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Record interim dividends for Northern Star

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All of Northern Star’s production centres have generated positive cash earnings for the half year ending December 31 2022.

The strong earnings have allowed Northern Star to pay out a fully-franked interim dividend of $0.11 per share, up from the $0.10 per share dividend in the first half of the 2021–22 financial year.

The company also enjoyed the title of best-performing senior global gold stock on a total shareholder return basis over the past year, returning $1.1 billion to shareholders.

For Northern Star’s Kalgoorlie operation, gold sales were at 820,000–870,000 ounces (koz) while the Yandal operation achieved 480–520koz. Both sites are located in Western Australia.

“The strength and resilience of our world-class gold assets in Western Australia and Alaska were on show in the first half and delivered significant cash earnings despite the industry wide cost pressures,” Northern Star managing director Stuart Tonkin said.

“This has enabled the board to declare a record interim dividend of $0.11 per share, at the top end of our dividend policy and complementing the $300 million share buyback that commenced during the half.

“At the same time, we have made further progress with executing our low-risk, profitable growth strategy to become a (two-million-ounce-per-annum) gold producer by FY26. Key growth projects Pogo and Thunderbox are delivering significant cost improvements.

“A continued focus in the second half on costs across all three operating centres, alongside the expected lift in group production to meet our FY23 guidance, should further build cash to maintain Northern Star’s strong financial position. Work is also continuing on fine-tuning the KCGM mill optimisation project.

“Northern Star made great progress during the half to deliver superior returns to shareholders. Our focus remains steadfast on operational excellence and a disciplined and mature approach to investing shareholders’ funds.”

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