Northern Star lifts profit 65pc
Gold miner Northern Star Resources has reported record full-year earnings, aided by lower costs and a rise in prices.
Gold miner Northern Star Resources has reported record earnings for the full year, aided by lower costs and an uplift in prices late in the fiscal year.
The group (NST) reported a 65 per cent jump in profit to $151.4 million, with revenue climbing 8 per cent to $887.4m.
The numbers came despite a slight dip in product sold to 561,153 ounces, although this number was at the upper end of its guidance range.
Northern Star said its costs had been driven lower through the year, falling to $1,041 an ounce as against $1,065 the prior year.
This came alongside a lift in the realised gold price from $1,453 an ounce to $1,578 an ounce. The group is also on track for a strong start to fiscal 2017 as the precious metal’s current spot price is $1,760 an ounce.
“We have met or exceeded all our key objectives,” Northern Star managing director Bill Beament said.
“The strong operational performance, including further cost reductions, underpinned a record profit.”
Northern Star declared a final dividend of 4c a share, up 33 per cent on last year’s corresponding figure. For the full-year it will have dished out 7c in fully-franked dividends, a 2c rise on FY2015.