After its merger with Saracen Mineral Holdings last year, Northern Star Resources Ltd (ASX: NST) is now one of the largest listed ASX gold miners on the share market. But that hasn't saved Nothern Star shares from a rough ride this week. Since last Friday's close, the Northern Star share price has fallen by around 11%.
Despite this, today has seen the gold miner rebound slightly. The Northern Star share price is currently up 3.8% at $7.10.
That comes after Northern Star hit another new 52-week low this morning soon after market open. The company dropped as low as $6.79 today before shooting back up. A rough ride indeed.
But with the Northern Star share price rebounding today, and by far more than the broader S&P/ASX 200 Index (ASX: XJO) too, you might expect the gold price to be rising.
But you'd be wrong. The price of gold has actually fallen over the past 24 hours or so. The yellow metal was asking US$1,825 an ounce yesterday. But today, it has dropped to US$1,806 a the time of writing.
Image source: Getty Images
What's going on with the Northern Star share price today?
The rising Northern Star share price could be a byproduct of the news we heard this morning about a fellow ASX gold miner.
As my Fool colleague James covered earlier today, there are reports that mining billionaire and CEO of Fortescue Metals Group Limited (ASX: FMG), Andrew Forrest, was seeking to acquire a 15% stake in gold miner Regis Resources Limited (ASX: RRL). Twiggy was apparently happy to buy this stake at $1.48 per share.
The Regis share price closed at $1.30 on Thursday but has rocketed almost 11% so far today to $1.44, presumably on this news. However, The Australian has since reported Forrest has abandoned the plan after failing to aquire the stake for $168 million.
We also see other ASX gold miners such as Evolution Mining Ltd (ASX: EVN) rising today as well, up 2.5%.
So, this vote of confidence for a fellow ASX gold miner from one of Australia's richest people could be flowing through to the Northern Star share price.
Northern Star has a market capitalisation of $8.04 billion, with a dividend yield of 2.77%.
