Toronto-based North American Palladium Ltd. announced Thursday it has signed a contract with Redpath Canada Limited of North Bay, Ontario, Canada, for underground mine development at its Lac des Iles mine. This is part of a major mine expansion that will take the mine from its current rate of just over 6,000 tons per day (tpd) to 12,000 tpd. The Redpath scope of work consists of approximately 6550 meters of lateral development and 560 meters of vertical development to access ore reserves in the upper mine beneath and around the perimeter of the dormant Roby open pit. The contract is expected to be approximately two years in duration.
The Lac des Iles mine development crews will continue with their work to sustain ongoing production, which is expected to rise to over 7,000 tpd by the end of 2019.
North American Palladium is the only pure play palladium producer in the world.
Meanwhile, the palladium spot price closed above gold at $1,243.00 on Thursday. Gold closed at $1,241.70.