Simberi reports increased production over 2nd quarter

THE Simberi gold mine in New Ireland has recorded a 25 per cent increase in production for the second quarter of the 2024 financial year – the period from October to December 2023.
Managing director and chief executive officer Andrew Strelein said the quarterly report released last week showed that Simberi’s gold production for the second quarter was 12,969 ounces, despite the impact of an unplanned mill shutdown over the Christmas period.
The company’s financial strength indicated revenue of A$214 million (about K529.2 million) at the end of last year.
“Investment value rose to A$22 million (about K54.4 million) with sales for the quarter of 14,958oz at an average price of A$3,016 (about K7,458) per oz,” Strelein said.
The CEO said increased truck fleeting productivity and ore stockpiling also enabled a good start to the current quarter.
“Overall, Simberi remains on track to meet production guidance and for operating cash flow breakeven for this year,” he said.
“At Simberi, the oxide mine life has been extended through to the 2026 financial year while we upgrade the confidence classification of the four million ounces of mineral resources and finalise the optimal development design for the Simberi expansion.”
He said the work at Simberi “is rapidly advancing”.
Strelein confirmed that the group was able to progress a number of important project elements over the quarter, with the group now focused on demonstrating the development potential of the Simberi expansion and advancing the projects as quickly as possible.