North American Palladium Ltd. (PDL.TO,PAL) announced that due to declining metal prices it will temporarily place its Lac des Iles Mine, or LDI, in Thunder Bay, Ontario on a care and maintenance basis effective October 29, 2008. The closure will result in the layoff of approximately 350 employees.
The company also said it completed a positive second quarter at the end of June due to strong metal prices and efficient operations at LDI. However, due to the impact of recent adverse market conditions on global commodity prices, LDI is currently operating well below breakeven.
Further, the company believes that the mid to long-term outlook is quite positive for palladium and platinum, based on forecasted growth in global automotive sales.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.