Northern Star's major ambitions
10th August 2018
Resources Rising Stars
Northern Star Resources has growth ambitions beyond its current status as a leading Australian mid-tier gold miner (reports MiningNews).
Speaking at Northern Star's annual pre-Diggers & Dealers strategy day, executive chairman Bill Beament said the company was one of the few genuine growth stocks.
"If you look at growth stocks in the mining sector, there isn't many," he said.
"Free cashflow is actually heading one way - down.
"The good thing about Northern Star is we're going the other way. It's a very powerful position to be in."
Beament again reiterated that the company now owned two of only 17 plus-300,000 ounce per annum producing gold mines in tier one jurisdictions with Kalgoorlie and Jundee.
"AngloGold with 21 mines has only got one mine in a tier one jurisdiction," he said.
"Some people said we bought well but no, we bought them and turned them into world-class assets."
Beament was pleased to see the reweighting of the Australian gold sector this year.
"It's been a long time coming," he said.
"It was frustrating when the Canadians weren't making any money.
"They're dealing with the same gold price in Canadian dollars but they're nowhere near us in terms of cost structure."
Beament says Northern Star's expertise in underground mining would become more valuable as global mines move underground.
Image: Iain Gillespie/The West Australian
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