JOHANNESBURG (miningweekly.com) – ASX-listed gold miner St Barbara has updated its 2018 production guidance from between 350 000 oz and 375 000 oz, to between 365 000 oz and 385 000 oz following production of 197 768 oz in the first half of the financial year.
At its Gwalia deposit, which forms part of the Leonora operations in Western Australia, the company produced 62 835 oz of gold in the quarter ended December and 127 118 oz in the first half.
Lower-than-anticipated mined volume in the second quarter was offset by higher than anticipated average mined grade of 11.2 g/t gold.
At its Simberi operations, in Papua New Guinea, the miner produced 36 674 oz of gold in the quarter and 70 650 oz in the first half.
Second-quarter production reflected higher mined grade of 1.32 g/t of gold and 86% recovery.
Total cash at bank was A$216-million at December 31, after income tax payments of A$31-million and further investments in Catalyst Metals and Peel Mining totalling A$10-million announced during the December quarter.
St Barbara MD and CEO Bob Vassie noted St Barbara’s operations continued to perform well. “With [our] cash balance and no debt, the company has excellent flexibility to deliver further value to shareholders through our organic growth prospects and other growth opportunities.”