Michael Gravelle isn’t surprised that North American Palladium is looking to sell.
The company says it’s collapsing under debt, and if a buyer is not found by the end of June, Brookfield Capital Partners will take possession of its Lac des Iles mine, and shareholders will be wiped out.
But Gravelle, who’s the Minister of Northern Development and Mines, says it’s not unusual for companies to sell shares to seek capital.
Gravelle says that while he hasn’t had an opportunity to speak with executives at North American Palladium, it is a successful operation in Northwestern Ontario, and he is confident the company will continue to operate in the northwest.
Palladium investors have since dumped their shares, pushing the stock down drastically. It’s currently blacklisted in New York. (Photo: Caryn Ceolin)
