Tag: Northern Star

Northern Star Offloads Kundana Assets

Northern Star Offloads Kundana Assets

Northern Star Resources will sell its Kundana gold mining operations to Evolution Mining for $400m cash. This includes Northern Star’s 51% interest in each of the East Kundana Production Joint Venture and the East Kundana Exploration Joint Venture, its 75% interest in the West Kundana Farmin Joint Venture, and the Carbine/Carnage gold project. Evolution will be offering employment contracts to and assuming liabilities for all of Northern Star’s transferring employees. In FY21, the Kundana assets produced 120,943oz. The combined resource estimate is 2.4Moz, including reserves of 579,000oz . Proceeds from the sale will be invested in advancing Northern Star’s pipeline of growth projects. Northern Star managing director Stuart Tonkin said the sale represented an opportunity to liberate value from a...

Northern Star Resources: Staying resilient

Northern Star Resources: Staying resilient

2019 was indeed a year to remember for Northern Star Resources. The company signed off the December quarter as a 1moz per year gold producer, with four Tier 1 assets in its portfolio: the Jundee and Kalgoorlie mines, a half–share in the Kalgoorlie Super Pit, and the world-class Pogo mine in Alaska. Chiefly engaged in the exploration of gold deposits, the business’ fully-owned Australian operations - the Jundee and Kalgoorlie mines in the Goldfields of WA - exceeded guidance with 169,584oz of gold sold at an all-in sustaining cost (AISC) of $1263/oz. The Kalgoorlie operations comprise of Kanowna Belle, South Kalgoorlie, and East Kundana, a joint venture (Northern Star 51pc, Rand and Tribune 49pc) project comprising three producing underground deposits:...

Northern flags $100m FY18 spend

Northern flags $100m FY18 spend

Northern Star will continue to organically grow its assets during FY18. Image: Northern Star Resources. BY CAMERON DRUMMOND GOLD producer Northern Star Resources has flagged an annual spend of $100m for exploration and expansion in FY18 after posting record financial year results. The WA-based miner’s profit after tax rose 42 per cent from FY16 to $215.3m, which included a $26.4m profit from the sale of its Plutonic mine. The result came after Northern Star invested a whopping $130m to increase overall gold production to 600,000 ounces per annum (ozpa) in 2018. The company also posted record earnings before interest, tax, depreciation and amortisation (EBITDA) of $461.3m, up 16 per cent from the previous corresponding period; as well as an overall...

Northern Star on the rise

Northern Star on the rise

By Mark Scott AT Northern Star Resource’s 2013 annual general meeting, chairman Chris Rowe told shareholders the company was on the lookout for WA acquisitions to help meet its goal of becoming a top ASX-listed gold producer. At the time, Northern Star was producing about 100,000 ounces per annum of gold from its Paulsen gold project in the Pilbara region and had a market capitalisation of $301 million, with its share price at $0.71. A year later, Mr Rowe could tell an entirely different story. The company was on track to becoming a 600,000ozpa producer; was the...