Name of the Project
Simberi sulphide project.

Location
Simberi Island, in the province of New Ireland, Papua New Guinea.

Project Owner/s
St Barbara.

Project Description
A feasibility study has highlighted a robust project with strong financial returns.

Key changes from the 2020 prefeasibility study (PFS) include an increase in nameplate capacity.

The mill throughput has increased from 2.7-million tonnes in the 2020 PFS to three-million tonnes a year in the feasibility study, with an option to expand to 3.7-million tonnes a year.

Average sulphide gold production has remained the same at 160 000 oz/y.

The project’s mine life has decreased from 15 years in the 2020 PFS to 11 years in the feasibility study.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $320-million at $1 500/oz, compared with $233-million at $1 350/oz in the PFS 2020.

The pretax  internal rate of return is estimated at 52%, compared with 63% in the 2020 PFS.

The pretax payback has increased from two years in the 2020 PFS  to three years in the feasibility study.

Capital Expenditure
Capital expenditure has increased to between $130-million and $150-million in the 2020 PFS to between $160-million and $170-million in the feasibility study.

Planned Start/End Date
First sulphide ore is scheduled for 2024, compared with 2023 in the 2020 PFS.

Latest Developments
The board has approved pre-investment work of $13-million, with a final investment decision targeted for March 2022.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
St Barbara, tel +61 3 8660 1900 or email info@stbarbara.com.au.