Northern Star Resources has capped a bumper year with a solid lift in earnings, with its full year profit before tax jumping to $31.4 million, up from $20 million in financial year 2011.
The gold miner said the 57 per cent rise came on the back of production of 67,206 ounces of gold, leaving it with $75 million in cash and bullion and no bank debt.
Managing director Bill Beament said mine productivity was up 43 per cent since the company switched to owner-operator at its flagship Paulsens mine, with total mine costs per tonne falling 20 per cent to $176.
“We have a policy of maximising the amount of surplus cash we generate, which requires us to drive down costs at the same time as growing tonnages,” Mr Beament said in a statement.
At 10:45Am, WST, Northern Star stocks had dipped slightly, down 0.5 per cent at 87.5 cents.