Northern Star Resources Ltd
Northern Star Resources Ltd
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CM1 has begun mining second stage, higher-grade oxide mineralisation at its Geko gold mine 25km NW of Coolgardie in Western Australia.
Under a 3-stage mine plan adopted after low grades disrupted its original ore sales deal with Northern Star, CM1 aims to mine 260,000t @ 2.23g/t for 18,640oz in the current phase.
It hopes NST will acquire about 50,000t @ 2.75g/t or higher to NST, with the rest stockpiled pending decisions on ore sales or toll milling.
West Australian miner Northern Star’s bid to clean up ownership of its East Kundana gold mine 25km NW of Kalgoorlie has been rejected by its linked targets Tribune Resources and Rand Mining.
NST last month offered $A150M cash for their combined 49% stake (Tribune 36.75% and Rand 12.25%) in the long-lived underground mine, which retains proved and probable reserves of 630,000oz.
After having its first two ore parcels rejected because of lower-than-promised grades, CM1 has completed a $A1.7M sale of a third parcel of ore from its newly developed Geko gold project to fellow West Australian Northern Star Resources.
Mined grade for the 7,980t parcel was 5.94g/t, 35% above the 4.4g/t reserve grade. CM1’s first 2 parcels of 10,000t in Nov-Dec fell below its 2.75g/t agreed minimum.
WA miner Coolgardie Minerals takes urgent measures to placate creditors after lower-than-forecast ore grades halt initial cash-flow from its Geko gold mine.
A hiccup in an ore sales agreement has forced Coolgardie Minerals into a $A1.5M secured convertible note issue to enable it to pay trade creditors.
CM1 expected first oxide ore sales from its Geko project in mid-Nov to fellow West Australian Northern Star Resources, but the initial transactions failed because the 20,000t stockpiled material fell short of the agreed 2.75g/t minimum grade.
Australian explorer Southern Gold is developing a new development scenario for the Cannon mine near Kalgoorlie after reaching agreement with producer Northern Star to secure rights to the northern portion of the mine’s openpit.
Northern Star has chosen to terminate a 5-year right-to-mine agreement it acquired in March from Westgold Resources.
Southern Gold MD Simon Mitchell says the deal will make it simpler to develop a small underground mining operation or monetise the asset.
West Australian gold producer Northern Star has terminated the mining contract held by Westgold Resources’ subsidiary Australian Contract Mining at its Hampton-Boulder-Jubilee mine near Kalgoorlie.
The “without cause” action comes eight months after Northern Star purchased the HBJ project in the $A80M cash/shares acquisition of Westgold’s South Kalgoorlie Operations.
Gold miner Northern Star Resources has launched a $A150M cash bid for the 49% of the East Kundana J/V (EKJV) near Kalgoorlie in Western Australia it does not hold from Tribune Resources and Rand Mining.
Northern Star has launched a $150M cash bid for full ownership of the E Kundana J/V in Western Australia. By Mark Mentiplay
A new mine-constrained performance by the recent $A350M acquired Pogo mine in Alaska, offset by output falls from its 2 Western Australian operations, has seen Northern Star Resources lift Sept 2018 qtr (Q1 19) gold production to 207,600oz from Q4 18’s 183,949, but at cash operating costs also up to $A999oz from $788oz and ASIC to $1,226oz from $982oz.