northern star pogo acquisition
The company's FY19 guidance now stands at 850,000-900,000 ounces of gold at an all-in sustaining cost of $1050-1150 an ounce (US$787-862/oz). Shares of Australian gold miner Northern Star Resources Ltd jumped more than 15% on Monday after the company emerged from a capital raising to buy the Pogo gold mine.. Northern Star Resources is one of Australia’s largest gold miners, with operations in Western Australia and Northern Territory. At 31 December 2019 the mine had Proven and Probable Reserves of 1.5 million ounces of gold at a grade of 7.5 g/t . Northern Star Resources Ltd (ASX: NST) shares will be on watch tomorrow after a A$1.168 billion acquisition by the Aussie gold miner. Northern Star has agreed to acquire the 4.1 million ounce (4.1Moz) Pogo underground gold mine in Alaska, US in a deal worth $260m. The quarter went awry for Beament’s Northern Star with the contribution of Pogo’s poor performance after their change from being a mining contractor to owner operations. The placement was done through the issue of approximately 26.1 million new shares at a discount price of $6.70 per share. Annual production for 2019 was 159,344 ounces. Northern Star Resources: Website: www.nsrltd.com: Year of acquisition: 2018: The Pogo mine is a gold mine in the state of Alaska. Pogo still the biggest catalyst for Northern Star TODAY marks one year since Northern Star Resources announced the US$260 million acquisition of the Pogo gold mine in Alaska. Once Australia’s biggest gold mine, the Super Pit is no longer in Tier 1 territory. Northern Star Executive Chairman Bill Beament said it was a solid result which was driven by the strong performance of the Australian operations and the upfront investment made in Pogo where the company this week unveiled a series of major new gold intersections at the mine which should boost reserves. Gold miner Northern Star Resources has completed a A$175-million capital raise to fund the acquisition of the Pogo underground gold mine, in Alaska. Northern Star Resources (ASX: NST) announced that, after gathering part of the funds it needs, it is on track to acquire the high-grade, 4.1Moz Pogo underground gold mine in Alaska. Northern Star will spend $260-million to acquire the 4.1-million-ounce Pogo underground mine, which produced 271 273 oz of gold at an all-in sustaining cost of $882/oz in 2017. Pogo, located southeast of Fairbanks city, is currently the eight largest gold mine in the US. Originally developed by Teck Cominco – a Canadian company – and Sumitomo, the mine produced its first gold in 2006. While Northern Star’s Australian mining operations remain propped up by a strong gold price, the gold miner’s Alaskan operations took a nosedive because of a disappointing first-quarter production results. Northern Star Resources Limited announced last week it has acquired Pogo Mine – located north of Delta Junction – from Sumitomo Metal Mining Co. and its parent company, Sumitomo Company, for $260 million. Northern Star will receive the full financial benefit of Pogo from July 1 and around 16 of the company's staff were onsite planning for the integration ahead of the close of the transaction. The Bill Beament-led Northern Star will become the new owner of the Pogo underground gold mine under a deal with Japanese multinational Sumitomo, and it was quick to compare the acquisition … Pogo, which has produced an average 300,000oz pa over the last 12-years, joins Northern Star’s similarly sized Jundee and Kalgoorlie operations in its home state of Western Australia. Northern Star Resources (ASX: NST) is pleased to announce that the JORC 2012-compliant Resource at its Pogo gold mine in Alaska is 8.8 million tonnes at 14.7gpt for 4.15 million ounces. Northern Star Resources executive chairman Bill Beament said: “On behalf of Northern Star, I would like to thank Sumitomo for their assistance and the outstanding condition in which they have left the Pogo mine.” Pogo produced 3.8Moz at 13.6gpt over the past 12 … Photo: Photo by rawpixel on Unsplash. Northern Star, which will reap underground Pogo’s full financial benefit from July 1, 2018, is now in the process of converting Pogo’s 4.1Moz gold inventory to JORC status. Northern Star Resources has announced the completion of its acquisition of the Pogo Gold Project in Alaska from Sumitomo Metal Mining. The Pogo Gold Project in Alaska is one of Northern Star Resources’ newest acquisitions from Sumitomo Metal Mining Corporation. In August 2018, Northern Star had acquired Pogo gold mine for $260m (£208.98m) which is located 145km south-east of the city of Fairbanks in Alaska, US. Northern Star Resources plans to buy the high-grade Pogo gold project in Alaska from Sumitomo for $260 million. By 31 December 2017 Pogo had produced 3.6 