North American Palladium (NAP) posted a $160.7 million loss for 2008, including a fourth quarter loss of $112 million.
Because of a drop in metal prices, the Toronto-based miner shut down its Lac des Iles mine in northwestern Ontario in the last quarter.
In a Feb. 24 news release, President/CEO William Biggar said the company's balance sheet remains strong with $86 million in working capital and no long-term debt.
A $7 million near Lac des Iles is underway and management is working on a prefeasibility study for its nearby Offset Zone, along with a mine re-start plan.
The company is optimistic about the months ahead with money coming from platinum and palladium sales prior to the mine closure.
NAP said its mine re-start plan will be as a higher-grade, lower tonnage, underground-only operation with a focus on finding efficiencies and lowering operating costs.
In a news conference, Biggar said the company is intent on acquiring some gold assets or companies as part of a strategy to become a mid-tier miner with many mines.
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