Northern Star Resources Ltd
Northern Star Resources Ltd
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A 7% jump in Dec 31, 2020, half year (H1 21) gold production to 494,326oz has lifted Northern Star Resources’ net profit to a record $A184.5M, up 46% on H1 20, with underlying net profit up 63% to $194.4M.
And after the Saracen merger is implemented on Feb 12, 2021, Exec Chair Bill Beament says the combined operations have a clear pathway to annual production of 2Moz, albeit without any time line. FY/CY 21 gold production guidance is expected at 940,000oz-1.06Moz.
The $A16B merger that creates Australia’s second largest gold producer is set to take effect tomorrow following the WA Supreme Court approval of the scheme of arrangement under which Northern Star Resources acquires all the shares in Saracen Mineral Holdings.
The agreed transaction will bring WA’s iconic Super Pit into single company ownership for the first time in over 125 years together with producing mines in Western Australia and Northern Star’s Pogo mine in Alaska, USA.
West Australian miners are confident the sudden imposition of a five-day lockdown by the state government following a new community COVID-19 case in Perth won’t impact operations in Australia’s major mining jurisdiction.
A last-minute declaration by WA Police of mining as an essential service removed the threat that bans on travel into or out of the affected areas in Perth and the state’s southwest would force a total shutdown of fly in, fly out flights for mine workers.
Northern Star has posted another strong quarter ahead of its merger with fellow Australian miner Saracen Minerals, with Dec qtr (Q2FY21) gold production of 247,561oz at AISC of $A1,599/oz compared to 231,594oz at $1,574/oz in the previous period.
Gold sales of 252,899oz were at the top end of its 226,000-254,000oz guidance.
With its “mega-merger” with Kalgoorlie Super Pit partner Saracen Mineral Holdings scheduled for completion in early 2021, Northern Star Resources is predicting strong improvements in its production and costs performance over the next three years.
NST posted Sept qtr (Q1FY21) group gold recovery of 231,594oz, down from 267,361oz in the previous period, at AISC of $A1,544/oz (Q4FY20: $1,361/oz).
Its situation will change significantly once its $A16B merger with Northern Star takes effect, but Saracen Mineral Holdings has made a solid start to FY21 with production of 154,388oz gold at AISC of $A1,169/oz for the Sept qtr (Q1). The result compares with its 145,830oz @ $1,152/oz in the June qtr.
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Continuing uproar over the destruction of priceless heritage sites by iron ore giant Rio Tinto underlines the growing pressure on mining companies to focus on their environmental, social and governance responsibilities.
Despite the disruptions and restrictions resulting from the world-wide COVID-19 pandemic, the 29th staging of Australia’s leading mining conference has ended in an atmosphere of overwhelming confidence in the mining sector.
In what must have been one of the surest bets of the 29 years of Australia’s Diggers & Dealers mining forum, its annual award for dealer of the year has gone to Northern Star Resources and Saracen Mineral Holdings for theit $A16B merger announced last week.
The transaction will bring Kalgoorlie’s world-renowned Super Pit into single company ownership for the first time in its history of more than 125 years and combine the talents of favourite locals, Northern Star’s Bill Beament and Saracen’s Raleigh Finlayson.
The two miners about to combine as Australia’s second largest gold producer have brought forward a $A600M expansion of their flagship asset, the Kalgoorlie Super Pit, after gaining state environmental approval.
Northern Star Resources and Saracen Mineral Holdings' $16B merger will link assets in Australia and North America, and bring Super Pit operator Kalgoorlie Consolidated Gold Mines into single company ownership for the first time in its 125-year history.