_Cropped.jpg;w=400)
TORONTO — Strong results for the third quarter of the fiscal year propelled North American Palladium's earnings to nearly double last year's earnings through the first three-quarters of the year.
The owner of a palladium mine north of Thunder Bay announced that for the quarter that ended September 30, 2018, its net income after deductions was $23 million compared with just over $12 million for the same period in 2017.
After nine months of the fiscal year, net income was almost $42 million compared with $22 million for the first three-quarters last year.
In a statement, the company said palladium production at the Lac des Iles mine increased by seven per cent over the same period last year based on higher underground and surface ore output.
It also cited "strong" palladium prices.
On Sept.17, North American Palladium announced the results of a new feasibility study for the Lac des Iles property, which outlined a new plan to extend the mine's life and generate increased cash flow.
"The company is in a strong position to capitalize on the robust palladium market while continuing to add resources through mine site and greenfields exploration," said president and CEO Jim Gallagher.
"Palladium prices continue to show strong resilience during this period of financial market volatility, supported by trade and sanction concerns," Gallagher added.
