Northern Star looking for acquisition opportunities
PERTH (miningweekly.com) – Gold miner Northern Star Resources was investigating acquisition opportunities to grow its output to between 500 000 oz/y and 600 000 oz/y.
Speaking at Paydirt’s gold conference, in Perth, Northern Star MD Bill Beament said that while the company would not rush into any acquisitions, it would still continue with its drive to grow output.
“We think there are still acquisitions to be had. This is a once in a generation opportunity, with North American players exiting [the market],” Beament said.
Northern Star recently completed the A$25-million acquisition of the Plutonic gold operation, in Western Australia, from gold producer Barrick Gold. The project was expected to produce between 100 000 oz/y and 110 000 oz/y and would have a mine life of between five to seven years.
The Plutonic purchase followed the acquisition of the Kundana and Kanowna Belle gold mines, in which Northern Star invested a combined A$75-million.
Beament pointed out that following the acquisitions, Northern Star now had four high-grade mines that pushed the company’s production profile to more than 350 000 oz/y.
“With the recent acquisitions, we now have critical mass. We have been pretty vocal with our aim of becoming a 500 000 oz to 600 000 oz producer. We see this as the optimum size for a gold company on the ASX100.”
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