Northern Star completes cap raising, buys Super Pit stake
Northern Star (NST) $10.24
Shares in the gold miner are rallying again today after successfully completing a $A800m placement to fund the $US800m purchase of the Newmont stake in WA’s Super Pit mine. The deal follows Saracen (SAR), who bought the other stake of Barrick Gold last month. Norther Star paid a small amount more for their portion as it gives them controlling stake. Northern Star intends to continue the current operating plan and expects the mine to add up to 140kOz of production in FY20. Northern Star have acquired well in recent years and this deal looks to have added another quality gold asset to the mix.
The cap raising will sap demand from the broader gold sector while the market seems to be rewarding another great purchase from NST.
Norther Star (NST) Chart
