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#Business Model/Strategy
stale
Added 3 years ago

Disc: I own NST

Overview: One of the legendary Australian companies. World class gold miner. Has been hit by a 1-2 lately, with softer gold prices and the legendary Bill Beament jumping ship for Copper producer VXR. Feel like the ship is big enough to sail itself. As long as the company culture can continue it should be fine.

These guys are machines, their company report has the feel of a beehive. So many things at work concurrently; dig more, process more, explore more, spend less, buy mines, go go go! Implementation monsters.

Mines FY20:
Yandal - 2 mines, Jundee and Bronzewing, Open and Underground - 6.9Moz Resource 2.8Moz Reserve - 300koz mined at AISC $1095
Karlgoorlie - 318koz mined at AISC $1564. One mine put on "care and maintenance" due to inadequate financial returns.
KCGM (50% JV) - 111.9koz (6mo of production - unsure if this is their share or the whole lot) @AISC $1427
Pogo - 174koz @$2094
Total gold - 905koz @$1496

Forward Mines FY22 (skipping FY21 as SAR will only be half a year, just based off H1FY21 SAR+NST and doubled it.):
Yandal - 280koz @$1206
Kalgoorlie - 240koz @$2028
KCMG - 460koz @$1400
Pogo - 214koz @$1588
Carosue - 226koz @$1273
Thunderbox - 160koz @$821
Approx production - 1.58Moz @$1409

And none of these numbers factor in the capacity of NST to increase output through good management of their resources.

Gold price - took a quick look at the futures data (Jun 22): A$2300. Which is just a touch up from now. Fine for now.

A few other small points:

Pogo's AISC seems to be coming down ($2k in FY20, $1.5k in 1HFY21)

Karlgoorlie's ASIC seems to have risen in a mirror image to Pogo's. Not sure what that's about.