ONTARIO – Weak metal prices have forced Toronto-based North American Palladium to announce workforce reductions at its Lac des Iles palladium mine 85 km northwest of Thunder Bay. A total of 44 employees, including 18 staff and 26 unionized workers, will lose their jobs.
At the same time, NAP has decided to stop blending the low grade surface stockpile with the higher grade underground ore and return to a 14 days on/14 days off operating schedule at the mill. When it operates, the mill will run at 13,400 t/d. The company says that the surface stockpile, that grades <1 g/t Pd, is not economic to process at current prices.
Palladium was trading at US$673 per oz in mid-afternoon Oct. 1.
NAP has also revised its 2015 guidance downward to 160,000 to 170,000 oz from 185,000 to 205,000 oz.
Please see NAP.com.