Simberi Q3 Production up 33%

By: PNG Business News April 08, 2024

St Barbara Limited provides the following production update for the March 2024 quarter (Q3 FY24).

Simberi produced 17,257 ounces of gold in the March quarter, at an average milled grade of 1.63 g/t Au and gold recovery of 77%. Mill and rope conveyor availability are yet to reach targeted levels, however as anticipated mined grade improved during the quarter as the mine schedule accessed a higher proportion of ore tonnes from the higher-grade zones in Sorowar pit and reconciled positively.

Gold sales for the quarter were 18,016 ounces at average realised gold price of A$3,178 per ounce.

Total cash at 31 March 2024 was A$218 million (31 December 2023: A$214 million) despite paying down creditors balances relative to 31 December 2023 after improved operating cashflow and receipt of a tax refund in the Canadian subsidiary.

Further commentary on operations, including production costs and cash flow details, will be provided in the Q3 March FY24 quarterly report scheduled to be released in the week commencing 22 April. Managing Director and CEO Andrew Strelein said “Simberi again improved during the March quarter with gold production increasing 33% compared to the December quarter.

As previously highlighted in the December quarterly report, production guidance for Simberi was weighted to H2 FY24 and we remain on track with this solid quarter.”

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