Northern Star Resources Ltd
Northern Star Resources Ltd
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Northern Star’s Australian operations resources up 3.2Moz to 22.3Moz, reserves up 12% to 6Moz
Australian gold producer Northern Star expects a new level of sustainable production, with successful exploration and acquisitions forecast to increase production by 30% and reduce costs by 10% over the next two years.
Northern Star has released guidance updates for its Jundee and Kalgoorlie Operations in Australia (excluding its 50% KCGM Superpit stake) and Pogo mine in Alaska, USA.
The addition of its 50% stake in Kalgoorlie’s Superpit has helped Australian miner Northern Star end the June financial year with record group sales and strong free cash-flow, with the higher volumes and rising gold prices offsetting the additional costs and challenges of the COVID-19 pandemic.
COVID-related impacts have seen Australian international miner Northern Star struggle to lift total gold production in the June year (FY20) despite the addition of a half-year’s contribution from its 50% stake in Kalgoorlie Superpit owner KCGM.
Northern Star posted full year group production of 905,177oz, up from 900,268oz in FY19 but 1.6% short of its pre-pandemic guidance of 920,000-1,040,000oz.
Gold miner Northern Star Resources is selling its Mt Olympus Gold Project, comprising most of the Ashburton Project in Western Australia, to Kalamazoo Resources for a deferred contingent cash $A17.5M.
Australia’s gold output for the Mar 2020 qtr has fallen 12% to 77t on Dec 2019 with many operators taking advantage of higher prices in 2019 and early 2020.
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