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(AMM) North American Palladium eyes January mine restart

June 09, 2009 - 18:18 GMT Location: NEW YORK

North American Palladium Ltd. will reopen its Lac des Iles Mine in Thunder Bay, Ontario, when palladium reaches a sustainable price of about $300 per troy ounce-a once-elusive goal that is now almost within reach, the company said.

Palladium averaged $191.82 per troy ounce in October, just one-third of the metal's 2008 peak, when the Toronto-based precious metals producer placed its then-sole mine on care and maintenance. Prices have since seen the first signs of recovery, and September-delivery palladium closed Monday at $252 per troy ounce, the third-highest close this year, due to safe-haven buying, Chinese demand and wider gains in metal prices.

With prices on the rise, a mine restart could take place as soon as seven months from now, according to William Biggar, the company's president and chief executive officer. "We've been thinking of having it going for the first of...

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