Gold miner St Barbara says it has completed the $780 million purchase of Canadian group Atlantic Gold Corporation after shareholder approvals were given last week.
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The Australian gold rush to North America is accelerating. St Barbara has joined Newcrest and North Star resources in spending up big on mines in either Canada or Alaska. Total spend so far has topped $2.2 billion.
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St Barbara has encountered a setback in its feasibility study for the mass extraction project at Gwalia, resulting in a reduction to production guidance amid higher costs.
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Gold miner St Barbara ((SBM)) has come a long way over the past few years, such that broker interest has been reinvigorated. Citi reinstates coverage with a Buy rating.
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Shares in gold producer St Barbara (SBM) jumped 6.3% higher to $2.35 after the company released its quarterly production update.
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Credit Suisse was impressed with the visit to the Torquoy mine and processing facility. The broker now appreciates why management was willing to pay a premium to acquire Atlantic Gold although still believes exploration success is necessary to bridge the premium.
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Commodities analysts at Citi this week revised their price forecasts for gold bullion, now predicting US$2000/oz in the medium term should be regarded as a genuine possibility.
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The company has produced a record 403,089 gold ounces in FY18 as Gwalia high-grade ore peaked. Simberi was also strong with its fourth consecutive record quarter in June.
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Preliminary March quarter production of 85,900 ounces has been announced while the company has increased FY18 guidance to 375-392,000 ounces.
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The company has approved the Gwalia extension project for $100m, which is in line with Deutsche Bank’s expectations. The project will extend mining to 2000m below surface, supporting seven years of operations below the current level.
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