Another successful year for St Barbara

THE St Barbara Limited’s Simberi operation in New Ireland produced 116,044 ounces of gold, exceeding guidance of 105,000 to 110,000 ounces.
The company released the report following its production update for the final quarter and full year.
St Barbara chief executive officer and managing director Bob Vassie said: “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.
“With a cash balance of A$161 million (K381 million) and no debt the company has excellent flexibility to deliver further value to shareholders through our organic growth prospects and other growth opportunities.”
Total cash at bank was A$161m as on June 30. Simberi produced 32,128 ounces of gold in fourth quarter, up by about 6 per cent on the previous quarter.
Production for the fourth quarter is a new record for Simberi. The 2017 financial year result is about 5 per cent higher than the record achieved in the last financial year.
The company’s Gwalia operation in Australia produced 265,057 ounces of gold in the 2017 financial year – at the upper end of 2017 financial year guidance of 260,000 to 265,000 ounces.
The result reflected consistently strong performance over the year.
During the final quarter, Gwalia produced 62,098 ounces, about 4 per cent below the previous quarter due to lower mined grade.
Average mined grade in the fourth quarter was 9.2g/t Au which is in line with previously advised expectations for the quarter.
The company expects to issue its June 2017 quarterly report on July 26, including production costs, cash flow details and 2018 financial year guidance.