St Barbara breaks production records

PERTH (miningweekly.com) – Gold miner St Barbara has flagged a record production for 2017, with the miner producing 381 101 oz of gold from its Gwalia and Simberi projects.

“I am pleased to report that we achieved another record year and exceeded our full-year production guidance following a strong final quarter, particularly from Simberi,” said CEO and MD Bob Vassie.

The Simberi operation, in Papua New Guinea, delivered 116 044 oz of gold during the year, exceeding guidance of between 105 000 oz and 110 000 oz.

Vassie noted that the Simberi mine produced 32 128 oz of gold in the fourth quarter of the financial year, which was up 6% on the previous quarter, setting a new record for the mine, and resulting in a 5% increase in production for the full year, compared with the previous record production in 2016.

Meanwhile, the Gwalia mine, in Western Australia, produced 265 057 oz of gold for the full year, which was at the upper end of the guidance of between 260 000 oz and 265 000 oz.

During the fourth quarter, Gwalia produced 62 098 oz of gold, which was some 4% below the previous quarter owing to the lower mined grade.

Vassie, meanwhile, said that with a cash balance of A$161-million and no debt, St Barbara had flexibility to further deliver value to shareholders through organic growth prospects, as well as other growth opportunities.