevorstehen.
Weiß jemand was Genaueres ?
Gruß, Ser.
Umweltschutz ist eher was für die reichen Industriestaaten. Die meisten Inder und Chinesen können sich gar kein Auto leisten, und diejenigen, die es können, oft nur ein billiges - ohne Kat.
Ja, annehmen täte ich das auch....
Da scheint der Crusher schlapp gemacht zu haben:
Platinum miner North American Palladium (NAP) has announced a temporary shutdown of its primary crusher at the Lac des Iles mine.
The company has revealed that it has been forced to make the unscheduled shutdown following operating difficulties with the crusher.
However, the company has stressed that it has the relevant spare parts in its inventory and is confident that full production of 9,000 tonnes per day will resume by the end of the week. Until then, the mine will have an output of 7,500 tonnes per day.
The problems encountered with the crusher have resulted in intermittent stoppages throughout December, the company stated, but the downtime was used to perform maintenance work which had originally been planned for January.
Therefore, NAP is confident that the disruption caused by the primary crusher will have little impact on production and the miner has already contracted with Sigfusson Northern Limited to bring in portable crushers to ensure production can return to normal levels by the end of the week.
It is expected that the repairs to the primary crusher will take three weeks to conclude and NAP has stated that employees have already begun disassembly.
© Adfero Ltd
Platinum miner North American Palladium (NAP) has announced a temporary shutdown of its primary crusher at the Lac des Iles mine.
The company has revealed that it has been forced to make the unscheduled shutdown following operating difficulties with the crusher.
However, the company has stressed that it has the relevant spare parts in its inventory and is confident that full production of 9,000 tonnes per day will resume by the end of the week. Until then, the mine will have an output of 7,500 tonnes per day.
The problems encountered with the crusher have resulted in intermittent stoppages throughout December, the company stated, but the downtime was used to perform maintenance work which had originally been planned for January.
Therefore, NAP is confident that the disruption caused by the primary crusher will have little impact on production and the miner has already contracted with Sigfusson Northern Limited to bring in portable crushers to ensure production can return to normal levels by the end of the week.
It is expected that the repairs to the primary crusher will take three weeks to conclude and NAP has stated that employees have already begun disassembly.
© Adfero Ltd
Hallo,
nun scheint dieser Titel ja gut gelaufen zu sein. Ich bin mit 4,06 Europäern pro Aktie in FRA eingestiegen.
Ist der neuerliche Kursanstieg eine Überbewertung, oder ist da noch was drinnen?
Euer realex
nun scheint dieser Titel ja gut gelaufen zu sein. Ich bin mit 4,06 Europäern pro Aktie in FRA eingestiegen.
Ist der neuerliche Kursanstieg eine Überbewertung, oder ist da noch was drinnen?
Euer realex
Ich schätze, da ist erheblich was drinski .
Aquarius Platinum ist allerdings auch nicht übel (KGV von 10 )
Aquarius Platinum ist allerdings auch nicht übel (KGV von 10
)
Nachdem Palladium voll an Gold angeknüpft hat, ist der momentane Dämpfer der optimale Einstiegszeitpunkt! Kursziel 20 steht kaum noch was im Weg!
Sieht aus, als ob die Konsolidierung dem Ende zuginge. Hab aber von der Company zuletzt nichts mehr neues erfahren, z.B. Crusherthema und Produktionskosten. Will mich mal drum kümmern.
Gibts denn mittlere Pall.produzenten, die günstigerer produzieren können ?
€ 4,80 könnten ein Einstiegspunkt sein, wir werden sehen. Hoffe mal, daß nix anbrennt
Gibts denn mittlere Pall.produzenten, die günstigerer produzieren können ?
€ 4,80 könnten ein Einstiegspunkt sein, wir werden sehen. Hoffe mal, daß nix anbrennt
Oh je, der Chart: 
ich glaub die gehn noch weiter runter, bis 4 ?
Ser.
ich glaub die gehn noch weiter runter, bis 4 ?
Ser.
Antwort auf Beitrag Nr.: 22.841.069 von seracer am 21.07.06 13:46:27Da hast du gut gehofft!! Von €4,80 auf knapp 7,00 sollte sich bei einem Einstieg sicher gelohnt haben!
Nach dem Umstieg der Katalysatorproduzenten und der Schmuckindustrie werden jetzt auch TFT Monitore in unübertroffener Auflösung aus Palladium hergestellt. Nicht zu verwechseln mit Palladium TV Geräten einiger großer Anbieter, die de Namen nur ausleihen.
realex
Nach dem Umstieg der Katalysatorproduzenten und der Schmuckindustrie werden jetzt auch TFT Monitore in unübertroffener Auflösung aus Palladium hergestellt. Nicht zu verwechseln mit Palladium TV Geräten einiger großer Anbieter, die de Namen nur ausleihen.
realex
Antwort auf Beitrag Nr.: 23.374.642 von seracer am 09.08.06 20:55:16Oh je, der Chart:
ich glaub die gehn noch weiter runter, bis 4 ?
Irgendwie falsch geglaubt....
ich glaub die gehn noch weiter runter, bis 4 ?
Irgendwie falsch geglaubt....
Antwort auf Beitrag Nr.: 26.882.070 von realex am 13.01.07 13:41:58NICKEL !!!!
JANUARY 16, 2007 - 07:00 ET Show Text
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North American Palladium Ends 2006 With Robust Fourth Quarter & Annual Production
TORONTO, ONTARIO--(CCNMatthews - Jan. 16, 2007) - North American Palladium Ltd. (TSX:PDL)(AMEX:PAL) -
Highlights for the Fourth Quarter 2006
This news release contains forward-looking statements. Reference should be made to "Forward-looking Statements" at the end of this news release
- Palladium production in the fourth quarter 2006 was 73,242 ounces, among the best quarters in recent years and virtually doubling production in Q4 2005
- Increases in head grade for all commodities were achieved with historically comparable grades recorded for platinum and palladium. The average palladium mill feed grade for the quarter was 2.52 g/t compared with 1.47 g/t in Q4 2005 and 2.17 g/t in Q4 2004
- By-product metal production for the quarter increased to 6,512 oz of platinum (+73% from Q4 2005), 5,108 oz of gold (+75%), 864,442 lbs of nickel (+63%) and 1,421,451 lbs of copper (27%)
- In total 1,179,644 tonnes of ore was processed during the quarter for an average of 12,822 tonnes per day at a palladium recovery rate of 76.9% compared with 11,962 tonnes per day in Q4 2005 at a palladium recovery rate of 70.7%
- Underground production has been a key factor producing on average 2,156 tonnes per day and averaging a palladium head grade of 6.42 g/t
- Spot palladium prices in the fourth quarter were in line with the preceding quarter of 2006 averaging US $323 per oz versus US $242 per oz in Q4 2005
Results of Operations
The Company's Lac des Iles operation ended 2006 on a strong note. In the fourth quarter of 2006, the mine produced 73,242 ounces of palladium, almost doubling Q4 2005's production of 36,833 ounces and surpassing that of the comparable quarter in 2004 of 62,526 ounces. For the year ended 2006, palladium production increased 34% to 237,338 ounces from 177,167 ounces in 2005 at an average head grade for the year of 2.18 g/t Pd compared with 1.66 g/t Pd in 2005.
The Company's by-product metal production for the fourth quarter saw substantial increases; platinum: 6,512 oz vs. 3,761 oz in 2005; gold: 5,108 oz vs. 2,915 oz in 2005; nickel: 864,442 lbs vs. 531,669 lbs in 2005; and copper: 1,421,451 lbs vs. 1,117,885 lbs in 2005.
Consistent improvement in each successive quarter of 2006 was achieved as higher recoveries and blended mill feed grades benefited from the optimal performance of the underground mine.
The underground mine continues to deliver optimal performance achieving consistency of grade and throughput. During the quarter the underground averaged 2,156 tonnes per day at a palladium head grade of 6.42 g/t. As a result, the average blended palladium mill feed grade improved to 2.52 g/t compared to 1.47 g/t palladium in the fourth quarter of last year and 2.17 g/t in the fourth quarter of 2004. Underground mining has continued on the first level in both the primary and secondary stopes while development is well advanced on the second mining level.
Mill availability reached 90% during the quarter, about 10% above last year's comparable period, reflecting the determined efforts throughout the year to resolve the prior year's challenges, combined with the implementation of a proactive maintenance program.
A total of 1,179,644 tonnes of ore was processed during the fourth quarter for an average of 12,822 tonnes per day at a palladium recovery rate of 76.9%, compared to 1,100,540 tonnes or 11,962 tonnes per day at a recovery of 70.7% in the same period last year.
--------------------------------------------------------------------------- 2006 2005---------------------------------------------------------------------------Palladium Q4 YTD Q4 YTD---------------------------------------------------------------------------Ore Milled (tpd) 1,179,644 4,570,926 1,100,540 4,780,599---------------------------------------------------------------------------Head Grade (%) 2.52 2.18 1.47 1.66---------------------------------------------------------------------------Recovery (%) 76.9% 74.0% 70.7% 69.6%---------------------------------------------------------------------------Mill Availability 89.5 86.5 80.8 86.5---------------------------------------------------------------------------Production (oz) 73,242 237,338 36,833 177,167---------------------------------------------------------------------------
---------------------------------------------------------------------------By-Product Metals---------------------------------------------------------------------------Platinum (oz) 6,512 22,308 3,761 18,833---------------------------------------------------------------------------Gold (oz) 5,108 17,237 2,915 14,308---------------------------------------------------------------------------Copper (lbs) 1,421,451 5,155,588 1,117,885 5,514,670---------------------------------------------------------------------------Nickel (lbs) 864,442 2,721,042 531,669 2,353,227---------------------------------------------------------------------------
Jim Excell, President & CEO commented on the year's performance: "The significant turnaround in 2006 is the result of the hard work and dedication of the mine staff and their contributions are gratefully recognized. The underground mine performance continues to be outstanding and our growth projects are progressing as planned. Combined with the improvement in production, 2007 is shaping up to be an exciting year for North American Palladium".
Spot palladium prices in the fourth quarter maintained similar averages as the preceding third quarter of 2006 at US $323 per oz compared with US $242 per oz in the fourth quarter of 2005. North American Palladium continues to pursue a non-hedging policy for its primary metal palladium.
North American Palladium's Lac des Iles Mine is Canada's only primary producer of platinum group metals and is among the largest open pit, bulk mineable palladium mining operations in the world. The Mine also generates substantial revenue from platinum and by-product metals including nickel, gold and copper. NAP is focused on expanding its production profile through joint ventures in Canada and the Arctic Platinum Project in Finland. Palladium's catalytic qualities are expected to play an increasing role in the automotive industry in response to growing concern for global environmental solutions, in fuel cell technology for alternative energy sources and a burgeoning jewellery market, while continuing to have widespread application in the dental, electronics and chemical sectors.
Forward-Looking Statements - Certain statements included in this news release are forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation including the Securities Act (Ontario), relating to the objectives, plans, strategies and results of operation of the Company including words to the effect that the Company or management expects a stated condition or result to occur. When used herein, words such as "expect", "continues", "pursue", "will" and other similar expressions as they related to the Company or its management, are intended to identify forward-looking statements. In particular, statements relating to estimated future metal prices and future ore and metal production are forward-looking statements. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including but not limited to, the assumption that (1) market fundamentals will result in increased palladium demand and prices and sustained by-product metal demand and prices, (2) the integrated operation of the underground mine and the open pit mine remain viable operationally and economically, (3) financing is available on reasonable terms, (4) expectations for blended mill feed grade and mill performance will proceed as expected, (5) new mine plan scenarios will be viable operationally and economically, and (6) plans for improved mill production, for sustainable recoveries from the Lac des Iles mine, for further exploration at the Lac des Iles mine and surrounding region, and for exploration in Finland will proceed as expected.
Any forward looking statements in this news release involve inherent risks and uncertainties and are subject to factors, many of which are beyond our control, which may cause actual results or performance to differ materially from those currently anticipated in such statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include among others (1) metal price volatility, (2) economic and political events affecting metal supply and demand, (3) fluctuations in ore grade or ore tonnes milled, (4) geological, technical, mining or processing problems, (5) future metal production, and (6) changes in life-of-mine plan. For a more comprehensive review of risk factors, please refer to the "Risks and Uncertainties" section of the Company's most recent interim Management Discussion and Analysis and most recent Annual Report under "Management's Discussion and Analysis of Financial Results" and Annual Information Form under "Risk Factors" on file with the U.S. Securities and Exchange Commission and Canada provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements.
