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: Sleeper who wrote (792)	12/13/2000 12:59:39 PM
From: PHILLIP FLOTOW	Read Replies (1) of 976

12/13 12:30P GM To Cut Palladium Usage By 40-60% From 2002 GM/Palladium -2: Palladium Prices At Record Highs LONDON (Dow Jones)--General Motors Corp. (GM) is to cut palladium usage by 40%-60% from 2002 onward, due to an autocatalyst deal struck with Degussa Metals Catalysts Cerdec Corp., said a GM memo faxed to Dow Jones Newswires Wednesday. The "multi-million dollar contract" will see Degussa supply the world's largest auto maker with autocatalysts for "six light truck and passenger car platforms" starting 2002, the memo said. The memo added that the deal will "allow General Motors to meet increasingly stringent Tier 2a emission requirements while reducing palladium usage by 40-60 percent." Nobody from GM was available for immediate comment. In May, GM Purchasing Director David Andres said the company would reduce palladium usage by 30% from 2002 onward, and increase platinum usage. The fax made no mention of any substitute material. Supported by fears over erratic supplies in the New Year from leading producer Russia, palladium prices are currently at record highs. Tuesday, spot palladium reached $942.50 a troy ounce, and analysts are bracing for a break through $1,000/oz. Prices have more than doubled on the year. Car companies are the main buyers of palladium, which, along with platinum, is used in manufacturing autocatalysts. PHIL

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