Northern Star Shares Fall After Miner Cuts Production Forecast

Shares in Northern Star Resources Ltd. dropped as much as 10% after the Australian gold miner cut its annual production guidance following a string of maintenance and operational problems in the December quarter.

The miner has revised down its annual production guidance to 1.6 million to 1.7 million ounces from 1.7 million to 1.8 million ounces, according to a statement on Friday. The company said lower gold sales across its three production centers would impact costs.