JANUARY 16, 2007 - 07:00 ET Show Text
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North American Palladium Ends 2006 With Robust Fourth Quarter & Annual Production
TORONTO, ONTARIO--(CCNMatthews - Jan. 16, 2007) - North American Palladium Ltd. (TSX:PDL)(AMEX:PAL) -
Highlights for the Fourth Quarter 2006
This news release contains forward-looking statements. Reference should be made to "Forward-looking Statements" at the end of this news release
- Palladium production in the fourth quarter 2006 was 73,242 ounces, among the best quarters in recent years and virtually doubling production in Q4 2005
- Increases in head grade for all commodities were achieved with historically comparable grades recorded for platinum and palladium. The average palladium mill feed grade for the quarter was 2.52 g/t compared with 1.47 g/t in Q4 2005 and 2.17 g/t in Q4 2004
- By-product metal production for the quarter increased to 6,512 oz of platinum (+73% from Q4 2005), 5,108 oz of gold (+75%), 864,442 lbs of nickel (+63%) and 1,421,451 lbs of copper (27%)
- In total 1,179,644 tonnes of ore was processed during the quarter for an average of 12,822 tonnes per day at a palladium recovery rate of 76.9% compared with 11,962 tonnes per day in Q4 2005 at a palladium recovery rate of 70.7%
- Underground production has been a key factor producing on average 2,156 tonnes per day and averaging a palladium head grade of 6.42 g/t
- Spot palladium prices in the fourth quarter were in line with the preceding quarter of 2006 averaging US $323 per oz versus US $242 per oz in Q4 2005
Results of Operations
The Company's Lac des Iles operation ended 2006 on a strong note. In the fourth quarter of 2006, the mine produced 73,242 ounces of palladium, almost doubling Q4 2005's production of 36,833 ounces and surpassing that of the comparable quarter in 2004 of 62,526 ounces. For the year ended 2006, palladium production increased 34% to 237,338 ounces from 177,167 ounces in 2005 at an average head grade for the year of 2.18 g/t Pd compared with 1.66 g/t Pd in 2005.
The Company's by-product metal production for the fourth quarter saw substantial increases; platinum: 6,512 oz vs. 3,761 oz in 2005; gold: 5,108 oz vs. 2,915 oz in 2005; nickel: 864,442 lbs vs. 531,669 lbs in 2005; and copper: 1,421,451 lbs vs. 1,117,885 lbs in 2005.
Consistent improvement in each successive quarter of 2006 was achieved as higher recoveries and blended mill feed grades benefited from the optimal performance of the underground mine.
The underground mine continues to deliver optimal performance achieving consistency of grade and throughput. During the quarter the underground averaged 2,156 tonnes per day at a palladium head grade of 6.42 g/t. As a result, the average blended palladium mill feed grade improved to 2.52 g/t compared to 1.47 g/t palladium in the fourth quarter of last year and 2.17 g/t in the fourth quarter of 2004. Underground mining has continued on the first level in both the primary and secondary stopes while development is well advanced on the second mining level.
Mill availability reached 90% during the quarter, about 10% above last year's comparable period, reflecting the determined efforts throughout the year to resolve the prior year's challenges, combined with the implementation of a proactive maintenance program.
A total of 1,179,644 tonnes of ore was processed during the fourth quarter for an average of 12,822 tonnes per day at a palladium recovery rate of 76.9%, compared to 1,100,540 tonnes or 11,962 tonnes per day at a recovery of 70.7% in the same period last year.
--------------------------------------------------------------------------- 2006 2005---------------------------------------------------------------------------Palladium Q4 YTD Q4 YTD---------------------------------------------------------------------------Ore Milled (tpd) 1,179,644 4,570,926 1,100,540 4,780,599---------------------------------------------------------------------------Head Grade (%) 2.52 2.18 1.47 1.66---------------------------------------------------------------------------Recovery (%) 76.9% 74.0% 70.7% 69.6%---------------------------------------------------------------------------Mill Availability 89.5 86.5 80.8 86.5---------------------------------------------------------------------------Production (oz) 73,242 237,338 36,833 177,167---------------------------------------------------------------------------
---------------------------------------------------------------------------By-Product Metals---------------------------------------------------------------------------Platinum (oz) 6,512 22,308 3,761 18,833---------------------------------------------------------------------------Gold (oz) 5,108 17,237 2,915 14,308---------------------------------------------------------------------------Copper (lbs) 1,421,451 5,155,588 1,117,885 5,514,670---------------------------------------------------------------------------Nickel (lbs) 864,442 2,721,042 531,669 2,353,227---------------------------------------------------------------------------
Jim Excell, President & CEO commented on the year's performance: "The significant turnaround in 2006 is the result of the hard work and dedication of the mine staff and their contributions are gratefully recognized. The underground mine performance continues to be outstanding and our growth projects are progressing as planned. Combined with the improvement in production, 2007 is shaping up to be an exciting year for North American Palladium".
Spot palladium prices in the fourth quarter maintained similar averages as the preceding third quarter of 2006 at US $323 per oz compared with US $242 per oz in the fourth quarter of 2005. North American Palladium continues to pursue a non-hedging policy for its primary metal palladium.
North American Palladium's Lac des Iles Mine is Canada's only primary producer of platinum group metals and is among the largest open pit, bulk mineable palladium mining operations in the world. The Mine also generates substantial revenue from platinum and by-product metals including nickel, gold and copper. NAP is focused on expanding its production profile through joint ventures in Canada and the Arctic Platinum Project in Finland. Palladium's catalytic qualities are expected to play an increasing role in the automotive industry in response to growing concern for global environmental solutions, in fuel cell technology for alternative energy sources and a burgeoning jewellery market, while continuing to have widespread application in the dental, electronics and chemical sectors.
Forward-Looking Statements - Certain statements included in this news release are forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation including the Securities Act (Ontario), relating to the objectives, plans, strategies and results of operation of the Company including words to the effect that the Company or management expects a stated condition or result to occur. When used herein, words such as "expect", "continues", "pursue", "will" and other similar expressions as they related to the Company or its management, are intended to identify forward-looking statements. In particular, statements relating to estimated future metal prices and future ore and metal production are forward-looking statements. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including but not limited to, the assumption that (1) market fundamentals will result in increased palladium demand and prices and sustained by-product metal demand and prices, (2) the integrated operation of the underground mine and the open pit mine remain viable operationally and economically, (3) financing is available on reasonable terms, (4) expectations for blended mill feed grade and mill performance will proceed as expected, (5) new mine plan scenarios will be viable operationally and economically, and (6) plans for improved mill production, for sustainable recoveries from the Lac des Iles mine, for further exploration at the Lac des Iles mine and surrounding region, and for exploration in Finland will proceed as expected.
Any forward looking statements in this news release involve inherent risks and uncertainties and are subject to factors, many of which are beyond our control, which may cause actual results or performance to differ materially from those currently anticipated in such statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include among others (1) metal price volatility, (2) economic and political events affecting metal supply and demand, (3) fluctuations in ore grade or ore tonnes milled, (4) geological, technical, mining or processing problems, (5) future metal production, and (6) changes in life-of-mine plan. For a more comprehensive review of risk factors, please refer to the "Risks and Uncertainties" section of the Company's most recent interim Management Discussion and Analysis and most recent Annual Report under "Management's Discussion and Analysis of Financial Results" and Annual Information Form under "Risk Factors" on file with the U.S. Securities and Exchange Commission and Canada provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements.
Hallo allerseits!
Hab mal PAL dem Palladium Spot gegenüber gestellt.
Wenn Minenaktien gegenüber dem Rohstoff vorlaufen...
... muß PAL aber bald mal zulegen!
Gruß
L.
Hab mal PAL dem Palladium Spot gegenüber gestellt.
Wenn Minenaktien gegenüber dem Rohstoff vorlaufen...
... muß PAL aber bald mal zulegen!
Gruß
L.
Heute Empfehlung durch Rohstoff-trader.de!!!
Sind wirklich begeistert von den Zahlen
Sind wirklich begeistert von den Zahlen
Antwort auf Beitrag Nr.: 28.054.879 von Raumfahrer am 01.03.07 19:32:36Sehen das die Anleger jetzt aber ganz anders; siehe Kursverlauf vom Freitag oder hat der Kussturz nur etwas mit dem allgemeinen schlechten Umfeld zu tun?
Jetzt geht´s los 
Antwort auf Beitrag Nr.: 28.772.364 von parick11 am 12.04.07 10:36:27Würde ich mir auch wünschen........
Hat vielleicht wer fundamentales Wissen über NAP??
Hat vielleicht wer fundamentales Wissen über NAP??
Antwort auf Beitrag Nr.: 28.781.954 von realex am 12.04.07 19:23:04Soeben wurde NAP in der 3sat Börse vom Wilhelmi (Taipan) empfohlen. Mal sehen was am Monatg abgeht.
Grüße
Johannes
www.aige.de
Grüße
Johannes
www.aige.de
Antwort auf Beitrag Nr.: 28.804.220 von dg6nds am 13.04.07 22:01:32Hallo Johannes,
halte PAL seit Jan 2004.
Eine echte Berg- und Talfahrt.
In euerem Depot kann man PAL als Einzelpos. nicht entdecken.
Gruß
L.
halte PAL seit Jan 2004.
Eine echte Berg- und Talfahrt.
In euerem Depot kann man PAL als Einzelpos. nicht entdecken.
Gruß
L.
Antwort auf Beitrag Nr.: 28.807.473 von lopinsky am 14.04.07 08:10:28Hallo,
PAL habe ich in meinem privaten Depot. Evt. steigen wir bei der AIGE bei PAL mit einem Limitkauf ein. Dieses Abstauberlimit wird dann sicherlich 5-10% unter dem jetzigen Kurs notieren. Ob also PAL somit ins Depot kommt ist äussert fraglich. Wir denken, dass wir auch ohne PAL derzeit gut aufgestellt sind.
PS: Mein Kz bei PAL auf 6 Monate lautet 12 US Dollar
Grüße
Johannes
PAL habe ich in meinem privaten Depot. Evt. steigen wir bei der AIGE bei PAL mit einem Limitkauf ein. Dieses Abstauberlimit wird dann sicherlich 5-10% unter dem jetzigen Kurs notieren. Ob also PAL somit ins Depot kommt ist äussert fraglich. Wir denken, dass wir auch ohne PAL derzeit gut aufgestellt sind.
PS: Mein Kz bei PAL auf 6 Monate lautet 12 US Dollar
Grüße
Johannes
Sieht gut aus !
North American Palladium Reports 68% Increase in First Quarter 2007 Palladium Production
2007-04-16 10:45 ET - News Release
TORONTO, ONTARIO -- (MARKET WIRE) -- 04/16/07
North American Palladium (TSX: PDL)(AMEX: PAL) -
Highlights
This news release contains forward-looking statements. Reference should be made to "Forward-looking Statements" at the end of this news release.
- Palladium production in Q1 2007 climbed by 68% to 78,805 ounces compared with 47,015 ounces for the same period in 2006
- The average palladium head grade for the quarter was 2.48 g/t compared with 1.79 g/t in Q1 2006
- Overall by-product metal production for the quarter also increased substantially
- Mill availability improved to almost 95%, among the highest rates ever achieved
- 1,288,540 tonnes of ore was processed during the quarter at a Pd recovery rate of 76.6% compared with 1,125,710 tonnes of ore in Q1 2006 at a Pd recovery rate of 72.7%
- Spot palladium prices in Q1 2007 continued to strengthen to an average of US $346 per ounce compared with US $290 per ounce in Q1 2006
Results of Operations
In the first quarter of 2007, the Company's Lac des Iles mining operation produced 78,805 ounces of palladium, an increase of 68% over the 47,015 ounces produced in the comparable quarter of 2006. Production in the first quarter of 2007 also surpassed fourth quarter 2006 production of 73,242 ounces by 8%. This performance is consistent with the rising production trend reported throughout 2006, signalling a return to higher sustainable production levels that are nearing two year highs. The improvement is largely a result of the contribution from the underground mine that commenced production in April 2006 and which continues to positively impact grade and throughput at the mine. During the first quarter of 2007, an average of 2,236 tonnes per day was extracted from the underground mine at a palladium head grade of approximately 6.0 g/t. This produced a blended palladium mill feed grade in the first quarter 2007 of 2.48 g/t compared with 1.79 g/t palladium in first quarter 2006.
