Northern Star Resources chief executive Stuart Tonkin has faced an angry market demanding to know whether the country’s largest listed gold producer could find itself at the end of a takeover bid after a second downgrade in two months slashed billions of dollars from its value.
The Perth-headquartered company had initially told investors it would produce as many as 1.85 million ounces of gold this financial year, an estimate cut to 1.6 million in January. On Friday, Northern Star said it was reducing that to a “best estimate” of just 1.5 million ounces.
