Photo by: Bloomberg
PERTH (miningweekly.com) – Gold miner Northern Star Resources on Thursday said that the company’s focus would shift to extending the mine lives at each of its five operations, and to increase profitability, after it achieved its target of becoming the second largest ASX-listed gold producer, based on production.
In the last six months, the company has completed three project acquisitions, allowing it to achieve critical mass and a cost base demanded by global investors.
In 2015, Northern Star was eyeing a group production of between 550 000 oz and 600 000 oz, at a cash cost of between A$1 050/oz and A$1 100/oz.
During the three months to June, Northern Star outperformed its production expectations, with the company delivering 115 819 oz of gold from four of its projects, including the Paulsens, Plutonic, Kanowna Belle and Kundana mines, in Western Australia.
In February, Northern Star settled the acquisition of Plutonic project, while in March, it bedded down the Kundana and Kanowna Bell projects.
The acquisition of the Jundee project was settled earlier this month, taking the company’s total production to between 550 000 oz/y and 600 000 oz/y. The Jundee project produced some 75 390 oz in the June quarter, which was not attributable to Northern Star, as the acquisition was only settled in July.
Across its four operating mines, Northern Star sold 115 820 oz of gold during the quarter under review, to generate revenue of A$161.6-million.