Posted in | Gold | Palladium

North American Palladium to Increase Production

North American Palladium made its 2011 plans on production, capital spending and exploration budgets clear in a news release on January 20. The company seeks to increase production at its Lac des lles mine located in north western Ontario by 75%.

NAP president and CEO William Bigger said that over the next two years, they plan to achieve their ambitious growth strategy to become a mid-tier precious metal producer by significantly increasing their palladium and gold production.

William Bigger also said that during this transition period, they will invest over a quarter of a billion dollars in their mine expansions, exploration and the development of their gold properties, thereby creating significant value for their shareholders.

In the news release it outlined that the company would spend $147 million on the expansion of the mine that is situated 85 km north west of Thunder Bay. $18 million will be used for exploration of palladium reserves in Ontario and gold reserves in Quebec.

The company is also due to spend $7 million on its Sleeping Giant gold mine in the Abitibi region in Quebec. About $26 million will also be spent to explore and develop the Vezza gold production in Quebec.

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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