St Barbara (ASX:SBM) says gold production for Q3 FY24 at its Simberi operations in Papua New Guinea has increased 33% from the prior quarter.
The Simberi operation produced 17,257 ounces of gold during the March quarter, at an average milled grade of 1.63 grams per tonne gold, with gold recovery of 77%.
Meanwhile, gold sales for the quarter were 18,016 ounces at an average price of $3,178 per ounce.
As of 31 March 2024, St Barbara, which has a market capitalisation of $155.41 million, had $218 million in cash, representing a $4 million increase compared to Q2 FY24.
“Simberi again improved during the March quarter with gold production increasing 33% compared to the December quarter,” Managing Director and CEO Andrew Strelein says.
“As previously highlighted in the December quarterly report, production guidance for Simberi was weighted to H2 FY24 and we remain on track with this solid quarter.”
The company notes further details, including production costs and cash flow details, will be provided in the Q3 March FY24 quarterly report, scheduled to be released the week of 22 April 2024.
The Simberi operation consists of an open-cut mine on the northernmost island in the Tabar group of islands in the province of New Ireland in Papua New Guinea.
St Barbara is an Australian-based gold mining company with operations in Canada and Papua New Guinea.
Write to Aaliyah Rogan at Mining.com.au
Images: St Barbara
