Make Kitco Your Homepage

St Barbara launches strategic review of its Simberi gold operations in PNG

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Gold miner St Barbara (ASX: SBM) announced today that Simberi Sulphide Expansion Final Investment Decision deferred in favour of a Strategic Review.

The company said that approval for the Simberi Sulphide Project has been endorsed and signed by the Minister for Environment and Conservation and Climate Change and is now in the final stage of being formally issued by the Conservation & Environmental Protection Authority of Papua New Guinea.

The company added it has decided to commence a strategic review of St Barbara’s investment in the Simberi Operation and defer the Final Investment Decision in the Sulphide Expansion project.

St Barbara noted it faces capital investments at each of its three operations in the next two years, adding that this strategic review will assess the best allocation of capital for risk and return compared with the company’s other projects.

Importantly, St Barbara said it has received unsolicited enquiries from potential investors in Simberi and anticipates the Sulphide Expansion project to proceed either under St Barbara or different ownership.

The company's assets include Leonora Operations in Western Australia, Atlantic Operations in Nova Scotia, Canada and Simberi Operations in Papua New Guinea.

Anglo American sees strong rough diamond demand in fifth sales cycle of 2022

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.