(Kitco News) - Australian gold miner St Barbara (ASX: SBM) reported today that for the fiscal year ended 30 June 2022 (FY22), its total production was 280,746 ounces of gold, down 14% compared to 327,662 ounces in FY21.
The company said that lower production compared to the prior period was attributable to Atlantic and Simberi Operations, adding that at Atlantic, production was impacted by delays in waste rock storage permitting, declining grade from the Touquoy pit and an unusually high number of severe winter weather events.
At Simberi, production was significantly impacted in the first half of the year by the temporary break in operations while the Deep-Sea Tailings Placement pipeline (DSTP) was re-established.
The company noted that its underlying profit after tax, representing net profit excluding significant items, was A$24.1 million for the year, compared to A$80.6 million in FY21.
St Barbara explained that the underlying profit of A$24.1 million was lower than the prior year, driven predominantly by lower production from Simberi and Atlantic partially offset by the higher production from Leonora and higher average gold price.
This resulted in a statutory net loss after tax of A$161 million for FY22 (FY21: statutory loss of A$177 million), the company added.
St Barbara also said it recognized a non-cash post tax asset impairment of A$159 million for the Atlantic operations.
Importantly, during the year, the company added over 3.6Moz of gold to its Mineral Resources through the acquisition of Bardoc and resource growth at Tower Hill and Old South Gwalia.
Looking ahead, St Barbara said it remains focused on permitting at Atlantic, completing the strategic review at Simberi, starting to construct the new Zoroastrian mine and continuing the turnaround of its Leonora Operations.
St Barbara's assets include Leonora Operations in Western Australia, Atlantic Operations in Nova Scotia, Canada and Simberi Operations in Papua New Guinea.
