Northern Star Resources Ltd
Northern Star Resources Ltd
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Australian-based international miner Northern Star is confident it has maximised its ability to operate profitably in difficult short and medium-term circumstances after posting March qtr (Q3FY20) total gold recovery of 237,070oz at AISC of $A1,590/oz, compared to 212,571oz at $1,421/oz in the previous period.
Miner Northern Star says its Pogo gold mine in Alaska, USA is continuing to operate as planned despite a positive test for COVID-19 by a mine employee.
The employee tested positive at his home in Fairbanks four days after completing a 12-day roster at the mine, 145km NW of the city. The employee has not developed serious symptoms and remains in the care of his family and the company’s medical providers.
Gold miner Northern Star warns its March qtr (Q3FY20) production will be 10-15% below expectations due to operational disruptions arising from controls and requirements at its Australian and US sites to protect its workforce, suppliers, service providers and neighbouring communities from the COVID-19 pandemic.
Record Dec 2019 qtr (Q4 19) gold production lifts Australian CY 2019 output 8t to 325t
Northern Star basks in strong increases in revenue, earnings and cashflow in the December half-year, with even more to come from its acquisition of the 50% management interest in the Kalgoorlie Super Pit and the rapid improvement of its Pogo project in Alaska, USA.
Australian miner Northern Star is predicting even better to come after announcing strong increases in revenue, earnings, cashflow and dividends in the Dec half-year (H1FY20).
A 20% increase in gold prices lifted revenue for the 6 months by 31% to $A826.98M (H1FY19: $633.52M) on sales of 398,640oz (423,243oz) at $2,046/oz ($1,700/oz).
EBITDA improved to $322.26M ($222.02M) and underlying net profit to $139.38M ($90.81M) while cashflow from operating activities leapt to $297.47M ($169.13M).
Significant seismic responses caused by recent underground blasting at the producing Raleigh Gold Mine near Kalgoorlie-Boulder, Western Australia, have forced 51% owner-operator Northern Star Resources to recommend the mine be placed on care and maintenance from April this year.
With its 50% Kalgoorlie Super Pit interest starting Jan 1, West Australian miner Northern Star remains on track for its 0.92-1.4Moz full year gold guidance after posting Dec qtr (Q2FY20) production of 241,007oz – up from its Q1 dip to 188,175oz.
NST’s existing Australian operations produced 96,944oz at AISC of $A1,030/oz at Jundee (Q1: 84,846oz at $985/oz) and 90,724oz at $1,483/oz at Kalgoorlie (73,861oz at $1,542/oz) while Pogo in Alaska, USA contributed 53,339oz at $2,019/oz (29,468oz at $2,798/oz).
(MANAGEMENT)
Saracen Mineral Holdings MD Raleigh Finlayson carves out a key role for himself at his old stamping ground in the joint operational plans with 50% managing partner Northern Star Resources at the Kalgoorlie Super Pit.
World leading gold company Newmont Goldcorp has met its $US1B- $1.5B divestiture target with more than $1.4B in cash proceeds expected to be received in the 1st qtr 2020.