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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer
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To: Claude Cormier who wrote (375)12/21/1999 2:12:00 PM
From: Ptaskmaster  Read Replies (1) of 976
 
Claude:

I don't claim to understand fully the debt/notes/preferred issue, but note that many mining companies have substantial debt. It is clearly in Kaiser's interest to see NAP producing efficiently and in the black, with a much higher share price, before converting the Series A preferred to common shares. And Kaiser has taken the long view here.

NAP at least is fully exposed to the recent rise in pgm prices, unlike Stillwater which continues to hedge a very large proportion of its future production.

Ptask
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