North American Palladium
North American Palladium was a Canadian mining company focused on palladium production at the Lac des Iles mine in Ontario.
Last updated August 26, 2026
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Overview
North American Palladium Ltd. was a Canadian mining company whose principal business was the exploration and production of palladium, with gold and several other metals recovered as additional products. The company operated primarily in Ontario and became closely associated with the Lac des Iles mine, located in the Lac des Îles igneous complex in the Thunder Bay District. Palladium was its defining commodity, while gold, platinum, silver, nickel, and copper were produced or identified as by-products of the mining operation. The business began in 1968 under the name Madeleine Mines Ltd. It adopted the North American Palladium name in June 1993, the same year that mining began at Lac des Iles as an open-pit operation. The mine later developed an underground component, which commenced in 2006, allowing the company to pursue deeper mineralization beyond the original open pit. This transition was important to the mine's long-term production profile and made Lac des Iles the central asset of the company. North American Palladium faced the effects of weak metal prices during the global financial and commodities downturn. On October 21, 2008, the Lac des Iles operation was placed on care and maintenance, meaning that active production was suspended while essential site infrastructure was retained. The mine reopened on October 13, 2010, after market conditions improved sufficiently to support a return to operations. The company subsequently expanded and modernized the mine, including commissioning a new mill in 2012. The upgraded processing capacity contributed to higher production rates at Lac des Iles. Although palladium remained the core focus, North American Palladium also pursued gold assets. In May 2009 it acquired Cadiscor Resources Inc., gaining the Sleeping Giant gold mine. In May 2010 it acquired the Vezza gold project in Quebec's Abitibi region from Agnico-Eagle Mines. These transactions broadened the company's exposure beyond palladium and reflected an effort to build a diversified precious-metals portfolio, although Lac des Iles continued to define the company's identity and operating base. The company was one of the few North American producers focused on palladium and platinum-group metals. Its principal North American peer in this area was Stillwater Mining Company in Montana. North American Palladium remained publicly traded in Canada until it was acquired in 2019 by Impala Platinum Holdings Limited, a Johannesburg-based platinum-group-metals producer. The transaction valued the company at approximately CA$1 billion. Brookfield Business Partners, which held an 81 percent interest, received approximately $570 million, while minority shareholders were offered CA$19.74 per share. Following the acquisition, the Lac des Iles mine was placed under a new operating company, Impala Canada Limited. North American Palladium therefore ceased to operate as an independent corporate brand, while its principal mine continued within the Impala Platinum group.
History
North American Palladium originated in 1968 as Madeleine Mines Ltd., a Canadian mining enterprise. The company later changed its name to North American Palladium Ltd. in June 1993, aligning its corporate identity with its principal commodity focus. That year, it began open-pit mining at the Lac des Iles mine in the Lac des Îles igneous complex in Ontario's Thunder Bay District. Lac des Iles became the company's defining asset and the foundation of its palladium-oriented business. Mining at Lac des Iles expanded beyond the original open pit. Underground operations began in 2006, providing access to deeper resources and supporting the continued development of the property. The company also had to manage a severe downturn in metal prices during the late-2000s financial crisis. On October 21, 2008, it suspended active operations at Lac des Iles and placed the mine on care and maintenance. The site reopened on October 13, 2010, when operating conditions were considered sufficiently favorable for production to resume. During this period, North American Palladium pursued a broader precious-metals strategy. In May 2009, it acquired Cadiscor Resources Inc. and thereby obtained the Sleeping Giant gold mine. In May 2010, it purchased the Vezza gold project in Quebec's Abitibi region from Agnico-Eagle Mines. These acquisitions added gold assets to a company otherwise primarily identified with palladium. Lac des Iles nevertheless remained its principal operating center. A new mill at Lac des Iles was commissioned in 2012. The additional processing infrastructure helped increase the mine's production rate and supported the company's return to a more substantial operating scale. Palladium was the principal product, while gold, platinum, silver, nickel, and copper were mined or recovered as associated products and by-products. North American Palladium was notable as one of the limited North American producers of palladium and platinum-group metals; its principal regional comparison was Stillwater Mining Company in Montana. North American Palladium was publicly traded on the Toronto Stock Exchange before its corporate independence ended in 2019. Impala Platinum Holdings Limited, headquartered in Johannesburg, acquired the company for approximately CA$1 billion. Brookfield Business Partners received about $570 million for its 81 percent interest, and minority shareholders were paid CA$19.74 per share under the transaction terms. After the takeover, the Lac des Iles mine was operated by Impala Canada Limited. North American Palladium consequently became a former company rather than an independent active mining brand, although its principal Canadian mining operation continued under the new owner.
