The West

Paulsens mine.
Paulsens mine.

Gold miner Northern Star Resources has posted a 78 per cent jump in first-half profit to $22.3 million

The result was achieved on revenue of $70.1 million, up 26 per cent on the previous corresponding period.

The company will issue a fully franked interim dividend of one cent to be paid on April 4.

Northern Star said its first half profit stemmed from production of 39,377 ounces of gold at cash cost of $638 an ounce for a total cost of $908 an ounce.

The company said it expected to generate $85 million in surplus cash this year following the upgrade of its flagship Paulsens mine to a capacity of more than 100,000 ounces a year, based on a gold price of $1550 an ounce.

Northern Star managing director Bill Beament said the results reflected the company's commitment to shareholder returns and an emphasis on benchmarks other than just production growth and cash costs.

Chairman Chris Rowe said Northern Star expected to be in a position to continue returning excess cash to shareholders given the outlook for the company's operations.

Northern Star shares were up two cents, or 1.99 per cent, to $1.025 at 10.10am.

The West Australian

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