Northern Star Resources Chairman Says Western Australia Processing Plant Construction Nears Completion

MT Newswires Live

Jun 10

Northern Star Resources (ASX:NST) Chairman Michael Chaney said that processing plant construction at Fimiston in Western Australia is nearing completion, on time and with a modest cost overrun, according to a Wednesday Australian bourse filing.

Its Hemi project in the Pilbara region of Western Australia is proceeding through the time-consuming approvals stages.

Chaney acknowledged that the firm's share price performance in the year had not met expectations and recognised shareholders' concerns. The firm is in the process of recruiting a new managing director and Chief Executive following the announced resignation of Stu Tonkin. The firm is also seeking to add at least one more director with "deep gold experience."

Regarding Elliott Investment Management's suggestion that the Northern Star board should run a sale process for the firm, the board does not consider "that this is the right time to do so," Chaney said.

Over the previous year, it was approached by several firms about considering various corporate combinations, but the talks did not proceed because "they were not in shareholders' best interests," he added.

Its shares fell 2% in recent trading on Wednesday.

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The firm is in the process of recruiting a new managing director and Chief Executive following the announced resignation of Stu Tonkin. 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