One of the Thunder Bay area's largest employers is looking to expand.
North American Palladium has entered into an agreement to purchase a large piece of property just north of its Lac Des Iles mine. CEO Bill Biggar said the company believes the Tib Lake property has a high probability of hosting palladium.
The initial purchase price is about half a million dollars, and the company will spend another $1.6 million on exploration on the new property in the coming years.
The company is also working on a multi-million dollar mine shaft at Lac Des Iles, in order to access a promising new palladium deposit deep underground.
Biggar said their current operation has room to grow.
At this stage, the Lac Des Iles Mine has another 10 years left, but Biggar said the company is optimistic the life span can be extended well beyond that.
More than 500 people are working on site right now, including mining employees and contractors working on the mine shaft and headframe.
That number is expected to rise to 600 people by mid-2012.
Underground mining using the new shaft is expected to begin by the end of this year.
(Thunder Bay Television)