The Company's by-product metal production in the first quarter of 2007 saw substantial increases over the comparable period in 2006: platinum increased 46% to 6,862 oz vs. 4,698 oz; gold increased 35% to 4,890 oz from 3,615 oz; nickel increased 32% to 812,385 lbs from 616,037 lbs; while copper increased 13% to 1,370,113 lbs from 1,213,394 lbs. in 2006.
In total, 1,288,540 tonnes of ore was processed during the first quarter at an average of 14,317 tonnes per day at a palladium head grade of 2.48 g/t. This compared to 1,125,710 tonnes of ore or 12,508 tonnes per day at a palladium head grade of 1.79 g/t in first quarter 2006. These results reflect a significant improvement in mill availability to almost 95%, among the highest rates ever achieved, compared to 85% in the first quarter of 2006. Recoveries also improved across the board, with palladium recovery of 76.6% matching historic highs reported in early 2004.
-----------------------------------------------------------------
First Quarter
-----------------------------------------------------------------
Palladium 2007 2006
-----------------------------------------------------------------
Ore Milled (tonnes) 1,288,540 1,125,710
-----------------------------------------------------------------
Head Grade (g/t) 2.48 1.79
-----------------------------------------------------------------
Recovery (%) 76.6 72.7
-----------------------------------------------------------------
Mill Availability (%) 94.5 84.9
-----------------------------------------------------------------
Production (oz) 78,805 47,015
-----------------------------------------------------------------
By-Product Metals
-----------------------------------------------------------------
Platinum (oz) 6,862 4,698
-----------------------------------------------------------------
Gold (oz) 4,890 3,615
-----------------------------------------------------------------
Copper (lbs) 1,370,113 1,213,394
-----------------------------------------------------------------
Nickel (lbs) 812,385 616,037
-----------------------------------------------------------------
Spot palladium prices in the first quarter of 2007 averaged US $346 per oz and ended the quarter near the period's high of US $358 per oz. This compared to an average of US $290 per ounce in the first quarter of 2006. The palladium price has displayed consistent strength and momentum over recent quarters as rising confidence in supply/demand fundamentals and historically significant pricing differentials between palladium and platinum give rise to substitution particularly in the autocatalyst sector. North American Palladium is highly leveraged to palladium price movements as it currently sells all of its palladium into the spot market.
North American Palladium's Lac des Iles Mine is Canada's foremost primary producer of platinum group metals and is among the largest open pit, bulk mineable palladium mining operations in the world. The Mine also generates substantial revenue from platinum and by-product metals including nickel, gold and copper. NAP is focused on expanding its production profile through joint ventures in Canada and the Arctic Platinum Project in Finland. Palladium's catalytic qualities are expected to play an increasing role in the automotive industry in response to growing concern for global environmental solutions, in fuel cell technology for alternative energy sources and a burgeoning jewelry market, while continuing to have widespread application in the dental, electronics and chemical sectors.
Forward-Looking Statements - Certain statements included in this news release are forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation including the Securities Act (Ontario), relating to the objectives, plans, strategies and results of operation of the Company including words to the effect that the Company or management expects a stated condition or result to occur. When used herein, words such as "expect", "continues", "pursue", "will" and other similar expressions as they related to the Company or its management, are intended to identify forward-looking statements. In particular, statements relating to estimated future metal prices and future ore and metal production are forward-looking statements. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including but not limited to, the assumption that (1) market fundamentals will result in increased palladium demand and prices and sustained by-product metal demand and prices, (2) the integrated operation of the underground mine and the open pit mine remain viable operationally and economically, (3) financing is available on reasonable terms, (4) expectations for blended mill feed grade and mill performance will proceed as expected, (5) new mine plan scenarios will be viable operationally and economically, and (6) plans for improved mill production, for sustainable recoveries from the Lac des Iles mine, for further exploration at the Lac des Iles mine and surrounding region, and for exploration in Finland will proceed as expected.
Any forward looking statements in this news release involve inherent risks and uncertainties and are subject to factors, many of which are beyond our control, which may cause actual results or performance to differ materially from those currently anticipated in such statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include among others (1) metal price volatility, (2) economic and political events affecting metal supply and demand, (3) fluctuations in ore grade or ore tonnes milled, (4) geological, technical, mining or processing problems, (5) future metal production, and (6) changes in the life-of-mine plan. For a more comprehensive review of risk factors, please refer to the "Risks and Uncertainties" section of the Company's most recent interim Management Discussion and Analysis and most recent Annual Report under "Management's Discussion and Analysis of Financial Results" and Annual Information Form under "Risk Factors" on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements.
Contacts:
North American Palladium
Jim Excell
President & CEO
(416) 360-7971 ext. 223
North American Palladium
David Passfield
Vice-President, Operations
(416) 360-7971 ext 227
North American Palladium
Donna Yoshimatsu
Director, Investor Relations
(416) 360-7971 ext. 226
Website: www.napalladium.com
North American Palladium Reports 68% Increase in First Quarter 2007 Palladium Production
2007-04-16 10:45 ET - News Release
TORONTO, ONTARIO -- (MARKET WIRE) -- 04/16/07
North American Palladium (TSX: PDL)(AMEX: PAL) -
Highlights
This news release contains forward-looking statements. Reference should be made to "Forward-looking Statements" at the end of this news release.
- Palladium production in Q1 2007 climbed by 68% to 78,805 ounces compared with 47,015 ounces for the same period in 2006
- The average palladium head grade for the quarter was 2.48 g/t compared with 1.79 g/t in Q1 2006
- Overall by-product metal production for the quarter also increased substantially
- Mill availability improved to almost 95%, among the highest rates ever achieved
- 1,288,540 tonnes of ore was processed during the quarter at a Pd recovery rate of 76.6% compared with 1,125,710 tonnes of ore in Q1 2006 at a Pd recovery rate of 72.7%
- Spot palladium prices in Q1 2007 continued to strengthen to an average of US $346 per ounce compared with US $290 per ounce in Q1 2006
Results of Operations
In the first quarter of 2007, the Company's Lac des Iles mining operation produced 78,805 ounces of palladium, an increase of 68% over the 47,015 ounces produced in the comparable quarter of 2006. Production in the first quarter of 2007 also surpassed fourth quarter 2006 production of 73,242 ounces by 8%. This performance is consistent with the rising production trend reported throughout 2006, signalling a return to higher sustainable production levels that are nearing two year highs. The improvement is largely a result of the contribution from the underground mine that commenced production in April 2006 and which continues to positively impact grade and throughput at the mine. During the first quarter of 2007, an average of 2,236 tonnes per day was extracted from the underground mine at a palladium head grade of approximately 6.0 g/t. This produced a blended palladium mill feed grade in the first quarter 2007 of 2.48 g/t compared with 1.79 g/t palladium in first quarter 2006.
The Company's by-product metal production in the first quarter of 2007 saw substantial increases over the comparable period in 2006: platinum increased 46% to 6,862 oz vs. 4,698 oz; gold increased 35% to 4,890 oz from 3,615 oz; nickel increased 32% to 812,385 lbs from 616,037 lbs; while copper increased 13% to 1,370,113 lbs from 1,213,394 lbs. in 2006.
In total, 1,288,540 tonnes of ore was processed during the first quarter at an average of 14,317 tonnes per day at a palladium head grade of 2.48 g/t. This compared to 1,125,710 tonnes of ore or 12,508 tonnes per day at a palladium head grade of 1.79 g/t in first quarter 2006. These results reflect a significant improvement in mill availability to almost 95%, among the highest rates ever achieved, compared to 85% in the first quarter of 2006. Recoveries also improved across the board, with palladium recovery of 76.6% matching historic highs reported in early 2004.
-----------------------------------------------------------------
First Quarter
-----------------------------------------------------------------
Palladium 2007 2006
-----------------------------------------------------------------
Ore Milled (tonnes) 1,288,540 1,125,710
-----------------------------------------------------------------
Head Grade (g/t) 2.48 1.79
-----------------------------------------------------------------
Recovery (%) 76.6 72.7
-----------------------------------------------------------------
Mill Availability (%) 94.5 84.9
-----------------------------------------------------------------
Production (oz) 78,805 47,015
-----------------------------------------------------------------
By-Product Metals
-----------------------------------------------------------------
Platinum (oz) 6,862 4,698
-----------------------------------------------------------------
Gold (oz) 4,890 3,615
-----------------------------------------------------------------
Copper (lbs) 1,370,113 1,213,394
-----------------------------------------------------------------
Nickel (lbs) 812,385 616,037
-----------------------------------------------------------------
Spot palladium prices in the first quarter of 2007 averaged US $346 per oz and ended the quarter near the period's high of US $358 per oz. This compared to an average of US $290 per ounce in the first quarter of 2006. The palladium price has displayed consistent strength and momentum over recent quarters as rising confidence in supply/demand fundamentals and historically significant pricing differentials between palladium and platinum give rise to substitution particularly in the autocatalyst sector. North American Palladium is highly leveraged to palladium price movements as it currently sells all of its palladium into the spot market.
North American Palladium's Lac des Iles Mine is Canada's foremost primary producer of platinum group metals and is among the largest open pit, bulk mineable palladium mining operations in the world. The Mine also generates substantial revenue from platinum and by-product metals including nickel, gold and copper. NAP is focused on expanding its production profile through joint ventures in Canada and the Arctic Platinum Project in Finland. Palladium's catalytic qualities are expected to play an increasing role in the automotive industry in response to growing concern for global environmental solutions, in fuel cell technology for alternative energy sources and a burgeoning jewelry market, while continuing to have widespread application in the dental, electronics and chemical sectors.
Forward-Looking Statements - Certain statements included in this news release are forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation including the Securities Act (Ontario), relating to the objectives, plans, strategies and results of operation of the Company including words to the effect that the Company or management expects a stated condition or result to occur. When used herein, words such as "expect", "continues", "pursue", "will" and other similar expressions as they related to the Company or its management, are intended to identify forward-looking statements. In particular, statements relating to estimated future metal prices and future ore and metal production are forward-looking statements. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including but not limited to, the assumption that (1) market fundamentals will result in increased palladium demand and prices and sustained by-product metal demand and prices, (2) the integrated operation of the underground mine and the open pit mine remain viable operationally and economically, (3) financing is available on reasonable terms, (4) expectations for blended mill feed grade and mill performance will proceed as expected, (5) new mine plan scenarios will be viable operationally and economically, and (6) plans for improved mill production, for sustainable recoveries from the Lac des Iles mine, for further exploration at the Lac des Iles mine and surrounding region, and for exploration in Finland will proceed as expected.
Any forward looking statements in this news release involve inherent risks and uncertainties and are subject to factors, many of which are beyond our control, which may cause actual results or performance to differ materially from those currently anticipated in such statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include among others (1) metal price volatility, (2) economic and political events affecting metal supply and demand, (3) fluctuations in ore grade or ore tonnes milled, (4) geological, technical, mining or processing problems, (5) future metal production, and (6) changes in the life-of-mine plan. For a more comprehensive review of risk factors, please refer to the "Risks and Uncertainties" section of the Company's most recent interim Management Discussion and Analysis and most recent Annual Report under "Management's Discussion and Analysis of Financial Results" and Annual Information Form under "Risk Factors" on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements.
Contacts:
North American Palladium
Jim Excell
President & CEO
(416) 360-7971 ext. 223
North American Palladium
David Passfield
Vice-President, Operations
(416) 360-7971 ext 227
North American Palladium
Donna Yoshimatsu
Director, Investor Relations
(416) 360-7971 ext. 226
Website: www.napalladium.com
Und gleich noch eine Empfehlung hinterher.
Nice ...
Nice ...
Hallo,
ja sieht wirklich gut aus!
#johannes, hast Dich wohl verschrieben, wenn es so weiter geht 12 USD in 6 Tagen.
Gruß
L.
ja sieht wirklich gut aus!
