Northern Star delivers on promises

PERTH (miningweekly.com) – Gold miner Northern Star Resources is on track to meet its production guidance for the 2017 financial year, the company said on Wednesday, as it reported December quarter production of 124 871 oz of gold.

This is up from the 109 995 oz produced during the three months to September, and brings year-to-date production to 234 866 oz.

“We are achieving our goal of generating exceptionally high financial returns for shareholders by keeping costs down and meeting production targets,” said Northern Star executive chairperson Bill Beament.

The increased production during the December quarter reflects, in part, the improved performance at the Jundee mill, as well as ongoing improvements in both grades and throughput.

“At the same time, we are laying the foundation for growth in both production and financial returns with our highly successful exploration and development programme.”

For the 2017 financial year, Northern Star is expected to produce between 485 000 oz and 515 000 oz, while all-in sustaining cash costs are expected to reach between A$1 000/oz and A$1 050/oz, compared with the A$1 063/oz reported in the December quarter.

Meanwhile, some 120 089 oz of gold were sold during the three months to December, generating revenues of A$197.5-million.

Northern Star also told shareholders on Wednesday that construction of the new 50 000 oz/y Millennium underground mine, in Western Australia, was ahead of schedule and under budget.

First development ore from the Millennium mine is expected in the September quarter of this year.