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Northern Star increases gold production in December quarter, says on track to meet annual guidance

Welcome to Kitco News’ 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) – Northern Star (ASX: NST), a senior global gold producer, reported today that in the December quarter of 2022, the company produced 397,783 ounces of gold, up 2.3% from 388,742 ounces produced in the December quarter of 2021.

The company said that the December quarter performance was in line with expectations while all three production centres initiated steps to sustainably address the higher-cost operating environment.

Northern Star also noted it is on track to deliver 1,560koz – 1,680koz gold in FY23, which will be weighted towards 2H as a result of the scheduled ramp-up of the Thunderbox mill expansion and grade improvements at Pogo.

Commenting on the December quarter performance, Managing Director Stuart Tonkin said, “The December quarter has demonstrated our capability to operate at 1.6Mozpa, in line with our five-year growth strategy. All three production centres achieved positive net mine cash flow after funding their capital requirements. We remain on track to deliver our FY23 guidance.

“We are making exceptional progress at key growth projects that will drive costs lower and, in turn, build cash to maintain a strong financial position. Our largest asset, KCGM, remains in very good shape while the expected lift in group production in the second half will be driven by the recently expanded mill at Thunderbox, part of the Yandal hub, and further improvement at Pogo. In parallel, we are building good momentum in the journey to cut our carbon emissions by 35% by 2030.”

Northern Star is a global-scale Australian gold producer that owns and operates three world-class gold production centers (Kalgoorlie, Yandal and Pogo), located in prospective geological settings in the low sovereign risk jurisdictions of Australia and North America.





Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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