#johannes, hast Dich wohl verschrieben, wenn es so weiter geht 12 USD in 6 Tagen.
Gruß
L.
Rohstoffraketen berichtete am letzten Mittwoch von einem hochinteressanter Primärproduzenten von Palladium, der vor extremen Kurssteigerungen stehen soll. Der Topwert soll in der nächsten Ausgabe von Trendraketen vorgestellt werden. Angeblich weltweit größtes Palladium-Vorkommen, hochkompetentes Management, von Marktteilnehmern bislang völlig unentdeckt. Beiprodukte Gold, Silber, 
Nickel und Kupfer.
Na, wer wird diese Aktie wohl sein, die vor extremen Kurssteigerungen stehen soll?
Also, jetzt schon mal horten!
Nickel und Kupfer.Na, wer wird diese Aktie wohl sein, die vor extremen Kurssteigerungen stehen soll?
Also, jetzt schon mal horten!
Mühsam ernährt sich das Eichhörnchen!
Ein Booster für alle Palladium- und Platin-Produzenten und -Explorer - Super für North American Palladium und auch für den Spezial-Explorer Gossan
Aus dem gestrigen Rohstoff-Daily:
Neuer Platin- Palladium- und Silber-ETF in der Schweiz
Da ich die meiste Zeit von Zürich aus arbeite ist es mir natürlich nicht entgangen, dass die Zürcher Kantonalbank (ZKB) jetzt auch auf den Rohstoffboom aufmerksam geworden ist und jetzt einen Platin, Palladium und Silber ETF herausbringen möchte. Insgesamt soll sich das Emissionsvolumen auf 100 Millionen Schweizer Franken belaufen.
Angst vor Lieferengpässen?
Für die Industrie kommt dieser ETF natürlich relativ ungelegen. Die Angebotssituation ist ohnehin mehr als angespannt. Die zwei weltweit grössten Platinproduzenten AngloPlat und Impala haben bereits ihren Unmut über die bevorstehende Emission geäussert. Diese befürchten, dass die Nachfrage von Seiten der Juweliere und der Industrie unter den steigenden Preisen leiden könnte. Gleichwohl betont die ZKB aber, dass dies nicht beabsichtigt sei, sondern vielmehr die Investorennachfrage befriedigt werden müsse.
Gold-ETFs waren für die Banken ein voller Erfolg
Im letzten Jahr hatte die ZKB sehr erfolgreich einen Gold-ETF lanciert. Dieser nahm im Volumen von 35 Millionen Franken zu Beginn auf mittlerweile 462 Millionen Franken zu. Die ZKB stockte daher den für den ETF gehaltenen Goldbestand von knapp 50.000 Unzen auf mittlerweile rund 560.000 Unzen auf.
Wie geht es weiter?
Nicht schlecht, wie ich finde und ich bin ja bereits seit mehreren Jahren positiv für alle Edelmetalle. Palladium habe ich beispielsweise in öffentlichen Rohstoffartikeln im Internet bereits seit Ende 2004 ans Herz gelegt, seither ist der Preis um fast 90 % gestiegen (den Artikel von damals werde ich Ihnen in den nächsten Tagen veröffentlichen sobald ich den Artikel wieder gefunden habe). Gold stieg im gleichen Zeitraum um fast 60 % und Platin um rund 40 %. Leider darf ich im Rohstoff-Daily aus rechtlichen Gründen keine konkreten Kauf- und Verkaufsempfehlungen veröffentlichen und ausserdem möchte ich dies auch nicht, denn dafür gibt es schliesslich Börsenbriefe wie meinen Tiger & Dragon. Im Tiger & Dragon Depot bereits seit der Erstausgabe für den FID-Verlag einen strategischen Goldanteil in Höhe von zurzeit 8 % des Depotwertes. Ursprünglich lag dieser Wert noch bei rund 10 % des Depots, aber da ich in meiner Aktienauswahl eine sehr gute Hand hatte und das Gesamtdepot um 54 % stieg, ging der relative Anteil des Goldes zurück. Trotzdem ist das Gold ein sicherer Hafen und schon allein als Benchmark erachte ich das werthaltige Gold für wichtig, um meine Anlagestrategie zu überprüfen. Nur wenn meine Aktienpositionen stärker steigen, als das Gold befinde ich mich auf der richtigen Seite.
Aus dem gestrigen Rohstoff-Daily:
Neuer Platin- Palladium- und Silber-ETF in der Schweiz
Da ich die meiste Zeit von Zürich aus arbeite ist es mir natürlich nicht entgangen, dass die Zürcher Kantonalbank (ZKB) jetzt auch auf den Rohstoffboom aufmerksam geworden ist und jetzt einen Platin, Palladium und Silber ETF herausbringen möchte. Insgesamt soll sich das Emissionsvolumen auf 100 Millionen Schweizer Franken belaufen.
Angst vor Lieferengpässen?
Für die Industrie kommt dieser ETF natürlich relativ ungelegen. Die Angebotssituation ist ohnehin mehr als angespannt. Die zwei weltweit grössten Platinproduzenten AngloPlat und Impala haben bereits ihren Unmut über die bevorstehende Emission geäussert. Diese befürchten, dass die Nachfrage von Seiten der Juweliere und der Industrie unter den steigenden Preisen leiden könnte. Gleichwohl betont die ZKB aber, dass dies nicht beabsichtigt sei, sondern vielmehr die Investorennachfrage befriedigt werden müsse.
Gold-ETFs waren für die Banken ein voller Erfolg
Im letzten Jahr hatte die ZKB sehr erfolgreich einen Gold-ETF lanciert. Dieser nahm im Volumen von 35 Millionen Franken zu Beginn auf mittlerweile 462 Millionen Franken zu. Die ZKB stockte daher den für den ETF gehaltenen Goldbestand von knapp 50.000 Unzen auf mittlerweile rund 560.000 Unzen auf.
Wie geht es weiter?
Nicht schlecht, wie ich finde und ich bin ja bereits seit mehreren Jahren positiv für alle Edelmetalle. Palladium habe ich beispielsweise in öffentlichen Rohstoffartikeln im Internet bereits seit Ende 2004 ans Herz gelegt, seither ist der Preis um fast 90 % gestiegen (den Artikel von damals werde ich Ihnen in den nächsten Tagen veröffentlichen sobald ich den Artikel wieder gefunden habe). Gold stieg im gleichen Zeitraum um fast 60 % und Platin um rund 40 %. Leider darf ich im Rohstoff-Daily aus rechtlichen Gründen keine konkreten Kauf- und Verkaufsempfehlungen veröffentlichen und ausserdem möchte ich dies auch nicht, denn dafür gibt es schliesslich Börsenbriefe wie meinen Tiger & Dragon. Im Tiger & Dragon Depot bereits seit der Erstausgabe für den FID-Verlag einen strategischen Goldanteil in Höhe von zurzeit 8 % des Depotwertes. Ursprünglich lag dieser Wert noch bei rund 10 % des Depots, aber da ich in meiner Aktienauswahl eine sehr gute Hand hatte und das Gesamtdepot um 54 % stieg, ging der relative Anteil des Goldes zurück. Trotzdem ist das Gold ein sicherer Hafen und schon allein als Benchmark erachte ich das werthaltige Gold für wichtig, um meine Anlagestrategie zu überprüfen. Nur wenn meine Aktienpositionen stärker steigen, als das Gold befinde ich mich auf der richtigen Seite.
Hallo,
erst mal Korrektur. Vielleicht geht es zurück bis zum Ausbruchniveau vom Palladium Spot so um 357-359.
Gruß
L.
erst mal Korrektur. Vielleicht geht es zurück bis zum Ausbruchniveau vom Palladium Spot so um 357-359.
Gruß
L.
Antwort auf Beitrag Nr.: 28.903.051 von lopinsky am 19.04.07 17:13:11Kurzfristig JA, aber langfristig tendiert Palladium eindeutig in Richtung Norden! Wenn der Palladium ETF in der Schweiz aufgelegt wird, dann muss von denen Palladium physisch hinterlegt werden. Das wird dem Edelmetall ebenso wie bei Platin einen Turboschub geben, denn die eingelagerte Metall fehlt dann für längere Zeiten am Spotmarkt.
Antwort auf Beitrag Nr.: 28.903.051 von lopinsky am 19.04.07 17:13:11War ne kurze Konsolidierung, Palladium steigt schon wieder!
Das dem Palladium verwandte Platin steigt ebenso wieder schön und dürfte als Beiprodukt von Palladium unserer Aktie und dem Nachbarn GOSSAN gut auf die Sprünge helfen. Bin in beide Aktien investiert.
Platingewinne lassen sich mit Hebel über nachfolgendes Zertifikat optimieren:
http://zertifikate.onvista.de/snapshot.html?ID_OSI=16068296&…
oder als Minifuture
http://zertifikate.onvista.de/snapshot.html?ID_OSI=14141239&…
Die Schweizer sind die ersten ETF-Aufleger für Platin und Palladium. Ich bin überzeugt, dass noch weitere Banken folgen. Das gibt ein Preisgemetzel nach oben. Also frühzeitig investieren!!!
Das dem Palladium verwandte Platin steigt ebenso wieder schön und dürfte als Beiprodukt von Palladium unserer Aktie und dem Nachbarn GOSSAN gut auf die Sprünge helfen. Bin in beide Aktien investiert.
Platingewinne lassen sich mit Hebel über nachfolgendes Zertifikat optimieren:
http://zertifikate.onvista.de/snapshot.html?ID_OSI=16068296&…
oder als Minifuture
http://zertifikate.onvista.de/snapshot.html?ID_OSI=14141239&…
Die Schweizer sind die ersten ETF-Aufleger für Platin und Palladium. Ich bin überzeugt, dass noch weitere Banken folgen. Das gibt ein Preisgemetzel nach oben. Also frühzeitig investieren!!!
Antwort auf Beitrag Nr.: 28.911.478 von MunichStock am 20.04.07 08:51:04Palladium steigt wieder wie Sau! Letzter 380 USD/oz!!!
Die Zertifikate gehen schön ab, North American Palladium (NAP) und Gossan (GSS) sollten schnellstens folgen.
Schade, dass Rohstoffraketen das Thema bisher noch nicht weiter ausgebaut haben. In Trendraketen sollte der Wert längst vorgestellt worden sein.
Naja, ich bleib long. Nach dem Nickelboom sollte Palladium und Platin folgen.
Die Zertifikate gehen schön ab, North American Palladium (NAP) und Gossan (GSS) sollten schnellstens folgen.
Schade, dass Rohstoffraketen das Thema bisher noch nicht weiter ausgebaut haben. In Trendraketen sollte der Wert längst vorgestellt worden sein.
Naja, ich bleib long. Nach dem Nickelboom sollte Palladium und Platin folgen.
Antwort auf Beitrag Nr.: 28.903.051 von lopinsky am 19.04.07 17:13:11Bis zur Auflegung und Auffüllung der ETFs gibt es keinen Rückwärtsgang bei Palladium und Platin, glaub mir!
Antwort auf Beitrag Nr.: 28.917.379 von MunichStock am 20.04.07 14:03:08Hallo MunichStock,
könnte durchaus schon Ende der Korrekturvorstellung sein.
Muß mir nach einem Zertifikat oder OS auf Palladium schauen.
Gruß
L.
könnte durchaus schon Ende der Korrekturvorstellung sein.
Muß mir nach einem Zertifikat oder OS auf Palladium schauen.
Gruß
L.
Palladium zieht wieder an.
und mit ihm North American Palladium:
und mit ihm North American Palladium:
Antwort auf Beitrag Nr.: 28.993.884 von MunichStock am 25.04.07 17:00:56Hallo MunichStock,
Momentaufnahme 26.04.07, 17:00 Uhr: PAL steigt massiv (8,33 %), Palladium-Spot fällt (1,99%).
Wenn Minenunternehmen vorlaufen, dann...
Gruß
L.
Momentaufnahme 26.04.07, 17:00 Uhr: PAL steigt massiv (8,33 %), Palladium-Spot fällt (1,99%).
Wenn Minenunternehmen vorlaufen, dann...
Gruß
L.
Good job Jim!
wie ein Bajonett die Bollinger-Bänder durchstochen...
