ST Barbara says it will continue to operate its Simberi mine in New Ireland.It announced this yesterday to the Australian Stock Exchange on the conclusion of a strategic review of its Papua New Guinea assets.
“The strategic review of the future of St Barbara’s Papua New Guinea assets (including the Simberi mine and exploration tenements on nearby islands) has reached a conclusion,” it said.
“Its PNG assets include the Simberi mine, a sulphide opportunity and the highly prospective exploration tenements across the Tabar Island group in New Ireland.
“The St Barbara group will retain and continue to operate the Simberi mine.
“While a number of potential buyers (have) expressed interest in the Papua New Guinea assets, their level of interest did not meet St Barbara’s assessment of the value of these assets.”
It said the Simberi mine had produced gold above its target of 100,000 ounce per annum in the past six quarters, the sulphide opportunity and the highly prospective exploration tenements across the Tabar Island group. Managing director and chief executive officer Bob Vassie said the Simberi strategic review had been rigorous, and that it has provided certainty for the Simberi mine.
“We’ve tested each strategic option for the future of the PNG assets, and we are now clear about the preferred strategic direction,” it said.