St Barbara Faces Sovereign Risk At Simberi
St Barbara's Simberisulphides project has progressed to the final feasibility stage, but enhanced economics are highly dependent on the PNG government retaining its current mining act.
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St Barbara Limited
St Barbara’s assets include the Leonora Operations in Western Australia, the Simberi Operations in Papua New Guinea, and the Atlantic Gold Operations in Nova Scotia, Canada.
As at 30 June 2019 St Barbara had Mineral Resources of approximately 12 million ounces of contained gold including Ore Reserves of 5.9 million ounces of contained gold, as well as an extensive landholding comprising granted tenements and tenement applications in Australia, Papua New Guinea and Canada.
The Leonora Operations include the Gwalia 1.2 Mtpa processing plant and the Gwalia Underground mine, as well as nearby development opportunities. St Barbara’s Gwalia mine was commissioned in October 2008 and is the cornerstone asset for St Barbara with an indicative mine life to FY 2031 and high grade mineralisation below the current reserves.
The Simberi mine is on Simberi Island in Papua New Guinea and started production in February 2008. In 2013-2014 the plant was expanded with installation of a SAG mill increasing production capacity to over 100,000 ounces per annum. The Simberi mine is a significant contributor to PNG’s economy and its community, with significant further exploration potential around the mine.
The Atlantic Gold operation in Nova Scotia, Canada, was acquired by St Barbara in July 2019. The open pit mine commenced commercial production in 2018. With three additional planned pits nearby, the Atlantic Gold operation has an estimated mine life to 2030, with strong exploration potential in the region.
A publicly listed company, St Barbara is listed on the Australian Stock Exchange (ASX:SBM).
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News
Gold Stocks A Beacon In The Dark
Gold equities have suffered from the liquidity-driven global sell-off over recent weeks but several brokers suggest the outlook is much brighter, as flight-to-safety concerns take over.
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Gwalia Extension Key To St Barbara Outlook
Expansion activities weighed on the performance of St Barbara’s Gwalia mine in the September quarter but increased production is likely from mid 2020.
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Mining Deals: St Barbara Seals Atlantic Buy, Northern Minerals Raises Capital For Rare Earths
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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St Barbara Joins In On North American Gold Rush
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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Analyst Views
SBM – Credit Suisse rates the stock as Outperform
Credit Suisse expects gold to continue its upward trajectory and average US$2100/oz in 2021. The broker retains an Outperform rating and reduces the target to $3.30 from $4.40.
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SBM – Credit Suisse rates the stock as Outperform
September quarter production was solid and in line with budget, Credit Suisse observes. FY21 forecasts for 370-410,000 ounces are unchanged.
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SBM – Credit Suisse rates the stock as Outperform
FY21 guidance is for production of 370-410,000 ounces. The guidance for Gwalia as softer than Credit Suisse had expected but is not critical to the outlook or future capability.
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SBM – Credit Suisse rates the stock as Underperform
Continuing operations at Gwalia and Simberi were weaker in the September quarter, Credit Suisse notes. However, the company’s recently-acquired Atlantic Gold has performed in line with expectations and offset the weaker contribution from Gwalia and Simberi.
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SBM – Credit Suisse rates the stock as Underperform
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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