North American Palladium cuts output forecast, jobs

Wed Sep 30, 2015 4:35pm EDT
 
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Sept 30 (Reuters) - North American Palladium Ltd cut its production forecast for the year on Wednesday and also said it was laying off 44 employees at its Lac des Iles mine in Ontario, another casualty of weaker metal prices.

The Canadian-based miner producer said it now expects to produce between 160,000 and 170,000 ounces of palladium, down from a previous forecast of 185,000 to 205,000 ounces, as it reduces how much of its low-grade surface stockpile it processes. At current prices, the surface stockpile is not economic.

The company is also not filling an extra 17 vacant jobs at Lac des Iles. The site will now employ a total of 422 workers.

(Reporting by Nicole Mordant in Vancouver; Editing by Lisa Shumaker)