North American Palladium has announced that it has seen a year-on-year fall in its production levels of palladium and other by-product metals for the first quarter of 2006.

Despite the annual fall, production was up on the figures recorded in the previous quarter.

Palladium production for the first three months of the year was 47,015oz, down 10.6 per cent on the level of production for the same period in 2005 when it reached 52,572oz.

Production was up on 2005's fourth quarter figure, however, which stood at 36,833oz.

Its production of Platinum, which it produces as a by-product metal, was down from 5,382oz in the first quarter of 2005 to 4,698oz for the first quarter of this year. That figure was also an increase on the platinum production achieved in the final quarter of 2005, which was 2,915oz.

Despite the fall in production from a year ago, the company actually posted improved financial results, largely due to higher pgm prices.

It said that its production would continue to benefit from growing global demand for palladium, as well as the higher commodity prices.

Ÿ Adfero Ltd