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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer
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To: WWS who wrote (255)2/9/1999 1:35:00 PM
From: Ptaskmaster  Read Replies (2) of 976
 
Stillwater looks pricey to me. The p/e is 69, but that of course is only part of the story. It would be interesting to learn the cash cost of an ounce of NAP's palladium. But I think your interesting comparison of the two companies needs to take into account the debt structure.

I like NAP because it is open pit, they are actively expanding their claims within trucking distance of their mill, they hold patents on some of their extractive processes, and juniors are exploring, sampling and drilling throughout the region.

Clearly there is more palladium in the area, and the juniors will help delineate its presence and distribution. The price of palladium will likely remain high. Both factors will help NAP.

Correct me if I am wrong, but I think NAP is the only pure palladium play in the world. It is producing, but is largely ignored by analysts. (I think Johnson Matthey does not even mention it in the last annual platinum review.)
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