North American Palladium’s earnings disaster

The Financial Posts reports that North American Palladium Ltd. (AMEX:PAL) has become a “show me” stock, according to Stifel Nicolaus analyst George Topping.

The market news is quoted as saying,

The company’s Lac des Iles mine produced 30,661 ounces of palladium at cash costs of US$519 an ounce. To put that in perspective, Mr. Topping anticipated 39,000 ounces at costs of US$345 an ounce. The company blamed poor weather and labour constraints for the poor results, while Mr. Topping is concerned about the possible lack of ore reserves at the mine’s Roby zone.

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