Northern Star delivers more dividends to shareholders
PERTH (miningweekly.com) - Gold miner Northern Star has reported a 78% increase in net profit after tax for the first six months of its 2013 financial year, reaching A$22.3-million.
During the six months to December, the miner completed the production upgrade of its Paulsens mine, in Western Australia, to some 100 000 oz/y, which it said would underpin a further increase in operating cash flow, to as much as A$85-million during this calendar year.
The ASX-listed Northern Star also declared an interim dividend of 1c a share, following a full-year dividend of 2.5c a share.
MD Bill Beament said on Wednesday that the results reflected the company’s commitment to shareholder returns, and an emphasis on benchmarks other than just production growth and cash costs.
“This is a great outcome for investors by virtually any metric they choose to measure it by. With a return on equity of 30% and the declaration of another dividend, it shows that gold miners can generate more than acceptable returns.”
Beament said that by having a relentless focus on productivity, which increased 100% in the past 18-months, and making financial performance the company’s top priority, Northern Star had been able to generate strong results across all the key areas of exploration, production and cash flow.
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