PERTH (miningweekly.com) – ASX-listed gold miner St Barbara has reported the fourth consecutive year of record production from its Gwalia and Simberi operations, with the miner on Wednesday also reporting a 26% increase in underlying net profits after tax.
St Barbara reported an underlying net profit after tax of A$202-million for the financial year ended June, and underlying earnings before interest, taxes, depreciation and amortisation of A$346-million, up 8% on the previous financial year.
Combined production from the Gwalia and Simberi mines reached a record 403 089 oz in the 2018 financial year, up from the 381 101 oz delivered in the previous 12 months, with St Barbara also reporting record low consolidated all-in sustaining costs of A$891/oz.
“For the fourth year in a row, the company has achieved record production and costs from Gwalia and Simberi combined. The strong performance delivered a record cash contribution from operations, and enables us to provide shareholders with an 8c a share fully franked final dividend,” said St Barbara MD and CEO Bob Vassie.
Gold production from Gwalia increased slightly from 265 057 oz to 268 428 oz, while production from Simberi increased from 116 044 oz to 134 661 oz, over the last 12 months.
Revenue for the full year increased from A$641.7-million to A$679.2-million on the back of both increased gold production and higher average gold prices.
“We continued to build on the growth pipeline through the Gwalia extension project, further study work on Gwalia mass extraction and the Simberi sulphides, increasing our exploration spend and adding investments in exploration juniors.
“In addition, our strong balance sheet allows us to pursue inorganic growth opportunities,” Vassie said.