North American Palladium (NAP) restarted palladium production at its flagship Lac des Iles mine in northwestern Ontario in mid-April 2010. The mine is operating seven days per week on two 12-hour shifts per day. Ore production from the mine’s Roby Underground zone was targeted to reach 2,600 mt/d by May 1. Palladium production is planned at a rate of 140,000 oz/y. Lac des Iles was placed on care and maintenance in October 2008 due to low palladium prices.
NAP also announced renewal of its smelting contract with Xstrata Nickel, stating that the details of the contract are confidential but are similar to its previous contract. A new feature to the contract entitles NAP to receive advance payments of 70% within 60 days following the month of concentrate delivery.
