North American Palladium reported a net loss of $18.8 million for the quarter compared to a net loss of $5.3 million for the same quarter in 2013.
As quoted in the press release, highlights of results included: Sold 36,430 ounces of payable palladium at a cash cost per ounce(1) of US$589. Year to date cash cost per ounce is $527. Revenue of $46.4 million was an increase of $13.1 million or 39% compared to the same period in 2013 due to more favorable exchange rates, higher palladium ounces sold and higher palladium prices. Adjusted EBITDA of $8.3 million for the quarter and $28.5 million year to date.
Realized palladium selling price of $860 per ounce, giving a palladium operating margin of $271 per ounce, or US$9.9 million. Palladium prices remain strong, with the November 4, 2014 price at $786 per ounce.
On Wednesday, November 5, the day’s biggest mover was the price of US palladium bar, which saw a 2.4% decline to $781.00 per ounce. The price of Chinese palladium bar closed at CNY 172.00 ($28.01) per gram. Following a couple days of improvement, prices fell by 1.7%. Japanese palladium bar finished the day up 0.8% to JPY 2,773 ($25.47) per gram.
Japanese platinum bar saw its price rise 1.2% to JPY 4,459 ($40.96) per gram. Chinese platinum bar closed 0.4% lower at CNY 257.00 ($41.84) per gram. After a couple of days of decreasing prices, the price of US platinum bar held steady at $1,235.
The price of Chinese gold bullion fell to a 30-day low at CNY 228.55 ($37.21) per gram after shifting 0.6%. Indian gold bullion ended the day at INR 26,000 ($424.11) per 10 grams, after the 0.5% drop on Wednesday. Japanese gold bullion prices rose 0.4% to JPY 4,241 ($38.95) per gram. The price of US gold bullion rose 0.2% to $1,168 per ounce after a two-day drop.
US silver finished the day down 0.7% to $16.03 per ounce. The price of Chinese silver reached a 30-day low after decreasing 0.6% to CNY 3,495 ($569.06) per kilogram. After a 0.6% increase, Indian silver finished the day at INR 36,000 ($587.23) per kilogram. Japanese silver prices saw a 0.5% decline to JPY 583.00 ($5.35) per 10 grams.