Palladium companies report stark ’08 figures

Palladium Investing News reports palladium prices fell after holding on for a while.

Palladium tracked platinum in Asia and London; it dropped to $189 ahead, it finally closed at $190.

A quarterly net loss of C$112.4 million has prompted North American Palladium (TSX:PDL) to temporarily shut down its only mine, the Lac de Iles. The quarterly net loss of C$112.4 million, or C$1.31 a share, compared with a year-ago loss of C$11.1 million, or C $0.19 a share. The fourth-quarter 2008 results included a non-cash impairment charge of C$90.0 million, or C$1.05 per share, to write down it’s investment in mining interests, due to market conditions. Palladium production for the quarter ended Dec. 31, was 21,373 ounces down 70 per cent from a year-ago, mainly due to the temporary closure of the Lac des Iles mine on Oct. 29. Palladium sales that were settled during the fourth quarter, realized an average of $207 per ounce, a decrease of 41 per cent compared with $348 per ounce in the same period last year.

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