North American Palladium Ltd. (fka PALDF)

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PAL.....Update expected Jan. 2015 for operating guidance

For October and November 2014, the Company produced 41,986 payable ounces of palladium from its Lac des Iles mine at a cash cost per ounce of US$375. The mill commenced a trial full time run on October 1, 2014 and production cost per tonne milled for the two months averaged $36. Production of payable palladium year to date to the end of November 2014 is 156,409 ounces, and the Company expects to achieve its guidance for 2014. Year to date cash cost per ounce is US$495 and production cost per tonne milled is $50.

Underground production from LDI continues to ramp-up with daily mining rates for October averaging 3,736 tonnes, November 4,216 tonnes and to December 9, 2014 4,765 tonnes. During this time period, the Company has surpassed daily production rates of 5,000 tonnes per day on numerous occasions.

“Our payable palladium production for October and November was very strong, and our key cost metrics are significantly below our guidance,” said Phil du Toit, President and Chief Executive Officer. “The trial full time mill run initiated at the start of the fourth quarter is performing well and given the additional stockpiled ore processed, the per unit operating costs were in line with our expectations.”

The Company expects to provide its next operational update in early January 2015 when it provides its operating guidance for 2015 and preliminary full year production results for 2014.


http://ih.advfn.com/p.php?pid=nmona&article=64776435

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PAL....Palladium to outperform gold in 2015

"Palladium has been in deficit for years and as such has the strongest fundamentals in the metals complex. This gives a firm foundation for further price gains going forward," according to a BofA Merrill Lynch Global research note.


http://www.kitco.com/ind/Brecht/2014-12-26-Could-Platinum-And-Palladium-Outperform-Gold-In-2015.html

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PAL....Palladium over silver

The upside in the gold/silver ratio is bouncing back after a sharp two-year slide that started in 2008, but the steep rise in the palladium/silver ratio since 2012 has taken it to a new multi-year high, indicating the increasing strength of palladium as an asset.

In the first half of 2014, gold was up 10%, silver and platinum 8% higher each while palladium made a 26% jump. In the second half, all the four did move southward - gold 10%, silver 24%, platinum 19% and palladium 11%.

The overall result showed that the sharp first half jump has helped palladium buck the trend of others and end the year higher. More than half of the world palladium reserves are in Russia, which influences the prices globally.

http://www.ibtimes.co.uk/gold-silver-ratio-six-year-high-palladium-ratios-tell-new-story-1480710

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PAL....palladium $ 1,000. by 2016

According to a BofA Merrill Lynch Global Research report, the firm forecasts gold prices at $1,225 in 2015, with platinum at $1,438 and palladium at $925. Those represent healthy gains for both platinum and palladium from current levels—see the charts below.

All the metals are projected to continue to rise in 2016, with a forecast at $1,300 in gold, $1,600 in platinum and $1,000 in palladium. Farther out in 2021—the BofA Merrill Lynch Global Research report forecasts continued gains with gold at $1,508, platinum at $2,001 and palladium at $1,053.


http://www.kitco.com/ind/Brecht/2014-12-26-Could-Platinum-And-Palladium-Outperform-Gold-In-2015.html

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PAL......Financial Position..... $ 11.8 mill
As at September 30, 2014

• $11.8M cash and cash equivalents
• US$36.1M of US$60.0M credit facility utilized

http://www.napalladium.com/files/doc_downloads/NAP_Fact-Sheet_-November_2014.pdf

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PAL....Ford a 20 % gian in China

PAL..General Motors Co. (GM:US), the largest foreign automaker in China,


GM...will increase the number of Cadillac dealerships in the country by about 25 percent as it competes against German luxury automakers led by Volkswagen AG (VOW)’s Audi.

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A significant increase in supply is unlikely, largely due to:
•Political, infrastructure and cost issues in South Africa;
•[b]Declining palladium production in Russia;
•Lack of new mine construction in the near term; and
•Materially reduced contribution from the state-held Russian stockpile

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DEMAND ON THE RISE

The primary source of industrial demand continues to be from the gasoline automotive sector, which consumes about 67% of world palladium production for the manufacture of catalytic converters to help reduce toxic emissions into the environment.
Key factors affecting demand include:
•Increasing vehicle production in China, India, Brazil & Russia – which are forecasted to lead the growth in the automobile market;
•Stricter emission controls that mandate the use of catalytic converters;
•Technological advancements for palladium’s use in diesel catalytic converters;

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Automotive: 67 %
Chemical: 5%
Investment: 4%
Other: 1%
Dental: 5%
Jewellery: 5%
Electronics: 12%


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PAL...Russian sanctions gives support for palladium prices

Raevskiy sees this year's sanctions against Russia due to tensions with Ukraine as another key factor that has lent support to prices. Russia produces about 40 percent of the world's palladium.


Strong auto sales helped the palladium market this year as well — about 67 percent of the world's palladium is used in catalytic converters, mostly for gasoline engines. In November, auto sales figures hit record highs in both Canada and the US, and that trend is set to continue — global auto demand should continue to grow by 3 percent next year, according to a report from ScotiaMocatta. Gross demand for palladium from the auto industry is set to increase by about 4 percent.

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PAL...Palladium ETF's grown by 1 mill. ounces..up 50 %

Overall, palladium is up 15 percent for 2014, a stark contrast to its sister metal platinum, which is down about 10 percent.

Speaking to what could have driven palladium's positive performance, Sergey Raevskiy of SP Angel pointed out that holdings in palladium exchange-traded funds (ETFs) have grown by roughly 50 percent, or 1 million ounces, due to the launch of two new ETFs in South Africa; that's compared to a growth of just 100,000 ounces in platinum funds.

"Palladium investment demand has seen a stark deviation from the dynamics in the platinum market regarding ounces involved,” he said, noting that his company underestimated growth in investment demand due to the new South African funds.

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$PAL...global supply lowest level since 2002


•Declining palladium production in Russia;
•Lack of new mine construction in the near term; and
•Materially reduced contribution from the state-held Russian stockpile
In 2012, global supply was at the lowest level since 2002 and moved into a deficit of
1.07 million ounces. This deficit is expected to persist into the future, supporting robust palladium prices

http://www.napalladium.com/files/doc_downloads/NAP_Fact-Sheet_-November_2014.pdf


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