Northern Star Resources sees higher annual sales

Northern Star holds a 50% interest in the Kalgoorlie super pit in Western Australia. (Image courtesy of Mining Mayhem Australia.)

Northern Star Resources on Wednesday forecast higher gold sales in fiscal 2024 after the Australian miner reported a 6% jump in its fourth-quarter sales.

The company expects fiscal 2024 gold sales between 1,600 kilo ounces (koz) and 1,750 koz at an all-in sustaining cost of A$1,730-A$1,790 per ounce, and sold 1,536 koz of gold in 2023, within its outlook range of 1,560 to 1,680 koz.

The miner expects higher gold sales in the second half due to increased production at Thunderbox operations, as the mill delivers its nameplate capacity of 6 million tonnes per annum.

Higher ore volumes and grade at Kalgoorlie Consolidated Gold Mines (KCGM) and continuous grade improvements at Pogo operations will also lift gold sales in fiscal 2024, the company said, adding it sold 426,000 ounces (oz) of gold in the quarter ended June 30, compared with 402,000 oz a year earlier.

Northern Star resumed its US-based Pogo operations in April after halting its production for three weeks to repair a mill motor.

Last month, the company had received board approval to expand the processing capacity of KCGM mill in Western Australia at a cost of A$1.5 billion ($1.02 billion).

Northern Star said planned major shutdowns across Thunderbox, KCGM and Pogo operations will be carried out during the September quarter.

($1 = 1.4674 Australian dollars)

(By Echha Jain and Poonam Behura; Editing by Shailesh Kuber and Sherry Jacob-Phillips)


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