North American Palladium Ltd. (PDL CN): The company, which receives 22 percent of its revenue from nickel sales, is a takeover target, CNBC hose Jim Cramer said on his ``Mad Money'' show. The shares climbed 4 cents, or 0.4 percent, to C$11.25.
http://www.bloomberg.com/apps/news?pid=20601084&sid=abVG6Kz7…
ist das das vorbild von make money? Der Aktie hilfts
dgh
wie ein Bajonett die Bollinger-Bänder durchstochen...
North American Palladium Ltd. (PDL CN): The company, which receives 22 percent of its revenue from nickel sales, is a takeover target, CNBC hose Jim Cramer said on his ``Mad Money'' show. The shares climbed 4 cents, or 0.4 percent, to C$11.25.
http://www.bloomberg.com/apps/news?pid=20601084&sid=abVG6Kz7…
ist das das vorbild von make money? Der Aktie hilfts
dgh
weiter so
Antwort auf Beitrag Nr.: 29.239.832 von OpaDago am 09.05.07 20:52:40Guten Abend!
Ich habe letzte Woche in den USA die Mad Money Show 2x gesehen. Da ist Frick nichts dagegen. Der Kerl rennt wie ein Bekloppter durch die Show und redet wie ein Wasserfall.
Ich denke das die Aktie locker bis auf 9 Euro hochknallen wird. Mir solls recht sein
Grüße
Johannes
Ich habe letzte Woche in den USA die Mad Money Show 2x gesehen. Da ist Frick nichts dagegen. Der Kerl rennt wie ein Bekloppter durch die Show und redet wie ein Wasserfall.
Ich denke das die Aktie locker bis auf 9 Euro hochknallen wird. Mir solls recht sein
Grüße
Johannes
Antwort auf Beitrag Nr.: 29.242.114 von dg6nds am 09.05.07 23:19:02Gratuliere,
gutes timing!
Kursziel 12 USD erreicht.
Gruß
L.
gutes timing!
Kursziel 12 USD erreicht.
Gruß
L.
Antwort auf Beitrag Nr.: 29.252.467 von lopinsky am 10.05.07 15:48:29Korrekt, und ich bin mit der halben Position ausgestiegen (9,01 Euro in Frankfurt) da meistens nach diesen Pushereien erstmal das GAP wieder geschlossen wird. Das hat aber nichts mit den guten Aussichten von NAP zu tun. Aber Gewinne kann man erstmal sichern und später wieder einsteigen. Ich kann mir NAP mittelfristig bis 14-15 Dollar vorstellen aber da wird die Luft richtig dünne!
Grüße
Johannes
Grüße
Johannes
Na,
s löft doch schon wieder ganz gut.
Die Besserwisser prügeln die Rohstoffe zZ. in den Boden.
Viel mehr wirds mit den Lagerbeständen auf Dauer nicht.
Wenn jeder sich ein paar Barren hinlegt werden die Preise
bei weiter anhaltender Nachfrage doch nicht runter gehen.
s löft doch schon wieder ganz gut.
Die Besserwisser prügeln die Rohstoffe zZ. in den Boden.
Viel mehr wirds mit den Lagerbeständen auf Dauer nicht.
Wenn jeder sich ein paar Barren hinlegt werden die Preise
bei weiter anhaltender Nachfrage doch nicht runter gehen.
Antwort auf Beitrag Nr.: 29.405.337 von OpaDago am 21.05.07 16:28:18Hallo,
bin ganz deiner Meinung!
Habe NAP mit 4,06 gekauft. Und wir werden noch ein kräftiges Schäuflein zulegen!!
Wenn noch einmal 8,90 überschritten wird, geht´s Richtung 15
!
Wünsch Allen die auch noch einsteigen ein kräftiges Händereiben!!
Euer
Realex
bin ganz deiner Meinung!
Habe NAP mit 4,06 gekauft. Und wir werden noch ein kräftiges Schäuflein zulegen!!
Wenn noch einmal 8,90 überschritten wird, geht´s Richtung 15
!Wünsch Allen die auch noch einsteigen ein kräftiges Händereiben!!
Euer
Realex
Jetzt sind wir erst mal gestopt.
Aber es wird schon bald weitergehen.
Es wird eben von vielen Börsenfachleuten z.Z. viel zerredet. Die machen das auch mitunter aus Eigennutz. Volatilität ist für die auch gewinnbringend.
Aber es wird schon bald weitergehen.
Es wird eben von vielen Börsenfachleuten z.Z. viel zerredet. Die machen das auch mitunter aus Eigennutz. Volatilität ist für die auch gewinnbringend.
Hallo Zusammen,
gibt es irgendeine Meldung warum das heute so bergab geht?
Gruß
Cracker
gibt es irgendeine Meldung warum das heute so bergab geht?
Gruß
Cracker
Schau dir die Chart an, es geht immer etwas bergauf <--> bergab.
Das ist halt bitter, wenn man gerade eingestiegen ist. Aber kleine Tiefs machen wieder Kauflust! Wenn alles Andere passt, korrigiert sich der Kurs immer zum richtigen Trend.
Realex
Das ist halt bitter, wenn man gerade eingestiegen ist. Aber kleine Tiefs machen wieder Kauflust! Wenn alles Andere passt, korrigiert sich der Kurs immer zum richtigen Trend.
Realex
Antwort auf Beitrag Nr.: 29.483.235 von realex am 27.05.07 10:02:47Läuft doch gut!
Bin erst vor kurzem bei 7,55 EUR eingestiegen.
Meiner Auffassung nach ist der Wertzuwachs garantiert. Sollte es mal runtergehen ist dies für mich ein klares Kaufsignal.
Das Industriemetall Palladium ist z.Z. weit unterbewertet. Daher ist die Aktie als langfristiges Invest ideal.
Sieht man ja auch am Thread. Die schlafen alle ganz ruhig.
Bin erst vor kurzem bei 7,55 EUR eingestiegen.
Meiner Auffassung nach ist der Wertzuwachs garantiert. Sollte es mal runtergehen ist dies für mich ein klares Kaufsignal.
Das Industriemetall Palladium ist z.Z. weit unterbewertet. Daher ist die Aktie als langfristiges Invest ideal.
Sieht man ja auch am Thread. Die schlafen alle ganz ruhig.
Hi, folks!
Bin jetzt auch mit im Boot. Als mittel- bis langfristiges Investment hat NAP meiner Meinung nach gutes Potential.
Bin jetzt auch mit im Boot. Als mittel- bis langfristiges Investment hat NAP meiner Meinung nach gutes Potential.
Hier ist meiner Meinung nach zu sehen wie versucht wird eine höchst zweifelhafte Kursprognose zu verkaufen.
Soll damit den Anlegern damit suggeriert werden, daß sie auf fallende Kurse setzen sollen und aus dem Wert raus gehen?
12.07.07 13:34 (ArimaxX)
North American Palladium: 7 Euro-Marke überschritten
North American Palladium überschreitet die 7 Euro Marke. Prognose für North American Palladium für Donnerstag den 19. Juli: 6,82 Euro.
mit gleichem Datum wird wie folgt veröffentlicht:
und die Tabelle hierzu:
13.08.2007, 17:30 7,11 +2,0%
13.09.2007, 17:30 7,25 +4,0%
15.10.2007, 17:30 7,40 +6,2%
15.11.2007, 17:30 7,54 +8,2%
17.12.2007, 17:30 7,69 +10,3%
Wie kann das kommen? Sehe ich was falsch?
Soll damit den Anlegern damit suggeriert werden, daß sie auf fallende Kurse setzen sollen und aus dem Wert raus gehen?
12.07.07 13:34 (ArimaxX)
North American Palladium: 7 Euro-Marke überschritten
North American Palladium überschreitet die 7 Euro Marke. Prognose für North American Palladium für Donnerstag den 19. Juli: 6,82 Euro.
mit gleichem Datum wird wie folgt veröffentlicht:
und die Tabelle hierzu:
13.08.2007, 17:30 7,11 +2,0%
13.09.2007, 17:30 7,25 +4,0%
15.10.2007, 17:30 7,40 +6,2%
15.11.2007, 17:30 7,54 +8,2%
17.12.2007, 17:30 7,69 +10,3%
Wie kann das kommen? Sehe ich was falsch?
Antwort auf Beitrag Nr.: 30.663.759 von OpaDago am 13.07.07 01:30:46
Die Prognose hatte ich auch gelesen.
War ein guter Lacher!
Die Prognose hatte ich auch gelesen.
War ein guter Lacher!
Palladium geht weiter nach oben.
Der Aufwärtstrend ist voll intakt. Selbst Rücksetzer können den Trend nicht stoppen.
Bis Jahresende werden wir die 380 USD wieder sehen.
Dies sollte auch unserem Wert helfen.
Der Aufwärtstrend ist voll intakt. Selbst Rücksetzer können den Trend nicht stoppen.
Bis Jahresende werden wir die 380 USD wieder sehen.
Dies sollte auch unserem Wert helfen.
Noch interessanter Nachtrag:
hursday, July 12, 2007
NORTH AMERICAN PALLADIUM LTD.
North American Palladium announced drill results at the Ahmavaara deposit, Suhanko property ( Narkaus project), located south of Rovaniemi, Finland. Highlights include hole RN/YP686 which intersected 21.78 m of 0.387 g/t platinum, 1.495 g/t palladium, 0.207 g/t gold, 0.192% copper and hole RN/YP690 which intersected 48.0 m of 0.250 g/t platinum, 1.152 g/t palladium, 0.183 g/t gold, 0.294% copper. The Suhanko property was earlier identified by Gold Fields Ltd. and forms part of a group of advanced stage PGM deposits known as the Arctic Platinum Project over which North American Palladium has a right to earn up to a 60% interest.
hursday, July 12, 2007
NORTH AMERICAN PALLADIUM LTD.
North American Palladium announced drill results at the Ahmavaara deposit, Suhanko property ( Narkaus project), located south of Rovaniemi, Finland. Highlights include hole RN/YP686 which intersected 21.78 m of 0.387 g/t platinum, 1.495 g/t palladium, 0.207 g/t gold, 0.192% copper and hole RN/YP690 which intersected 48.0 m of 0.250 g/t platinum, 1.152 g/t palladium, 0.183 g/t gold, 0.294% copper. The Suhanko property was earlier identified by Gold Fields Ltd. and forms part of a group of advanced stage PGM deposits known as the Arctic Platinum Project over which North American Palladium has a right to earn up to a 60% interest.
Antwort auf Beitrag Nr.: 29.553.361 von OpaDago am 31.05.07 11:29:45... und klamm heimlich schleicht sich der Kurs nach oben, für mich kaum nachvollziehbar, wie wenig Aufmerksamkeit der Aktie geschenkt wird. Ich schlafe allerdings auch ganz Ruhig mit NAP unterm Kopfkissen
Antwort auf Beitrag Nr.: 30.770.933 von coltraine am 20.07.07 10:43:43...schleicht momentan ganz wo anders hin...
Aug 08, 2007 09:44 ET
North American Palladium Reports Second Quarter 2007 Financial Results
This news release contains forward-looking statements. Reference should be made to the cautionary statement on forward-looking information at the end of this news release
TORONTO, ONTARIO--(Marketwire - Aug. 8, 2007) - North American Palladium Ltd. ("NAP") (TSX:PDL)(AMEX:PAL) -
Highlights for the Quarter
- Revenue of $44.5 million in Q2 2007, up from $35.5 million in Q2 2006. For the first half of 2007, revenue increased by 69% to $112.9 million, compared to $67.0 million for the comparable period in 2006.
- Operating cash flow(1) in Q2 2007 improved significantly to $12.9 million compared to cash used in operations of $1.0 million last year. For the six months ended June 30, 2007, operating cash flow was $35.9 million, compared cash usage of $1.2 million in 2006.
- By-product revenue in the first half was $60.0 million (up 70% over last year) and includes a 156% increase in nickel revenue.
- Net loss for the quarter of $9.1 million or $0.17 per share, which includes a $8.9 million mark to market on foreign exchange and commodity prices. This compares to a net loss in Q2 2006 of $11.3 million or $0.22 per share. For the first half, the net loss decreased to $3.6 million ($0.07 per share) compared to a net loss of $15.5 million ($0.30 per share) in 2006.
- Palladium cash costs per ounce(1) were US$242 per oz in Q2 2007 compared to US $219 per oz in Q2 2006, an increase attributable to the strengthening Canadian dollar and higher maintenance costs.
