North American Palladium (PDL-T, PAL-X) has settled a six-year-old dispute with its insurer regarding a crusher failure at its Lac des les platinum group metals mine, 85 km north of Thunder Bay, Ont.
“The failure of the primary crusher had a significant impact on North American Palladium’s operations and the financial results for 2002 and 2003,” said Jim Excell, the company’s president and CEO, in a press release. “We are satisfied with the outcome and pleased that this matter can finally be put behind us.”
As part of the settlement, North American Palladium was awarded a cash payment of $14.5 million. The payment will be recorded in the company’s financial statements for the second quarter of 2008.
The company also received a $7.1-million insurance recovery in the third quarter of 2004.
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