Northern Star exceeds own forecasts
PERTH (miningweekly.com) – Gold miner Northern Star has exceeded its own production forecasts for the three months to March, with its Paulsens mine, in Western Australia, delivering some 23 817 oz during the period, up 16% on the previous quarter.
During the quarter under review, the miner also sold some 24 492 oz of gold, generating a revenue of A$38.4-million.
Northern Star told shareholders on Monday that the growth in production reflected the recently completed plant upgrade at the Paulsens mine, as well as the forecast increase in average head grade on the back of the recently discovered high-grade extension zone.
During the three months to March, the reserve and resource at the Paulsens mine increased by 81% and 38% respectively, with the project now estimated to host a reserve of some 204 000 oz and a resource of 555 000 oz.
MD Bill Beament said that the quarterly results reflected the company’s commitment to maximizing shareholder returns.
“Everything we do has one common focus – to drive shareholder return. We do that by ensuring our costs are some of the lowest in the Australian gold mining industry, and by paying dividends,” he said.
“We are also determined to see that growth is motivated by the opportunity to lift shareholder return, not just to expand production for the sake of mining more tons and putting more ounces through the mill.”
For the full 2013, Northern Star was expected to produce between 100 000 oz and 115 000 oz.
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