Northern Star posts another solid quarter

PERTH (miningweekly.com) – Gold miner Northern Star Resources is on track to meet its full year production guidance of between 485 000 oz and 515 000 oz of gold following another strong quarter of results.

The miner on Thursday reported that gold production during the three months to March reached 125 753 oz, up slightly from the 124 871 oz produced in the December quarter, bringing year-to-date production to 360 619 oz.

MD Bill Beament told shareholders that while the quarter’s results were impressive, it was the underlying message concerning the company’s future cash generation which should be most satisfying to shareholders.

“The results provide a valuable insight into the future performance of the company, and shareholders have every reason to be delighted by what they see,” Beament said.

Meanwhile, Beament noted that the performance of the Kalgoorlie and Jundee operations, in Western Australia, were particularly satisfying, given that the centers were the source of Northern Star’s next chapter of growth.

The Kalgoorlie operations delivered 58 857 oz of gold while the Jundee operation produced 55 438 oz of gold. The Paulsens gold mine also added a further 12 454 oz of gold during the quarter.

Beament has also noted that in addition to identifying new mineralisation at and around existing operations, Northern Star was also continuing to make progress in developing new sources of production, which includes the ongoing construction of its 50 000 oz/y Millennium underground mine, in Kalgoorlie.

The project continues to be ahead of schedule and under budget, and first development ore is scheduled to be produced in the September quarter of this year.