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Northern Star open to acquiring Super Pit, mulls restart of mothballed mines

Northern Star Resources Ltd. Executive Chairman Bill Beament said the company will evaluate purchasing the Kalgoorlie Super Pit in Western Australia if it is put on the market, The Australian Financial Review reported Aug. 27.

"If a potentially suitable asset like KCGM comes up for sale, we'll always have a look. it would be remiss of us not to," Beament said.

The comments came after Barrick Gold Corp. CEO Mark Bristow claimed that Northern Star is a prime candidate to potentially acquire Barrick's 50% stake in the Kalgoorlie Super Pit gold joint venture with Newmont Goldcorp Corp.

Beament said the company is also considering reopening mothballed mines in its portfolio, including the Paulsens gold mine in Western Australia, due to strong Australian dollar gold prices.

Northern Star recently made an off-market takeover offer to acquire all of Echo Resources Ltd.'s shares for 33 Australian cents apiece in cash, implying a value of about A$242.6 million for the latter.

Directors of Echo Resources unanimously recommended that shareholders accept the offer in the absence of a superior proposal.