Northern Star delivers record production, profit
JOHANNESBURG (miningweekly.com) – ASX-listed Northern Star Resources on Tuesday said it had achieved record operational and financial performance during the 2013 financial year.
The group mined 44% more at 103 566 oz during the year to June, recovering 88 614 oz of gold at an average mill grade of 7.3 g/t.
Northern Star’s revenue rose 45%, reaching $144.1-million during the year to June, compared with the $100-million reported in the prior period, as the company reported the sale of 92 795 oz during 2013 – a 50% increase compared with 2012.
The company expected to post a record after-tax profit of over $27-million in 2013, compared with the $22-million recorded in 2012.
Northern Star would publish its financial results for 2013 in August.
“Our key mining benchmarks have been excellent, as shown by the ounces mined and head grade, which have, in turn, underpinned our tight cost control and profit growth,” said MD Bill Beament.
However, the group would continue its cost-cutting efforts to “ensure its margins and returns to shareholders remain robust”.
The group reduced its regional exploration and project development expenditure and delayed its Ashburton gold project until gold prices recovered.
“We have sought to strike the right balance between the need to ensure our business continues to generate satisfactory returns for shareholders while retaining the assets needed to grow over the longer term,” he explained, noting that the minimum expenditure commitments to ensure the company retained ownership of valuable assets would be met.
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