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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer -- Ignore unavailable to you. Want to Upgrade?

To: Kim Johnson who wrote (512)	3/8/2000 1:09:00 PM
From: Elizabeth Andrews	Read Replies (2) \| Respond to of 976

Thanks for the info. I am very aware of mining terminology. As mentioned, I can't find a recent balance sheet but I did find a 1997 Form 20-F. Item One refers to a royalty agreement with The Sheridan Group equal to 3% of the "Net Cash Proceeds" up to Dec 31-00 and 5% thereafter until the expiration of the leases. I think this means 3% of the value of the product after smelting charge so it is equivalent to an NSR. From what I've heard about Sheridan it's unlikely he would exchange the lease for a weak deal like a Net Profits Interest. Anybody got a recent annual report to clarify?

To: Kim Johnson who wrote (512)	3/8/2000 2:40:00 PM
From: Jordan Electron	Read Replies (4) \| Respond to of 976

If the Russian cupboard is bare, why doesn't a really proven big palladium producer like Anglo American Platinum (AMPLATS) (symbol aapty) move up in the market? AMPLATS announced over one million oz palladium production in 1999, and over two million oz platinum. PDL has a history of equipment breakdowns, etc, limiting marginal production, compared to AMPLATS. Stillwater (SWC) is looking proven big too, as it soars. amplats.co.za

To: Kim Johnson who wrote (512)	3/8/2000 11:02:00 PM
From: Ptaskmaster	Respond to of 976

"...I believe the Russian cupboard is bare." Or maybe what's left is on the topmost shelf, requiring competitors to cooperate in order to get it down? _____ NY Precious Metals Review: Jun palladium up 5.9%, others quiet New York--Mar 8--NYMEX Jun palladium futures settled up $39.20 or 5.9% at $704.70 per ounce after a 1-week high of $715. Palladium jumped higher on the London PM fix and extended its climb on NYMEX as buy-stops were triggered. Prices were also supported when NYMEX stocks were reported down 14,500 ounces or 34% to 28,400 ounces, said traders. Other precious metals stayed subdued. (Story .2333) crbindex.com _________ Ptask (With apologies to A. A. Milne)