Results of Operations
North American Palladium announced today revenue of $44.5 million in the second quarter of 2007, up $9.0 million or 25% compared to revenue of $35.5 million reported in the second quarter of 2006. Operating cash flow (1) was $12.9 million in the three months ended March 31, 2007, compared to cash used in operations of $1.0 million in 2006, and was $35.9 million for the first six months of 2007, an improvement of $37.1 million from the prior year when cash used in operations was $1.2 million.
As previously reported, Palladium production for the second quarter of 2007 was 66,651 ounces of palladium at an average palladium head grade of 2.26 grams per tonne an increase 9,326 ounces or 16% compared to last year's second quarter production of 57,326 ounces at a head grade of 2.22 grams per tonne (see July 18, 2007 press release for Q2 production results).
Palladium revenue was $21.9 million or 49% of total revenue, compared to $14.9 million or 42% in 2006, an increase of $7.0 million or 47% year over year. For the three months ended June 30, 2007, palladium revenue was recorded at US$365 per ounce, an increase of 18% compared to US$310 in the corresponding period in 2006.
By product metal revenue for the six months ended June 30, 2007 increased by 70% to $60.0 million, up from $35.3 million in 2006. In the second quarter of 2007, by product metal sales generated $22.6 million of revenue, an increase of $2.0 million or 10% compared to by product revenue of $20.6 million in the second quarter of 2006. In particular, nickel sales in the second quarter of 2007 benefited from a 68% year over year price increase (US$16.24 per lb versus US$9.64 per lb in 2006).
Jim Excell, President and Chief Executive Officer of North American Palladium had the following comments on the financial results: "I am pleased to see continued strengthening in our operations and expect to see continued improvements this year. With a new management team in place, consistency in operations and a good pipeline of projects, I believe that North America Palladium is well positioned to benefit and expand its base of existing cash generating properties."
The Company recognizes the sale of metal concentrate as revenue when concentrate is delivered to a third party smelter for treatment. However, final pricing is not determined until the refined metal is sold, which can be up to six months later. Final pricing adjustments result in additional revenue in a rising commodity price environment and reductions to revenue in a declining price environment. Similarly, a strengthening Canadian dollar relative to the US dollar will result reduced revenue and vice versa. In Q2 2007, revenue was reduced by negative mark to market adjustments of $8.9 million ($2.4 million due to negative price adjustments and $6.5 million due to a negative foreign exchange adjustment) compared with a negative adjustment in the second quarter of 2006 of $1.2 million ($0.6 million positive price adjustment and $1.8 million negative foreign exchange adjustment).
Largely due to these mark to market adjustments, the Company recognized a loss from mining operations of $9.2 million in the second quarter of 2007 compared to a loss of $9.1 million in the same period last year. In addition to the $8.9 million negative revenue adjustments, the mine incurred unplanned maintenance costs as a result of several lightning strikes during the quarter that caused unscheduled downtime to the primary crusher and #1 ball mill and reduced throughput (steps have since been taken to mitigate future disruptions in the electrical supply). Increased production volumes compared to 2006 also resulted in increased amortization of $4.4 million. For the three months ended June 30, 2007, the Company reported a net loss of $9.1 million or $0.17 per share compared to a net loss of $11.3 million or $0.22 per share for the three months ended June 30, 2006. For the six months ended June 30, 2007 the net loss of $3.6 million was a significant improvement compared to the loss of $15.5 million for the same period in 2006.
Review of Operations and Projects
The Company remains on course to meeting its year end production target of approximately 290,000 ounces. Its intensive core drilling exploration program will continue through 2007, with approximately $15.0 million being allocated to exploration activities.
The Company continued its exploration of the Offset High Grade Zone ("OHGZ"), located approximately 250 metres to the southeast of the current underground mine at the Lac des Iles mine. Drilling from the exploration drift commenced in the second quarter of 2007. The OHGZ remains open along strike and at depth. Early in the third quarter of 2007, the Company engaged two consulting firms to conduct a Preliminary Economic Assessment of three potential exploitation/operating scenarios for the OHGZ. Management is also considering the viability of a Phase V pushback of the pit, with a view to extending its mine life. The expanded open pit could provide supplemental mill feed for a possible OHGZ underground mine and allow the mine to operate at current production levels for additional years beyond the current planned mine life. At this time, no mineral reserve estimates have been made for the OHGZ and, consequently, no decision been made to extend the current underground mine to the OHGZ and/or build a shaft to access the OHGZ (see the press release dated April 2, 2007 for information about the OHGZ mineral resource estimate).
In addition to the operations and exploration activities around the Lac des Iles mine site, the Company continues to pursue other PGM and nickel copper opportunities, including its earn in under option and joint venture agreement with CVRD Inco at the Shebandowan Project. Preparation of a 43 101 technical report is underway, which will disclose the results of a mineral resource estimate by an independent Qualified Person. The Company is assessing the capital expenditure requirements to refurbish its old mill at Lac des Iles to process ore from Shebandowan, which could add up to 2,500 tpd to the milling capacity at the Lac des Iles site. The Company is also active satisfying the conditions of its 60% earn in right at the Arctic Platinum Project ("APP") in Finland (subject to a 10% back in right in favour of Gold Fields which, if exercised, would decrease the Company's interest to 49.9%). As at June 30, 2007, the Company has incurred $8.5 million in expenditures on the APP. The results of approximately 12,000 metres of a Phase II drilling program will be released in the third quarter of 2007, following receipt of assay results and completion of the Company's quality assurance/quality control procedures. The results of the 2007 in fill drilling program will be incorporated into an updated mineral resource estimate. The Company will also disclose the results of a re scoping study following completion of its due diligence review.
Further information about the second quarter results are available in the Company's financial statements and MD&A, which will be filed on its website, with Canadian provincial securities authorities (www.sedar.com) and with the U.S. Securities and Exchange Commission (www.sec.gov).
Conference Call
The Company will host its second quarter conference call at 8:30 a.m. EST on Thursday, August 9, 2007. The toll free conference call dial in number is 1-866-249-5221 and the local and overseas dial in number is 416-644-3430. The conference call will be simultaneously webcast and archived at www.napalladium.com in the Investor Centre under Conference Calls. A replay of the conference call will be available until August 30, 2007- toll free at 1-877-289-8525, locally and overseas at 416-640-1917, access code 21199657#.
(1)Non GAAP Measures
Cash cost per ounce and operating cash flow are not recognized measures under Canadian GAAP. Such non GAAP financial measures do not have any standardized meaning prescribed by Canadian GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. Management uses these measures internally. The use of these measures enables management to better assess performance trends. Management understands that a number of investors and others who follow the Company's performance assess performance in this way. Management believes that these measures better reflect the Company's performance for the current period and are a better indication of its expected performance in future periods. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The following table reconciles these non GAAP measures to the most directly comparable Canadian GAAP measure:
(a) Reconciliation of Cash Cost per Ounce to Financial Statements
Three Months Ended June 30
(thousands of dollars except per ounce amounts) 2007 2006
-------------------------------------------------------------------------
Production costs including overhead $ 32,438 $ 28,289
Smelter treatment, refining and freight costs 5,733 4,237
-------------------------------------------------------------------------
38,171 32,526
Less: by product metal revenue (22,638) (20,578)
-------------------------------------------------------------------------
15,533 11,948
-------------------------------------------------------------------------
Divided by ounces of palladium 60,435 48,977
Cash cost per ounce (C$) 257 244
C$ exchange rate 1.0631 1.1151
-------------------------------------------------------------------------
Cash cost per ounce (US$) 242 219
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(b) Reconciliation of Cash Flow from Operations, Prior to Changes in
Non Cash Working Capital (Operating Cash Flow) to Financial Statements(i)
2007 2006 2007 2006
Three months ended June 30 Six months ended June 30
--------------------------------------------------------------------------
Operating Cash Flow $ 12,865 $ (965) $ 35,902 $ (1,225)
Changes in
Non-cash
Working Capital (9,486) (16,159) (30,390) (26,343)
--------------------------------------------------------------------------
Cash Provided by
Operating Activities $ 3,379 $ (17,124) $ 5,512 $ (27,568)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(i) Certain prior period amounts have been reclassified to conform to the
classification adopted in the current period.
Forward Looking Statements
Certain statements included in this news release are forward looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation including the Securities Act (Ontario), relating to the objectives, plans, strategies and results of operation of the Company including words to the effect that the Company or management expects a stated condition or result to occur. When used herein, words such as "expect", "continues", "pursue", "will" and other similar expressions as they related to the Company or its management, are intended to identify forward looking statements. In particular, statements relating to estimated future metal prices and future ore and metal production are forward looking statements. In making the forward looking statements in this news release, the Company has applied several material assumptions, including but not limited to, the assumption that (1) market fundamentals will result in increased palladium demand and prices and sustained by product metal demand and prices, (2) the integrated operation of the underground mine and the open pit mine remain viable operationally and economically, (3) financing is available on reasonable terms, (4) expectations for blended mill feed grade and mill performance will proceed as expected, (5) new mine plan scenarios will be viable operationally and economically, and (6) plans for improved mill production, for sustainable recoveries from the Lac des Iles mine, for further exploration at the Lac des Iles mine and surrounding region, and for exploration in Finland will proceed as expected. Any forward looking statements in this news release involve inherent risks and uncertainties and are subject to factors, many of which are beyond our control, which may cause actual results or performance to differ materially from those currently anticipated in such statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements include among others (1) metal price volatility, (2) economic and political events affecting metal supply and demand, (3) fluctuations in ore grade or ore tonnes milled, (4) geological, technical, mining or processing problems, (5) future metal production, and (6) changes in the life of mine plan. For a more comprehensive review of risk factors, please refer to the "Risks and Uncertainties" section of the Company's most recent interim Management Discussion and Analysis and most recent Annual Report under "Management's Discussion and Analysis of Financial Results"
and Annual Information Form under "Risk Factors" on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward looking statements whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward looking statements.
North American Palladium is Canada's foremost primary producer of palladium. Its Lac des Iles mine in northwestern Ontario is among the largest open pit, bulk mineable palladium operations in the world. The Company's core palladium business is strengthened by a significant contribution from nickel, platinum, gold and copper by product metals. Committed to sustainable mining practices and continuous improvement, North American Palladium pursues a growth strategy that involves the acquisition and development of PGM/nickel properties that present the highest level of value creation.
North American Palladium Ltd.
Consolidated Balance Sheets
(expressed in thousands of Canadian dollars)
June 30 December 31
2007 2006
---------- -----------
(unaudited)
Assets
------
Current Assets
Cash $ 4,505 $ 3,153
Concentrate awaiting settlement, net 98,814 82,050
Taxes recoverable 252 145
Inventories 14,606 14,164
Current portion of crushed and broken ore
stockpiles 8,862 7,134
Other assets 1,436 2,602
--------------- --------------
128,475 109,248
Mining interests, net 130,757 146,617
Mine restoration deposit 8,151 8,041
Crushed and broken ore stockpiles 383 289
Deferred financing costs - 962
--------------- --------------
$ 267,766 $ 265,157
--------------- --------------
Liabilities and Shareholders' Equity
------------------------------------
Current Liabilities
Accounts payable and accrued liabilities $ 17,306 $ 21,526
Advance purchase facility 8,868
Future mining tax liability 186 149
Current portion of obligations under
capital leases 1,835 2,104
Current portion of convertible notes
payable 29,324 22,148
Current portion of long term debt 6,218 6,662
Kaiser Francis credit facility - 5,827
--------------- --------------
63,737 58,416
Mine restoration obligation 8,707 8,211
Obligations under capital leases 2,851 4,111
Convertible notes payable 9,259 23,062
Long term debt 7,216 10,992
Future mining tax liability 1,439 381
--------------- --------------
93,209 105,173
Shareholders' Equity
--------------------
Common share capital and common share
purchase warrants 357,625 339,743
Equity component of convertible notes
payable, net of issue costs 10,138 12,336
Contributed surplus 3,717 1,269
Deficit (196,923) (193,364)
--------------- --------------
Total shareholders' equity 174,557 159,984
--------------- --------------
$ 267,766 $ 265,157
--------------- --------------
North American Palladium Ltd.
