- St Barbara’s (SBM) Board has approved pre-investment work at the company’s Simberi operations in Papua New Guinea
- Approval was given after the company’s Simberi sulphide feasibility study highlighted a robust project with strong financial returns
- Approximately A$16.6 million in pre-investment will fund a mining ramp-up, drilling to increase ore body knowledge and studies to de-risk the project
- The company aims to make a final investment decision about its Simberi operations in March of next year
- St Barbara is down 1.22 per cent and trading at $2.02 per share
St Barbara’s (SBM) Board has approved pre-investment work at the company’s Simberi operations in Papua New Guinea.
The approval was given after the company announced the results of its Simberi sulphide feasibility study. The study has reportedly highlighted a robust project with strong financial returns and an expected mine life of about 11 years.
St Barbara has approved US$13 million (approximately A$16.66 million) in pre-investment work at Simberi. This will fund a ramp-up in mining, ongoing drilling to further increase knowledge about the project’s ore body and studies to de-risk the project.
St Barbara’s Managing Director and CEO, Craig Jetson, commented on the company’s approval of pre-investment work.
“The future of the Simberi Sulphide Project has been endorsed by the Board, with a commitment to pre-investment work that will take place as we update mineral reserves, complete reserve definition with drilling, and finalise all pre-investment activities,” he said.
“This vote of confidence in the Simberi operations comes as we work closely with the PNG government, agencies, and community as part of our ongoing consultation and engagement,” he added.
Early construction activities at Simberi will commence once the Social and Environmental Impact Statement (SEIS) is approved. The SEIS for the Simberi Project was submitted earlier this month.
Looking ahead, St Barbara will complete and submit supporting site trials to the Conservation & Environmental Protection Authority (CEPA). The company will also update mineral reserves for end of financial year reporting, and complete the reserve definition drilling program over the next three to six months.
St Barbara’s Board is aiming to make a final investment approval decision about the Simberi Project around March of next year.
St Barbara is down 1.22 per cent, trading at $2.02 per share at 3:18 pm AEST.