$PAL mined its Q4 2014 palladium at a cash cost of $375/ounce (in October and November). This is about 64% of the $589/ounce price that it cost in Q3 2014. In other words, PAL is now mining its palladium for -36% less cost than it did in Q3 2014. No doubt a significant portion of these savings are due to decreased fuel costs; but the ramping up of the shaft mining is also clearly leading to decreased costs