Northern Star Resources and Saracen Mineral Holdings’ announcement of a $16 billion merger has brought anticipation for the rise of a new top 10 global gold producer, with signs there may be more mergers and acquisitions (M&A) in the gold sector.
Northern Star Resources has continued to grow its production rate at the Kalgoorlie gold operations, with the company anticipating a 40 per cent rise over the next three years as it inches closer to finalising its merger with Saracen Mineral Holdings.
Saracen Mineral Holdings has achieved record production at the Carosue Dam gold mine in Western Australia, boosting the company’s position to meet the 2021 fiscal year guidance.
Super Pit joint owners Northern Star and Saracen Mineral Holdings are set to combine, having agreed to a merger-of-equals worth $16 billion.
The iconic Super Pit mine in Kalgoorlie, Western Australia is set for another 15 years of production with an updated gold resource of 19 million ounces.
Northern Star Resources has defied the impact of COVID-19 to finish the 2020 financial year with record gold sales on the back of its Australian operations.
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Saracen Mineral Holdings has finished the 2020 financial year with record production of 520,414 ounces of gold, beating its guidance of 500,000 ounces.
Northern Star Resources has maintained full employment at the Pogo gold mine despite encountering 36 confirmed cases of COVID-19 in the Alaskan mine’s workforce.
Australian gold production fell by 10 tonnes, or 12 per cent from the previous quarter during the March period, according to gold consultants Surbiton Associates.
Northern Star Resources has withdrawn its production and cost guidance for the 2020 financial year given the uncertainty caused by the coronavirus pandemic.
Saracen Mineral Holdings has awarded SRG Global a drill and blast contract worth $70 million at the Thunderbox and Carosue Dam operations.
Saracen Mineral Holdings is on course to meet its 2020 financial year production guidance of more than 500,000 ounces of gold.
Northern Star Resources has finished off the December quarter as a one million ounce per year gold producer with four Tier 1 assets.
Saracen Mineral Holdings has “entered the next league of Australian gold miners” after a record December 2019 quarter, according to company managing director Raleigh Finlayson.
Northern Star Resources has completed the acquisition of a 50 per cent stake in the Super Pit previously held by Newmont Goldcorp, joining Saracen Mineral Holdings as owners of the Western Australian site.
Northern Star Resources has secured $765 million from shareholders to help fund its $US800 million ($1.17 billion) acquisition of Newmont Goldcorp’s share in Kalgoorlie Consolidated Gold Mines (KCGM).
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Newmont Goldcorp is set to contribute 1.5 million ounces of production from its Australian operations next year.
Australia’s gold mine output in the September quarter declined by five per cent to 78 tonnes, according to Melbourne-based mining experts, Surbiton Associates.