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Elliott visits Northern Star's KCGM as mill expansion nears tie-in
Northern Star says its A$1.6 billion KCGM mill expansion is in commissioning, with most of the plant upgrade replacing about 85% of existing capacity before a planned September tie-in.
Northern Star Resources hosted representatives from Elliott Investment Management at its KCGM gold operation in Kalgoorlie, Western Australia, according to Mining.com. The visit came just a day after the company welcomed around 50 analysts, investors and media to the site.
Elliott has been building a stake worth well over A$1 billion in Northern Star since February and has called for a strategic review, along with a refresh of the board and management. Northern Star later appointed Glencore executive Suresh Vadnagra as CEO from October 5, replacing outgoing boss Stuart Tonkin, and named former Perseus Mining CEO Jeff Quartermaine as a non-executive director.
During its latest production results period, Northern Star declined to comment directly on Elliott's campaign but confirmed that engagement was ongoing. In a separate investor tour a day earlier, the company highlighted a now-completed A$1.6 billion mill expansion project at KCGM.
The expansion, delivered in two stages, more than doubled plant capacity from 13 million tonnes per annum to 27Mtpa. Northern Star said the project entered commissioning last week, with an initial stage replacing about 85% of the existing plant, while a second stage will consolidate processing by integrating the old Gidji plant into the expanded Fimiston plant, with the tie-in planned for September.
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