St Barbara raises A$110m to accelerate Simberi expansion
Australia’s St Barbara on Tuesday announced plans to raise up to A$110-million to fast-track the expansion of its Simberi gold mining operation, in Papua New Guinea.
St Barbara aims to accelerate first production from the Simberi expansion by up to five months, said MD and CEO Andrew Sterlein.
“The work we’ve been doing on the Simberi sulphides expansion project continues to highlight a very attractive project opportunity and it makes sense to move quickly, especially in the current gold price environment. Raising funds now allows the project team to advance development,” he said.
St Barbara will raise A$100-million in a two-tranche placement of about 263-million new fully paid ordinary shares from institutional and sophisticated investors at A$0.38 a share.
Shareholders will also have the opportunity to particate in a share purchase plan at the same price, capped at A$10-million.
The funds will be used to advance the sulphide expansion project, with key components including the procurement and construction of a new larger ball mill circuit, construction of the expanded wharf for concentrate vessels and construction of a new run-of-mine (RoM) pad and sizer installation.
The cost to complete the ball mill is estimated at A$58-million, while the wharf upgrades will require A$33-million. The RoM pad/sizer will require A$23-million.
The ten-year mine plan at Simberi includes the mining of several openpits to exploit the substantial oxide and sulphide ore reserves, with a target of elevating production to about 230 000 oz/y through to 2034, from the current 70 000 oz/y to 75 000 oz/y range.
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