Gold and Silver

Northern Star Resources to acquire Pogo Gold mine for $260 million

Northern Star Resources to acquire Pogo Gold mine for $260 million
Mining News Pro - An Australian gold miner has entered into an agreement to acquire a United States based underground gold mine.
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According to Mining News Pro - An Australian gold miner has entered into an agreement to acquire a United States based underground gold mine.

Northern Star Resources Ltd has announced this week that it has entered into an agreement with the Japan based Sumitomo Metal Mining Co and Sumitomo Corp to acquire the latter’s Pogo Gold mine.

Located southeast of Fairbanks city in the state of Alaska, the Pogo Gold mine is a 4.1Moz underground gold mine with a vast network of more than 90 miles of underground roads winding to depths more than 1,000 feet below the surface.

Northern Star will acquire the project for cash proceeds of $260 million.

The company will look to produce around 250,000-260,000 oz of gold per year. Following completion of the acquisition, Northern Star has targeted a FY2019 gold production of around 850,000-900,000 oz.


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