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Northern Star completes A$175M placement for Pogo gold mine deal

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020

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Northern Star completes A$175M placement for Pogo gold mine deal

Northern Star Resources Ltd. said Sept. 3 that it raised A$175 million from a fully underwritten placement to help fund its US$260 million acquisition of the Pogo gold mine in Alaska.

The placement to institutional investors comprised 26.1 million new shares at A$6.70 apiece and was heavily oversubscribed. It represented a 3.7% discount to the stock's closing price of A$6.96 on Aug. 29.

Macquarie Capital (Australia) Ltd. acted as sole lead manager, bookrunner and underwriter to the offering, while Ashurst served as legal adviser.

Northern Star expects to close the placement on Sept. 5.

Meanwhile, the company raised its fiscal 2019 guidance to between 850,000 and 900,000 ounces of gold at an all-in sustaining cost of A$1,050 to A$1,150/oz. It previously expected to produce 600,000 to 640,000 ounces of gold at an AISC of A$1,025 to A$1,125/oz.