Northern Star Tops Gold Guidance

By Glenn Dyer | More Articles by Glenn Dyer

WA gold miner, Northern Star Resources says it has hit its production rate target of 600,000 ounces (oz) of gold a year.

The company told the ASX yesterday that production for the June quarter so far is 150,000oz.

"This takes the total for the financial year to date to 540,000oz, meaning Northern Star is on track to beat the top end of its FY2018 guidance of 540,000-560,000oz,” the company said yesterday.

"All-in sustaining costs will be within the guidance range of A$1000-1050/oz.

Northern Star Executive Chairman Bill Beament said in the statement the Company was poised to maintain the growth trend on the back of its highly successful exploration strategy and increased processing capacity.

“The recent acquisition of the 1.2Mtpa South Kalgoorlie mill, combined with our ongoing exploration success, will underpin continued production growth in our Kalgoorlie operations,” Mr Beament said.

“This additional milling capacity provides increased flexibility in Kalgoorlie, where we have also just declared commercial production at the Millennium mine.

“At Jundee, we are experiencing a similar scenario, with the processing plant now running at the rate of 2Mtpa on fresh underground ore.”

Northern Star said it will provide production and cost guidance for 2018-19 as part of its wider Strategic Update in early August.

Northern Star shares rose 0.5% to $6.41.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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