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Northern Star's June-quarter gold production slips; still on track for 700,000 ounces in 2018

Northern StarResources Ltd. said July 20 that it is on track to reach annualproduction of 700,000 ounces of gold in 2018.

The ASX-listed mid-tier producer booked 143,580 ounces of goldproduction in the June quarter and 613,162 ounces for the 2016 financial year.

June-quarter production, however, is a 7.8% decrease overthe March quarter, which was due to a lower head grade and recovery rate thatresulted in an 8.8% drop in recovered ounces.  

Full-year gold sales for the June quarter slipped 6.5%quarter over quarter to 134,110 ounces.

However, Northern Star said sales for the full year of561,153 ounces is "comfortably" within the top quartile of itsguidance range of 535,000 ounces to 570,000 ounces.

All-in sustaining costs for the full year of A$1,041 perounce also beat the company's guidance of A$1,050 per ounce to A$1,100 perounce.

Northern Star said it booked underlying free cash flow ofA$64 million in the June quarter, which lifted full-year cash flow to a recordA$224.2 million, a 21% increase on the previous financial year.