Northern Star open to new acquisitions
PERTH (miningweekly.com) – Gold miner Northern Star this week told shareholders that the company would invest about A$74-million in exploration and development during the 2016 financial year, and was weighing further acquisition opportunities.
“We have the ability to consider further acquisitions, but they would have to meet our demanding economic criteria,” chairperson Christopher Rowe told the company’s annual general meeting.
“While ultimately any excess cash would be returned to shareholders, your board has a policy of maintaining a conservative balance sheet with the firepower to capitalise on any opportunity that may come along.”
Northern Star in 2014 completed a range of acquisitions, including acquiring its Jundee, Kundana, Kanowna Bell and Plutonic assets, in Western Australia.
Rowe told shareholders that the company would invest A$74-million over the next financial year on exploration and development, with the investment aimed at advancing its pipeline of growth opportunities across the projects, which it hoped would increase production, cash flow and mine lives.
“I believe our company is in an enviable position. Our growing production profile and the economics surrounding it are extremely attractive. We have no bank debt and cash, bullion and investments of A$196-million as at September 30. Our free cash flow is very strong, even after investing in exploration and development, and paying two fully-franked dividends a year.”
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