Miners are capitalizing on a surge in bullion prices, which have rallied sharply since mid-February. Gold notched a record above $2,400 an ounce earlier in April as rising geopolitical tensions in the Middle East stoked demand for haven assets, while strong appetite in China has also supported the metal.
Northern Star increased its guidance on costs for 2024 earlier this month, after significant weather events impacted its Western Australia operations. In March, the miner sought approval to expand and extend the life of its flagship Super Pit project to 2034, after committing A$1.5 billion ($968 million) to more than double processing capacity at its Kalgoorlie operations.
Northern Star’s shares fell as much as 4.5%, the most since January, in early trading on Tuesday after its quarterly production report showed unplanned outages at its Pogo project in Alaska resulted in lower mining and processing volumes.
(By Sybilla Gross)
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