North American Palladium Has No Explanation for 27-percent Share Drop

Bloomberg reported that North American Palladium Ltd. (TSX:PDL,NYSEMKT:PAL) does not know why its share price sank by 27 percent two days ago. Phil du Toit, the company’s CEO, maintains that the company is “working hard” to get financing.

As quoted in the market news:

North American said it will provide an update if and when a ‘firm commitment materializes.’ The Toronto-based company is expanding Lac des Iles to raise palladium output and reduce production costs.

The company is still ‘optimistic about the mine’s future cash generation potential,’ du Toit said. ‘2013 is a critical transitional year and the financial challenges that we are encountering are no doubt related to this transitional phase.’

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