Northern Star on track for 2018 targets
JOHANNESBURG (miningweekly.com) – ASX-listed Northern Star Resources’ latest quarterly and half-year performances indicate that the company is on track to meet is production and costs guidance for the 2018 financial year.
During the December quarter, gold sold totalled 128 819 oz with all-in sustaining costs (AISC) at A$1 067/oz, bringing the gold sold during the six months to December to 267 278 oz at AISC of A$1 043/oz.
The company had set a 2018 financial year guidance of 525 000 oz to 575 000 oz at an AISC of A$1 000/oz to A$1 050/oz.
After allowing for A$5-million expansionary capital to accelerate growth in production and the mineral inventory, Northern Star generated free cash flow of A$35-million in the December quarter, leaving it with cash and equivalents of A$433.1-million as at December 31, 2017.
Expansionary capital expenditure amounted to A$28-million in the December quarter. The investment is part of the company's strategy to grow its production to 600 000 oz/y in the calendar year.
Northern Star executive chairperson Bill Beament commented that the half-year results were a strong achievement, considering that the company had expedited what was already a heavy programme of expansion.
"The decision to accelerate the growth strategy was made partly in light of the strong exploration results we have been achieving, which are creating opportunities to continue growing our inventory and also providing more development options down the track," he stated.
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