North American Palladium Q1 losses triple, share price down 23%

Canadian miner North American Palladium (NAM) reported year-over-year Q1 losses of $2.8 million, or $.02 a share, triple its losses from the same quarter last year.

The company says achieving its low end production guidance of 150,000 ounces to 160,000 ounces is unlikely and may need to be adjusted downwards by 15%.

Soaring capital expenditures are expected in 2013, prompting the company to seek money through debt or equity markets in order to stay on course with its capital plan.

NAM's share price has dipped 23% since May 1st.

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Sources: miningweekly.com; Bloomberg