Christopher Wallace
Long/short equity, special situations

North American Palladium's Operating Guidance: More Bad News

North American Palladium (NYSEMKT:PAL) released updated operating guidance (the "Operating Guidance") after the close on Monday, January 06, 2014. The full text of the release can be found here. In this article I will briefly interpret what I believe the impact of the release is.

The Operating Guidance provided this summary:

"-- Targeting increased payable palladium production of 170,000 to 175,000 ounces;

-- Capital investment and exploration budgets significantly reduced to approximately $30 million and $4 million, respectively;

-- Underground production forecasted to gradually increase throughout the year from approximately 3,000 tonnes per day in the first half of the year, up to 5,000 tonnes per day by the end of 2014; and

-- Planning to ...

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