Simberi announces 5th straight record

Business

ST Barbara’s Simberi operation in New Ireland has achieved another record production, according to the company.
During the company’s annual meeting on Oct 23, it was highlighted that Simberi had achieved its fifth consecutive annual record.
A record of A$98 million (K225.46 million) cash contribution was recorded.
Chairman Tim Netscher noted in his presentation that the future for Simberi was tied to the exploration and understanding of the sulphide ore body beneath the Sorowar open pit. Its recent quarterly report contained a number of significant intercepts, which were very encouraging and they expected to update the reserves and resources statement at the end of the year.
Preliminary studies concerning pit design and processing and logistics options have progressed.
“At Simberi, we are committed to empowering local businesses towards sustainability post mining,” Netscher said.
“The company facilitated the creation of a community-owned and run company, Simberi Mining Services (SMS), which assists with building sustainable businesses to support the islanders should mining cease.”
Meanwhile, St Barbara’s operating cash flow for the company remained strong at A$284 million (K653.39 million) for this financial year.
The Simberi gold mine started production in 2008.

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