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Northern Star delivers more dividends to shareholders

13th February 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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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.

Edited by Creamer Media Reporter

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