- 2019
Acquired by Impala Platinum
[1]Impala Platinum Holdings Limited acquired the company and transferred operation of Lac des Iles to Impala Canada Limited.
- 2012
New processing mill commissioned
[1]A new mill was commissioned at Lac des Iles, supporting increased production rates.
- 2010
Lac des Iles reopened
[1]The mine resumed operations after its care-and-maintenance period.
- 2008
Mine placed on care and maintenance
[1]Lac des Iles was temporarily suspended because of declining metal prices.
- 2006
Underground mining began at Lac des Iles
[1]Underground operations commenced at the company's principal Ontario mine.
- 1993
Name changed to North American Palladium
[1]The company adopted the North American Palladium name in June and began open-pit mining at Lac des Iles.
- 1968
Company founded as Madeleine Mines
[1]The business was established in Canada under the name Madeleine Mines Ltd.
Products and positioning
Canadian precious-metals mining company centered on palladium production and exploration, with gold and other metal by-products.
Precious metal
Palladium
Palladium was North American Palladium's principal commodity and the central focus of its mining and exploration activities. Production was concentrated at the Lac des Iles mine in Ontario, which defined the company's corporate identity and operating strategy.
Precious metal · 2009
Gold
Gold was an important secondary focus. The company expanded its gold exposure through the Sleeping Giant mine acquired with Cadiscor Resources and the Vezza gold project acquired from Agnico-Eagle Mines.
Metal by-products
Platinum, silver, nickel, and copper
Platinum, silver, nickel, and copper were mined or recovered as associated products from the company's operations. These metals supplemented the palladium-centered production model rather than replacing palladium as the principal commodity.
Brand decisions
2019
Accepted acquisition by Impala PlatinumM&ABackground
North American Palladium remained a publicly traded Canadian palladium producer centered on Lac des Iles.
Action taken
Impala Platinum Holdings Limited acquired the company for approximately CA$1 billion and took control of its principal operation.
Aftermath
North American Palladium ceased to operate as an independent company, and Lac des Iles was subsequently operated by Impala Canada Limited.
Transaction value. Approximately CA$1 billion (2019 acquisition)
2012
Commissioned a new Lac des Iles millProduct launchBackground
The company sought to improve processing capacity at its principal palladium mine.
Action taken
North American Palladium commissioned a new mill at Lac des Iles.
Aftermath
The mine's production rate increased following the mill's commissioning.
2008
Placed Lac des Iles on care and maintenanceStrategyBackground
Declining metal prices made continued active production at the mine uneconomic at that time.
Action taken
The company suspended active mining while retaining the site in a care-and-maintenance condition.
Aftermath
The operation reopened in October 2010 after market conditions improved.
Recent events
- Unconfirmed
North American Palladium acquired a 51% interest in the Sunday Lake project[2]
Reported:
North American Palladium completed the Stage 1 option terms for the Sunday Lake platinum group metal project, vesting a 51% interest after spending $1.5 million on exploration and making payments to Impala Platinum Holdings and Transition Metals.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
Implats announces acquisition of North American Palladium[3]
Reported:
Impala Platinum (Implats) announced that it was acquiring North American Palladium Limited for $758-million. The article says the transaction still faced regulatory hurdles.
Sources3 sources
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