Simberi Mines Expected To Produce 100,000 oz of Gold

KAVIENG (NEW IRELAND) - Simberi mine is expected to produce between 85,000 ounces and 100,000oz of gold for this year to June 2014, operator St Barbara Ltd forecasts.

The miner’s June quarter reporter said Simberi operations alone produced 12, 927oz of gold.

And 45,609oz of gold for the year to June of this year under St Barbara’s ownership.

The company also produced a total of 107,363oz in the June quarter, indicating a 24% increase in output compared to the May quarter of this year.

St Barbara also has a strong financial position with A$129 million (K267.5 million) cash at bank as of June 30. Managing director and chief executive Tim Lehany described the financial 2013 as one of transformation, with the divestment of Southern Cross operations and the acquisition of the Pacific operations. He said year on year, production has increased 8% to 364,601oz.

Lehany said the company has a number of planning scenarios to operate profitably in a sustained lower gold price environment, given the encouraging exploration results at Simberi and Gold Ridge.

He said the next financial year would be one of further improvement and production growth through continuing to build operational capacity in the Pacific, focusing on reducing costs, and adding to gold inventory through exploration.

St Barbara’s assets include its Leonora operations in Western Australia, its Simberi mine and Gold Ridge mine on Solomon Islands. [IslandBusiness]
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