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