Northern Star Resources Ltd
Northern Star Resources Ltd
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Northern Star Resources completes a series of transactions that delivered it 100% ownership of the iconic Kalgoorlie Super Pit by exercising its option to acquire the regional power business owned by former mine manager Newmont Corporation. John Feary reports
Australian gold major Northern Star Resources, owner-operator of the iconic Super Pit in Kalgoorlie, has reached agreement to exercise its option to acquire the regional power business owned by the mine’s former manager Newmont Corporation.
NST will pay $US70M on top of a $25M option fee paid in late 2019 for the business, which supplies electricity to the Super Pit through contracts, licences, approvals and third party arrangements including a 50% stake in the nearby 110MW dual fuel gas turbine Parkeston power station.
Gold sales from Northern Star Resources’ 3 major operation centres have fallen to 386,160oz in the Sept 2021 qtr (Q1 22) from Q4 21’s 444,012oz at AISC up to $A1,594oz from $1,459oz ($US1,123oz).
One of the Australian mining sector’s highest flyers, Raleigh Finlayson, has put his experience and expertise plus $7M funding behind a funding and restructuring plan aimed at building Genesis Minerals into a mid-tier gold company. John Feary reports
Australian gold major Northern Star has lifted profit and cashflow to over $A1B on trecord production for the year to end-June (FY21), its first financial results since the Feb 2021 merger with its former Kalgoorlie Superpit JV partner Saracen Minerals.
NST’s FY21 revenue of $2.76B (FY20: $1.97B) resulted in EBITDA of $2.27B ($0.72B) and NPAT of $1.03B ($0.26B) while delivering operating cashflow of $1.08B ($0.71B).
Australia’s newest gold major, Northern Star Resources, has achieved the mid-range of its forecasts for the June year (FY21), with production of 1,615,359Moz gold at AISC of $A1,483/oz. FY21 guidance was 1.5-1.7Moz at $1,390-1,520/oz.
FY output comprised 478,438oz from Kalgoorlie Consolidated Gold Mines (100% of production from July 1, 2020), 285,908oz from Jundee, 140,306oz from Thunderbox, 256,970oz from Kalgoorlie Operations, 234,136oz from Carosue Dam and 209,647oz from the Pogo project in Alaska, USA.
The expansionist Evolution Mining has done a $A400M cash deal to buy fellow gold miner Northern Star Resources’ extensive gold ground in Kalgoorlie region’s E Goldfields in Western Australia, 8km from Evolution’s Mungari operations.
The agreement is for 100% of Northern Star’s Kundana operations, 51% of the E Kundana J/V (EKJV), 100% of tenements comprising the Carbine project and 75% of the W Kundana J/V (WKJV). Evolution’s Mungari operation and mill produced 120,943oz of gold last financial year.
West Australian explorer Strickland Metals has labelled as “transformational” its $A10M cash or cash-plus-shares acquisition of the Millrose gold project adjacent to its Horse Well project, now under 100% control after it purchased Northern Star’s 37% stake for $1.75M last month, and the Yandal East project it agreed to purchase two weeks ago for $2M in cash and shares.
Newly listed West Australian mining services and supply company MLG has strengthened its association with leading state gold miner Northern Star with the award of a 3-year integrated site support contract at its Jundee gold operation expected to deliver $A12Mpa revenue.
MLG will conduct crusher feed, bulk haulage and site civil works at NST’s Jundee central underground mines and regional satellite operations.
Australian gold major Northern Star will take a 50% stakeholding and joint management role as part of a JV restructure designed to accelerate the exploration and development of the Groundrush deposit at explorer Tanami Gold’s long-delayed Central Tanami project in the NT.