Simberi gold mine production consistent


ST Barbara, the operator of the Simberi gold mine in New Ireland, says its September quarter production is consistent with the 2017 financial year guidance.
“Simberi produced 25,429 ounces of gold in the quarter, the sixth consecutive quarter above the 100,000 ounce per annum target run rate, and consistent with FY17 guidance of 95,000 to 105,000 ounces,” a company statement to the Australian Stock Exchange (ASX) said. It said the Simberi result included a number of operational records for the quarter.
It included total material mined (ore and waste) and total ore processed, details of which to be provided.
Total cash at bank increased by A$17 million (K40.6 million) during the quarter to around A$154 million (K367.5 million) on September 30.
Gwalia produced 67,118 ounces of gold in the quarter, consistent with FY17 guidance of 245,000 to 265,000 ounces.
“Mined grade averaged 10.4 grams per tonne of gold (10.4 g/t Au) (Q4 June 2016: 9.3 g/t Au), continuing the pattern of alternating higher and lower grade quarters, and above the Ore Reserve grade of 8.3 g/t Au1.
A further US$55 million (K172.2 milllion) in aggregate principal of Senior Secured Notes (around A$75 million (K178 million) including principal repayment, 3.3 per cent redemption premium and accrued interest) will be repurchased on October 31 2016, with US$73 million  (K228.6 million) of the Notes remaining on issue at that time.
The company expects its cash balance to exceed the remaining debt in December.

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