The Simberi mine, in Papua New Guinea
JOHANNESBURG (miningweekly.com) – Gold miner St Barbara has exceeded the top-end of its 2016 financial year-end production guidance, with record production results at its two key mines.
The company, which operates the Gwalia mine, in Western Australia, and the Simberi mine, in Papua New Guinea, produced 386 564 oz in the financial year ended June 30.
This compares with a guidance of between 369 000 oz and 384 000 oz.
The Gwalia mine delivered its third consecutive record year, with production of 267 166 oz, beating its 260 000-oz-to-265 000-oz guidance after a better-than-expected final quarter.
St Barbara reported on Wednesday that the improved performance at Gwalia was owing to an increase in ore mined and reflected the successful progressive implementation of innovations in underground ore handling and waste storage.
The Simberi mine also had a record year and produced 110 286 oz of gold, exceeding its guidance of between 100 000 oz and 110 000 oz. The mine’s final quarter production of 26 935 oz of gold was its fifth consecutive quarter of above 100 000 oz/y target run rate.
St Barbara would provide a guidance for its 2017 financial year later this month, when it published its June 2016 quarterly report.
The company had A$137-million in cash at the end of June, an increase of A$23-million on the March quarter.