North American Palladium posts loss on lower prices

Wed Aug 8, 2012 6:13pm EDT

Aug 8 (Reuters) - Precious metals company North American Palladium Ltd reported a second-quarter loss citing lower palladium prices and no gold sales at its Sleeping Giant mine.

Net loss for the quarter was C$3.1 million, or 2 Canadian cents per share, compared with net earnings of C$5.4 million, or 3 Canadian cents per share, a year earlier.

Revenue fell 21 percent to C$40.6 million.

The company realized palladium selling price of $622 per ounce compared with $754 per ounce in the same period last year.

Quarterly production at the company's flagship Lac des Iles mine fell to 40,017 ounces of payable palladium from 46,971 ounces a year earlier.

The company said it was still looking to sell its gold assets.

Shares of North American Palladium closed at C$1.60 on the Toronto Stock Exchange on Wednesday.