Northern Star maintains FY24 guidance

24th January 2024 By: Mariaan Webb - Creamer Media Senior Deputy Editor Online

Northern Star maintains FY24 guidance

Gold mining company Northern Star said on Wednesday that it remained on track to deliver its guidance of 1.6-million to 1.75-million ounces of gold for the 2024 financial year.

Production will be weighted towards the second half of the year, the ASX’s biggest listed gold miner said in its December quarterly report.

Northern Star, which operates production centres in Kalgoorlie and Yandal in Western Australia and Pogo in Alaska, sold 412 000 oz at an all-in sustaining cost of A$1 824/oz in the  December quarter.

“The value of our diversified production centres was apparent during the December quarter, with an exceptional performance at Kalgoorlie and continuous improvement at Pogo offsetting some operational challenges at Yandal,” said MD Stuart Tonkin.

“At KCGM, our hard work is paying off with early access into the high-grade Golden Pike North mining area while Pogo achieved a record mining and milling performance. Improved mill availability across Yandal should normalise costs in the second half,” he said.

The KCGM mill expansion, approved in June last year, is progressing well with enabling works advancing.

Upon completion of the mill expansion, KCGM is expected to operate at 650 000 oz/y by the 2026 financial year and increase to 900 000 oz/y from 2029, following a two-year ramp-up.

Tonkin said that the December quarter demonstrated Northern Star’s ability to safely operate at 1.7-million ounces a year, in line with its five-year growth strategy.