Northern Star Resources Ltd (ASX: NST) returned to trade on September 3 after a trading halt prior to the completion of its $175 million placement to institutional investors to fund its Pogo acquisition.
But after a 17% share price surge on Pogo news, Northern Star is in the red today, down 3.4% to $8.03 at the time of writing.
Northern Star is no doubt hoping the Alaskan Pogo purchase will prove a success, possibly similar to the Western Australian Jundee venture it acquired in 2014, which has been lucrative.
In other news, Northern Star and Coolgardie Minerals Limited (ASX: CM1) announced an ore sale agreement for the sale of the first 100,000 tonnes of oxide ore produced from Coolgardie’s Geko Gold Mine today.
But Northern Star is not the only gold producer on the decline, with Evolution Mining Ltd (ASX: EVN) shares down 3.7% to $2.73 at the time of writing, Saracen Mineral Holdings Limited (ASX: SAR) down 2.3% to $1.78 and OceanaGold Corp (ASX: OGC) down 1.7% to $3.92.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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