million ounces of gold at a grade of 13.6 g/t. Northern Star continues to invest in building a strong asset base through strategic acquisitions and aggressive exploration to extend the mine lives across its world-class operations and generate earning accretive value for its Shareholders through operational effectiveness. Northern Cobalt (ASX: N27) has scooped up highly prospective gold ground in Alaska, with this latest acquisition for brownfields tenements surrounding Northern Star Resources’ (ASX: NST) high-grade Pogo project which has produced more than 4 million ounces of the precious metal. A premium has become embedded in the share price, UBS assesses, after Northern Star posted several years of strong momentum for production, exploration and acquisitions. By Eva Brocklehurst. Northern Star's new trucks lined up at Pogo Enter your email address so we can get in touch. Additionally, Northern Star management notes: The Pogo acquisition, which was included in Northern Star’s accounts from September 28, 2018, contributed to a 45 per cent increase in revenue to A$1.4 billion. Northern Star recorded net profit after tax of $154.7 million for the year to June 30, compared to $194.1 million in 2017-18. Gold miner Northern Star Resources has completed its $260-million acquisition of the Pogo gold project, in Alaska, from Sumitomo Metal Mining company. Sumitomo Metal Mining Co., the mine operator, holds an 85% interest and Sumitomo Corp. owns the remaining 15% interest. Since its 2018 acquisition of Pogo Gold Mine — a large underground mine near Delta Junction — Australia-based Northern Star Resources Ltd. is embarking on roughly $85 million of reinvestments. Northern Star executive chairman Bill Beament said it was a solid result which was driven by the strong performance of the Australian operations and the upfront investment made in Pogo. Northern Star Resources Limited completed fully underwritten institutional placement of $175 million to fund support Pogo acquisition. Image: Northern Star seeks to acquire underground gold mine. Millrock's growing Goodpaster portfolio includes West Pogo, a block of mining the project generator acquired in 2015 that appears to cover further continuations of the Pogo gold Northern Star is tracing to the northwest. The money has produced 46 new local jobs in the past six months, raising Pogo’s workforce to about 500 on-site. Northern Star Resources gained ground on several fronts in the December quarter, setting up a number of potential catalysts in 2020 including added production from the Kalgoorlie Super Pit, expansion at Jundee and improved development rates at Pogo. Northern Star had a solid start to FY2021 with the Pogo Mine putting up a solid quarter and Yandal/KCGM operations more than making up for the softness at KGO. The company is planning a Jundee-style program of investment at Pogo, using its extensive exploration and underground mining expertise. However, the Pogo operations reported a loss after tax of $20.0 million. -Additional growth potential in Echo Resources acquisition . Northern Star took a hit due to the negative production results of its Alaskan mine in the March quarter. Chatter that Northern Star was in line to acquire the Super Pit at the top end of town from the Barrick/Newmont joint venture is the prime example. The production had commenced in 2006. Disappointing results from Beament’s Pogo mine. This has dented market confidence and is affecting the stock's premium valuation. This year, the project generator expanded its … Northern Star acquired Pogo gold mine in 2018. Northern Star acquired 50% interest in KCGM and associated assets for US$800 million During quarter, Northern Star took complete ownership of Echo Resources (ASX: EAR) In essence, Northern Star is set for more growth in cash flow with outstanding results in Australia, further strengthening progress at Pogo and benefiting from their acquisition of 50% in KCGM. Do you have interesting content to share with us? Northern Star continues to invest in building a strong asset base through strategic acquisitions and aggressive exploration to extend the mine lives across its world-class operations and generate earning accretive value for its Shareholders through operational effectiveness. Northern Star Resources missed expectations in September for the fourth consecutive quarter, particularly for its bright new Alaskan asset, Pogo. Northern Star Resources has asked for more patience as it continues to work on the turnaround of its challenging Pogo operation in Alaska. A delay in the arrival of new underground mining equipment … Australian-based Northern Star Resources Ltd. acquired sole ownership of Pogo Mine in 2018 for approximately $260 million.
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