North American Palladium Ltd. (TSX:PDL,NYSEMKT:PAL) announced the 2013 financial and operating results for its Ontario-based Lac des Iles palladium mine, commenting that last year it put out 135,158 ounces of payable palladium at a cash cost of US$560.
Other highlights include:
- Realized palladium selling price of US$724 per ounce, giving a palladium operating margin of US$164 per ounce, or US$22.2 million;
- Revenue of $153.2 million;
- Adjusted EBITDA of $13.4 million;
- Invested $109.5 million in capital expenditures (exclusive of $28.6 million of capitalized interest) and $12.3 million in exploration;
- Completed shaft construction and commenced commissioning by year end (with notable production ramp up progress made in January 2014); and
- Subsequent to year end, completed a $32-million financing.
Phil du Toit, North American Palladium’s president and CEO, commented:
Looking back at 2013, it was a year during which we strived to balance completing a major development project while implementing operating improvements. Furthermore, we had a financial shortfall during a period when sector challenges made capital a scarce and expensive commodity. Despite this, we finished the year on target with our revised forecast and accomplished a significant milestone in commissioning the new shaft. Operations are off to a good start in 2014, with January monthly palladium production of approximately 15,000 ounces, representing one of the best months in the last two years.