North American Palladium(AMEX:PAL)- PGM Producer Message Board

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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer

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To: Elizabeth Andrews who wrote (749)	11/9/2000 9:11:42 PM
From: Sleeper	of 976

I'll bet that this quarter will have the lowest cost per ounce ever no matter what the mining-mill rate is. Are you on for the bet? Elizabeth, you sly fox! That's a sucker bet and you know it! Here's how I look at it. Even if the cost/oz. doubles to US $160/oz. the margin is still obscene at something like US $600/ oz at today's prices. At 30k oz/quarter, that's still about $.38/share, or an annualized $1.60/share. That's a P/E of 4.5! None of this factors either an increase in Pd prices OR the anticipated increase in through put. I guess you could always say this has not come to fruition, but knowing Kaiser-Francis as I do, I consider the mine expansion a done deal. As for the price of Pd... well, the supply/demand ratio is in my favor. I think I'll hold my NAP a little longer. Sleeper

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