Consolidated Statements of Operations and Deficit
(expressed in thousands of Canadian dollars,
except share and per share amounts)
(unaudited)
Three months ended June 30 Six months ended June 30
2007 2006 2007 2006
---------- ---------- ---------- ----------
Revenue from metal
sales - before
pricing
adjustments $ 53,451 $ 36,698 $ 113,755 $ 61,054
Pricing adjustments-
commodities (2,421) 566 6,720 7,518
Pricing adjustments-
foreign exchange (6,535) (1,745) (7,541) (1,561)
---------- ---------- ---------- ----------
Revenue from metal
sales 44,495 35,519 112,934 67,011
---------- ---------- ---------- ----------
Operating expenses
Production costs,
excluding
amortization
and asset
retirement costs 32,438 28,289 65,690 52,600
Smelter treatment,
refining and
freight costs 5,733 4,237 10,995 6,951
Amortization 11,923 7,538 23,831 11,135
Administrative 2,321 1,584 4,017 3,763
Exploration expense 798 2,659 4,026 4,683
Loss on disposal of
equipment - 194 - 194
Asset retirement
costs 498 132 677 255
---------- ---------- ---------- ----------
Total operating
expenses 53,711 44,633 109,236 79,581
---------- ---------- ---------- ----------
Income/(loss) from
mining operations (9,216) (9,114) 3,698 (12,570)
---------- ---------- ---------- ----------
Other expenses
(income)
Interest on
long term debt,
capital leases and
convertible notes
payable 1,162 1,423 2,704 2,118
Foreign exchange loss
(gain) (4,355) (955) (4,981) (674)
Interest income (187) (380) (270) (463)
Accretion expense
relating to
convertible
notes payable 3,250 2,460 7,512 2,460
Interest expense 216 - 756 -
Deferred financing
costs 219 144 441 659
---------- ---------- ---------- ----------
Total other expenses 305 2,692 6,162 4,100
---------- ---------- ---------- ----------
Loss before income
taxes (9,521) (11,806) (2,464) (16,670)
Income tax expense
(recovery) (455) (481) 1,095 (1,204)
---------- ---------- ---------- ----------
Loss for the period (9,066) (11,325) (3,559) (15,466)
Deficit, beginning of
period (187,857) (163,396) (193,364) (159,255)
---------- ---------- ---------- ----------
Deficit, end of
Period $ (196,923) $ (174,721) $ (196,923) $ (174,721)
---------- ---------- ---------- ----------
Loss per share
Basic $ (0.17) $ (0.22) $ (0.07) $ (0.30)
---------- ---------- ---------- ----------
Diluted $ (0.17) $ (0.22) $ (0.07) $ (0.30)
---------- ---------- ---------- ----------
Weighted average
number of shares
outstanding
Basic 54,410,210 52,371,162 53,749,822 52,293,401
---------- ---------- ---------- ----------
Diluted 54,410,210 52,371,162 53,749,822 52,293,401
---------- ---------- ---------- ----------
North American Palladium Ltd.
Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars)
(unaudited)
Three months ended June 30 Six months ended June 30
2007 2006 2007 2006
---------- ---------- ---------- ----------
Cash provided by
(used in)
Operations
Loss for the period $ (9,066) $ (11,325) $ (3,559) $ (15,466)
Operating items not
involving cash
Accretion expense
relating to
convertible
notes payable 3,250 2,460 7,512 2,460
Amortization 11,923 7,538 23,831 11,135
Amortization of
deferred financing
costs 219 144 441 155
Interest settled on
convertible notes 1,007 395 1,581 395
Accrued interest on
mine restoration
deposit (110) (84) (110) (84)
Unrealized foreign
exchange (gain)
loss 3,478 (582) 3,409 (526)
Asset retirement
costs 498 132 677 255
Future income tax
expense (recovery) 1,050 (295) 1,095 (1,130)
Write off of
deferred financing
costs - - - 504
Stock based
compensation and
employee benefits 616 458 1,025 883
Loss on disposal of
equipment - 194 - 194
---------- ---------- ---------- ----------
12,865 (965) 35,902 (1,225)
Changes in
non cash working
capital (9,486) (16,159) (30,390) (26,343)
---------- ---------- ---------- ----------
3,379 (17,124) 5,512 (27,568)
---------- ---------- ---------- ----------
Financing Activities
Advances under
purchase facility 4,453 - 8,868 -
Issuance of common
shares - 3,446 5,703 3,921
Repayment of
long term debt (1,562) (1,625) (9,042) (3,295)
Repayment of
obligations under
capital leases (539) (597) (1,082) (1,175)
Mine restoration
deposit - (300) - (600)
Issuance of
convertible notes - - - 41,037
Increase in long term
debt and credit
facility - - - 2,311
Deferred financing
costs - (227) - (2,364)
---------- ---------- ---------- ----------
2,352 697 4,447 39,835
---------- ---------- ---------- ----------
Investing Activities
Additions to mining
interests (4,148) (3,649) (8,607) (11,084)
Increase(decrease) in cash and
cash equivalents 1,583 (20,076) 1,352 1,183
Cash and cash
equivalents,
beginning of period 2,922 36,290 3,153 15,031
---------- ---------- ---------- ----------
Cash and cash
equivalents, end of
period $ 4,505 $ 16,214 $ 4,505 $ 16,214
---------- ---------- ---------- ----------
North American Palladium Reports Second Quarter 2007 Financial Results
This news release contains forward-looking statements. Reference should be made to the cautionary statement on forward-looking information at the end of this news release
TORONTO, ONTARIO--(Marketwire - Aug. 8, 2007) - North American Palladium Ltd. ("NAP") (TSX:PDL)(AMEX:PAL) -
Highlights for the Quarter
- Revenue of $44.5 million in Q2 2007, up from $35.5 million in Q2 2006. For the first half of 2007, revenue increased by 69% to $112.9 million, compared to $67.0 million for the comparable period in 2006.
- Operating cash flow(1) in Q2 2007 improved significantly to $12.9 million compared to cash used in operations of $1.0 million last year. For the six months ended June 30, 2007, operating cash flow was $35.9 million, compared cash usage of $1.2 million in 2006.
- By-product revenue in the first half was $60.0 million (up 70% over last year) and includes a 156% increase in nickel revenue.
- Net loss for the quarter of $9.1 million or $0.17 per share, which includes a $8.9 million mark to market on foreign exchange and commodity prices. This compares to a net loss in Q2 2006 of $11.3 million or $0.22 per share. For the first half, the net loss decreased to $3.6 million ($0.07 per share) compared to a net loss of $15.5 million ($0.30 per share) in 2006.
- Palladium cash costs per ounce(1) were US$242 per oz in Q2 2007 compared to US $219 per oz in Q2 2006, an increase attributable to the strengthening Canadian dollar and higher maintenance costs.
Results of Operations
North American Palladium announced today revenue of $44.5 million in the second quarter of 2007, up $9.0 million or 25% compared to revenue of $35.5 million reported in the second quarter of 2006. Operating cash flow (1) was $12.9 million in the three months ended March 31, 2007, compared to cash used in operations of $1.0 million in 2006, and was $35.9 million for the first six months of 2007, an improvement of $37.1 million from the prior year when cash used in operations was $1.2 million.
As previously reported, Palladium production for the second quarter of 2007 was 66,651 ounces of palladium at an average palladium head grade of 2.26 grams per tonne an increase 9,326 ounces or 16% compared to last year's second quarter production of 57,326 ounces at a head grade of 2.22 grams per tonne (see July 18, 2007 press release for Q2 production results).
Palladium revenue was $21.9 million or 49% of total revenue, compared to $14.9 million or 42% in 2006, an increase of $7.0 million or 47% year over year. For the three months ended June 30, 2007, palladium revenue was recorded at US$365 per ounce, an increase of 18% compared to US$310 in the corresponding period in 2006.
By product metal revenue for the six months ended June 30, 2007 increased by 70% to $60.0 million, up from $35.3 million in 2006. In the second quarter of 2007, by product metal sales generated $22.6 million of revenue, an increase of $2.0 million or 10% compared to by product revenue of $20.6 million in the second quarter of 2006. In particular, nickel sales in the second quarter of 2007 benefited from a 68% year over year price increase (US$16.24 per lb versus US$9.64 per lb in 2006).
Jim Excell, President and Chief Executive Officer of North American Palladium had the following comments on the financial results: "I am pleased to see continued strengthening in our operations and expect to see continued improvements this year. With a new management team in place, consistency in operations and a good pipeline of projects, I believe that North America Palladium is well positioned to benefit and expand its base of existing cash generating properties."
The Company recognizes the sale of metal concentrate as revenue when concentrate is delivered to a third party smelter for treatment. However, final pricing is not determined until the refined metal is sold, which can be up to six months later. Final pricing adjustments result in additional revenue in a rising commodity price environment and reductions to revenue in a declining price environment. Similarly, a strengthening Canadian dollar relative to the US dollar will result reduced revenue and vice versa. In Q2 2007, revenue was reduced by negative mark to market adjustments of $8.9 million ($2.4 million due to negative price adjustments and $6.5 million due to a negative foreign exchange adjustment) compared with a negative adjustment in the second quarter of 2006 of $1.2 million ($0.6 million positive price adjustment and $1.8 million negative foreign exchange adjustment).
Largely due to these mark to market adjustments, the Company recognized a loss from mining operations of $9.2 million in the second quarter of 2007 compared to a loss of $9.1 million in the same period last year. In addition to the $8.9 million negative revenue adjustments, the mine incurred unplanned maintenance costs as a result of several lightning strikes during the quarter that caused unscheduled downtime to the primary crusher and #1 ball mill and reduced throughput (steps have since been taken to mitigate future disruptions in the electrical supply). Increased production volumes compared to 2006 also resulted in increased amortization of $4.4 million. For the three months ended June 30, 2007, the Company reported a net loss of $9.1 million or $0.17 per share compared to a net loss of $11.3 million or $0.22 per share for the three months ended June 30, 2006. For the six months ended June 30, 2007 the net loss of $3.6 million was a significant improvement compared to the loss of $15.5 million for the same period in 2006.
Review of Operations and Projects
The Company remains on course to meeting its year end production target of approximately 290,000 ounces. Its intensive core drilling exploration program will continue through 2007, with approximately $15.0 million being allocated to exploration activities.
The Company continued its exploration of the Offset High Grade Zone ("OHGZ"), located approximately 250 metres to the southeast of the current underground mine at the Lac des Iles mine. Drilling from the exploration drift commenced in the second quarter of 2007. The OHGZ remains open along strike and at depth. Early in the third quarter of 2007, the Company engaged two consulting firms to conduct a Preliminary Economic Assessment of three potential exploitation/operating scenarios for the OHGZ. Management is also considering the viability of a Phase V pushback of the pit, with a view to extending its mine life. The expanded open pit could provide supplemental mill feed for a possible OHGZ underground mine and allow the mine to operate at current production levels for additional years beyond the current planned mine life. At this time, no mineral reserve estimates have been made for the OHGZ and, consequently, no decision been made to extend the current underground mine to the OHGZ and/or build a shaft to access the OHGZ (see the press release dated April 2, 2007 for information about the OHGZ mineral resource estimate).
In addition to the operations and exploration activities around the Lac des Iles mine site, the Company continues to pursue other PGM and nickel copper opportunities, including its earn in under option and joint venture agreement with CVRD Inco at the Shebandowan Project. Preparation of a 43 101 technical report is underway, which will disclose the results of a mineral resource estimate by an independent Qualified Person. The Company is assessing the capital expenditure requirements to refurbish its old mill at Lac des Iles to process ore from Shebandowan, which could add up to 2,500 tpd to the milling capacity at the Lac des Iles site. The Company is also active satisfying the conditions of its 60% earn in right at the Arctic Platinum Project ("APP") in Finland (subject to a 10% back in right in favour of Gold Fields which, if exercised, would decrease the Company's interest to 49.9%). As at June 30, 2007, the Company has incurred $8.5 million in expenditures on the APP. The results of approximately 12,000 metres of a Phase II drilling program will be released in the third quarter of 2007, following receipt of assay results and completion of the Company's quality assurance/quality control procedures. The results of the 2007 in fill drilling program will be incorporated into an updated mineral resource estimate. The Company will also disclose the results of a re scoping study following completion of its due diligence review.
