Northern Star posts big profit jump as new mines boost sales
PERTH (miningweekly.com) – Gold miner Northern Star Resources has reported a 471% jump in revenues during the half-year ended December, on the back of increased gold production.
Northern Star reported on Tuesday interim revenue of A$412-million, compared with A$72.1-million reported in the previous corresponding period, resulting in a 573% year-on-year increase in net profit, to A$51-million.
Earnings before interest, taxes, depreciation and amortisation also increased 552% during the interim period, to A$153.2-million.
During the six months under review, Northern Star added to its project portfolio, acquiring the Jundee, Plutonic, Kundana and Kanowna Belle operations, in Western Australia. The new additions underpinned gold sales of 292 840 oz during the interim period, up from the 50 927 oz sold in the previous corresponding period.
MD Bill Beament noted that the growth in production and free cash flow showed that the company had achieved its goal of becoming a major Australian gold miner with scale and asset diversity.
The results enabled Northern Star to double its fully-franked dividend during the interim period, to 2c a share.
Beament said the company would maintain its output expectations for the full year at between 550 000 oz and 600 000 oz, at an all-in sustaining cost of between A$1 050/oz and A$1 100/oz.
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