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Business Description: St Barbara Limited (SBM) is an Australian based gold producers and explorers. SBM's assets include its Leonora Operations in Western Australia, Southern Cross in East of Perth, Simberi mine in Papua New Guinea, and Gold Ridge mine in the Solomon Islands. SBM currently has total ore reserves of 11.97Mt @ 6.6 g/t Au, containing 2.53Moz Au.
Strategy Analysis: SBM's long-term strategy is focused on low-cost, high-margin gold production. Over time, this will be supported by operations based on higher margin underground mill feed from the Gwalia and Marvel Loch underground mines. The company will also seek growth through corporate activity and, in the longer term, through exploration. SBM has a target of reaching an annual production rate of 500,000oz per annum from three operations by 2014
St Barbara reported NPAT down 95% to $2.46m for the half-year ended 31 December 2012. The acquisition of the Pacific Operations and the winding down of the Southern Cross Operations resulted in significant changes and adjustments to the statutory and underlying profits and balance sheet. Revenues from ordinary activities were $232.2m, up 29% from the same period last year. Diluted EPS was 0.58 cents compared to 14.16 cents last year. Net operating cash flow was $20.52m compared to $93.78m last year. No dividend was declared.
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