Further information about the second quarter results are available in the Company's financial statements and MD&A, which will be filed on its website, with Canadian provincial securities authorities (www.sedar.com) and with the U.S. Securities and Exchange Commission (www.sec.gov).
Conference Call
The Company will host its second quarter conference call at 8:30 a.m. EST on Thursday, August 9, 2007. The toll free conference call dial in number is 1-866-249-5221 and the local and overseas dial in number is 416-644-3430. The conference call will be simultaneously webcast and archived at www.napalladium.com in the Investor Centre under Conference Calls. A replay of the conference call will be available until August 30, 2007- toll free at 1-877-289-8525, locally and overseas at 416-640-1917, access code 21199657#.
(1)Non GAAP Measures
Cash cost per ounce and operating cash flow are not recognized measures under Canadian GAAP. Such non GAAP financial measures do not have any standardized meaning prescribed by Canadian GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. Management uses these measures internally. The use of these measures enables management to better assess performance trends. Management understands that a number of investors and others who follow the Company's performance assess performance in this way. Management believes that these measures better reflect the Company's performance for the current period and are a better indication of its expected performance in future periods. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The following table reconciles these non GAAP measures to the most directly comparable Canadian GAAP measure:
(a) Reconciliation of Cash Cost per Ounce to Financial Statements
Three Months Ended June 30
(thousands of dollars except per ounce amounts) 2007 2006
-------------------------------------------------------------------------
Production costs including overhead $ 32,438 $ 28,289
Smelter treatment, refining and freight costs 5,733 4,237
-------------------------------------------------------------------------
38,171 32,526
Less: by product metal revenue (22,638) (20,578)
-------------------------------------------------------------------------
15,533 11,948
-------------------------------------------------------------------------
Divided by ounces of palladium 60,435 48,977
Cash cost per ounce (C$) 257 244
C$ exchange rate 1.0631 1.1151
-------------------------------------------------------------------------
Cash cost per ounce (US$) 242 219
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(b) Reconciliation of Cash Flow from Operations, Prior to Changes in
Non Cash Working Capital (Operating Cash Flow) to Financial Statements(i)
2007 2006 2007 2006
Three months ended June 30 Six months ended June 30
--------------------------------------------------------------------------
Operating Cash Flow $ 12,865 $ (965) $ 35,902 $ (1,225)
Changes in
Non-cash
Working Capital (9,486) (16,159) (30,390) (26,343)
--------------------------------------------------------------------------
Cash Provided by
Operating Activities $ 3,379 $ (17,124) $ 5,512 $ (27,568)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(i) Certain prior period amounts have been reclassified to conform to the
classification adopted in the current period.
Forward Looking Statements
Certain statements included in this news release are forward looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation including the Securities Act (Ontario), relating to the objectives, plans, strategies and results of operation of the Company including words to the effect that the Company or management expects a stated condition or result to occur. When used herein, words such as "expect", "continues", "pursue", "will" and other similar expressions as they related to the Company or its management, are intended to identify forward looking statements. In particular, statements relating to estimated future metal prices and future ore and metal production are forward looking statements. In making the forward looking statements in this news release, the Company has applied several material assumptions, including but not limited to, the assumption that (1) market fundamentals will result in increased palladium demand and prices and sustained by product metal demand and prices, (2) the integrated operation of the underground mine and the open pit mine remain viable operationally and economically, (3) financing is available on reasonable terms, (4) expectations for blended mill feed grade and mill performance will proceed as expected, (5) new mine plan scenarios will be viable operationally and economically, and (6) plans for improved mill production, for sustainable recoveries from the Lac des Iles mine, for further exploration at the Lac des Iles mine and surrounding region, and for exploration in Finland will proceed as expected. Any forward looking statements in this news release involve inherent risks and uncertainties and are subject to factors, many of which are beyond our control, which may cause actual results or performance to differ materially from those currently anticipated in such statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements include among others (1) metal price volatility, (2) economic and political events affecting metal supply and demand, (3) fluctuations in ore grade or ore tonnes milled, (4) geological, technical, mining or processing problems, (5) future metal production, and (6) changes in the life of mine plan. For a more comprehensive review of risk factors, please refer to the "Risks and Uncertainties" section of the Company's most recent interim Management Discussion and Analysis and most recent Annual Report under "Management's Discussion and Analysis of Financial Results"
and Annual Information Form under "Risk Factors" on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward looking statements whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward looking statements.
North American Palladium is Canada's foremost primary producer of palladium. Its Lac des Iles mine in northwestern Ontario is among the largest open pit, bulk mineable palladium operations in the world. The Company's core palladium business is strengthened by a significant contribution from nickel, platinum, gold and copper by product metals. Committed to sustainable mining practices and continuous improvement, North American Palladium pursues a growth strategy that involves the acquisition and development of PGM/nickel properties that present the highest level of value creation.
North American Palladium Ltd.
Consolidated Balance Sheets
(expressed in thousands of Canadian dollars)
June 30 December 31
2007 2006
---------- -----------
(unaudited)
Assets
------
Current Assets
Cash $ 4,505 $ 3,153
Concentrate awaiting settlement, net 98,814 82,050
Taxes recoverable 252 145
Inventories 14,606 14,164
Current portion of crushed and broken ore
stockpiles 8,862 7,134
Other assets 1,436 2,602
--------------- --------------
128,475 109,248
Mining interests, net 130,757 146,617
Mine restoration deposit 8,151 8,041
Crushed and broken ore stockpiles 383 289
Deferred financing costs - 962
--------------- --------------
$ 267,766 $ 265,157
--------------- --------------
Liabilities and Shareholders' Equity
------------------------------------
Current Liabilities
Accounts payable and accrued liabilities $ 17,306 $ 21,526
Advance purchase facility 8,868
Future mining tax liability 186 149
Current portion of obligations under
capital leases 1,835 2,104
Current portion of convertible notes
payable 29,324 22,148
Current portion of long term debt 6,218 6,662
Kaiser Francis credit facility - 5,827
--------------- --------------
63,737 58,416
Mine restoration obligation 8,707 8,211
Obligations under capital leases 2,851 4,111
Convertible notes payable 9,259 23,062
Long term debt 7,216 10,992
Future mining tax liability 1,439 381
--------------- --------------
93,209 105,173
Shareholders' Equity
--------------------
Common share capital and common share
purchase warrants 357,625 339,743
Equity component of convertible notes
payable, net of issue costs 10,138 12,336
Contributed surplus 3,717 1,269
Deficit (196,923) (193,364)
--------------- --------------
Total shareholders' equity 174,557 159,984
--------------- --------------
$ 267,766 $ 265,157
--------------- --------------
North American Palladium Ltd.
Consolidated Statements of Operations and Deficit
(expressed in thousands of Canadian dollars,
except share and per share amounts)
(unaudited)
Three months ended June 30 Six months ended June 30
2007 2006 2007 2006
---------- ---------- ---------- ----------
Revenue from metal
sales - before
pricing
adjustments $ 53,451 $ 36,698 $ 113,755 $ 61,054
Pricing adjustments-
commodities (2,421) 566 6,720 7,518
Pricing adjustments-
foreign exchange (6,535) (1,745) (7,541) (1,561)
---------- ---------- ---------- ----------
Revenue from metal
sales 44,495 35,519 112,934 67,011
---------- ---------- ---------- ----------
Operating expenses
Production costs,
excluding
amortization
and asset
retirement costs 32,438 28,289 65,690 52,600
Smelter treatment,
refining and
freight costs 5,733 4,237 10,995 6,951
Amortization 11,923 7,538 23,831 11,135
Administrative 2,321 1,584 4,017 3,763
Exploration expense 798 2,659 4,026 4,683
Loss on disposal of
equipment - 194 - 194
Asset retirement
costs 498 132 677 255
---------- ---------- ---------- ----------
Total operating
expenses 53,711 44,633 109,236 79,581
---------- ---------- ---------- ----------
Income/(loss) from
mining operations (9,216) (9,114) 3,698 (12,570)
---------- ---------- ---------- ----------
Other expenses
(income)
Interest on
long term debt,
capital leases and
convertible notes
payable 1,162 1,423 2,704 2,118
Foreign exchange loss
(gain) (4,355) (955) (4,981) (674)
Interest income (187) (380) (270) (463)
Accretion expense
relating to
convertible
notes payable 3,250 2,460 7,512 2,460
Interest expense 216 - 756 -
Deferred financing
costs 219 144 441 659
---------- ---------- ---------- ----------
Total other expenses 305 2,692 6,162 4,100
---------- ---------- ---------- ----------
Loss before income
taxes (9,521) (11,806) (2,464) (16,670)
Income tax expense
(recovery) (455) (481) 1,095 (1,204)
---------- ---------- ---------- ----------
Loss for the period (9,066) (11,325) (3,559) (15,466)
Deficit, beginning of
period (187,857) (163,396) (193,364) (159,255)
---------- ---------- ---------- ----------
Deficit, end of
Period $ (196,923) $ (174,721) $ (196,923) $ (174,721)
---------- ---------- ---------- ----------
Loss per share
Basic $ (0.17) $ (0.22) $ (0.07) $ (0.30)
---------- ---------- ---------- ----------
Diluted $ (0.17) $ (0.22) $ (0.07) $ (0.30)
---------- ---------- ---------- ----------
Weighted average
number of shares
outstanding
Basic 54,410,210 52,371,162 53,749,822 52,293,401
---------- ---------- ---------- ----------
Diluted 54,410,210 52,371,162 53,749,822 52,293,401
---------- ---------- ---------- ----------
North American Palladium Ltd.
Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars)
(unaudited)
Three months ended June 30 Six months ended June 30
2007 2006 2007 2006
---------- ---------- ---------- ----------
Cash provided by
(used in)
Operations
Loss for the period $ (9,066) $ (11,325) $ (3,559) $ (15,466)
Operating items not
involving cash
Accretion expense
relating to
convertible
notes payable 3,250 2,460 7,512 2,460
Amortization 11,923 7,538 23,831 11,135
Amortization of
deferred financing
costs 219 144 441 155
Interest settled on
convertible notes 1,007 395 1,581 395
Accrued interest on
mine restoration
deposit (110) (84) (110) (84)
Unrealized foreign
exchange (gain)
loss 3,478 (582) 3,409 (526)
Asset retirement
costs 498 132 677 255
Future income tax
expense (recovery) 1,050 (295) 1,095 (1,130)
Write off of
deferred financing
costs - - - 504
Stock based
compensation and
employee benefits 616 458 1,025 883
Loss on disposal of
equipment - 194 - 194
---------- ---------- ---------- ----------
12,865 (965) 35,902 (1,225)
Changes in
non cash working
capital (9,486) (16,159) (30,390) (26,343)
---------- ---------- ---------- ----------
3,379 (17,124) 5,512 (27,568)
---------- ---------- ---------- ----------
Financing Activities
Advances under
purchase facility 4,453 - 8,868 -
Issuance of common
shares - 3,446 5,703 3,921
Repayment of
long term debt (1,562) (1,625) (9,042) (3,295)
Repayment of
obligations under
capital leases (539) (597) (1,082) (1,175)
Mine restoration
deposit - (300) - (600)
Issuance of
convertible notes - - - 41,037
Increase in long term
debt and credit
facility - - - 2,311
Deferred financing
costs - (227) - (2,364)
---------- ---------- ---------- ----------
2,352 697 4,447 39,835
---------- ---------- ---------- ----------
Investing Activities
Additions to mining
interests (4,148) (3,649) (8,607) (11,084)
Increase(decrease) in cash and
cash equivalents 1,583 (20,076) 1,352 1,183
Cash and cash
equivalents,
beginning of period 2,922 36,290 3,153 15,031
---------- ---------- ---------- ----------
Cash and cash
equivalents, end of
period $ 4,505 $ 16,214 $ 4,505 $ 16,214
---------- ---------- ---------- ----------
so schlecht stand PDL nur 2003.
Wer weiß woran es liegt?
Wer weiß woran es liegt?
Antwort auf Beitrag Nr.: 32.700.619 von OpaDago am 07.12.07 20:11:25keine Ahnung, aber wenn die 4 $ nicht hält, ist das nächste KZ 2 $. Ich habe sie auf der Watchlist
Ob da nicht was im Busch ist?
Hallo, Herr Kaiser.
Hallo, Herr Kaiser.
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