North American Palladium has reported a profit for the second quarter of 2011, driven by a 69 per cent rise in production at its flagship mine in Quebec.

Net income for the quarter ending on June 30th was CAN$5.4 million (£3.4 million), while revenue rose twofold to CAN$51.4 million (£32 million).

Meanwhile, North American Palladium said it expects production of 145,000 to 155,000 oz of payable palladium at a cash cost of CAN$450 (£280) per ounce in 2011.

Shares in the company, which also owns the Sleeping Giant gold mine in Abitibi, Quebec, closed at CAN$3.35 (£2.08) on Wednesday (August 10th) this week, while palladium futures for September were trading at around CAN$728 (£453) per ounce.

"We believe that the solid results at LDI [Lac des Iles] will be further enhanced following the completion of our mine expansion, which will ultimately transform LDI into a high-volume, low-cost operation," said William J Biggar, president and chief executive officer of North American Palladium.

Source:

North American Palladium posts Q2 profit (11/08/11)

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