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St Barbara Limited St Barbara Limited ACN 009 165 066 Level 10, 432 St Kilda Road, Melbourne VIC 3004 Locked Bag 9, Collins Street East, Melbourne VIC 8003 Tel +61 3 8660 1900 Fax +61 3 8660 1999 www.stbarbara.com.au Notice of 2012 Annual General Meeting The Annual General Meeting of the Company will be held at 11.00 am (Melbourne time) on Thursday 22 November 2012, in the State Library of Victoria Conference Centre, Entry 3 in La Trobe Street between Russell and Swanston Streets, Melbourne. The 2012 Annual Report, Notice of Annual General Meeting and Proxy Form are attached, as distributed to shareholders today. Ross Kennedy Executive General Manager Corporate Services Company Secretary 22 October 2012 For personal use only 1 Annual Report 2012 For personal use only Contents 01 Introduction 04 Chairman and Managing Director & CEO’s Joint Report 06 Operations Report 08 Discovery and Growth 09 Chief Financial Offi cer’s Review 10 People, Environment, Safety & Social Responsibility 11 Board of Directors 12 Executives 13 Ore Reserves and Mineral Resources Statements 18 Corporate Governance 21 Financial Statements Highlights Gold Production Revenue 338,879 ounces – 31% $541 million – 50% 2012 2012 2011 2011 2010 2010 2009 2009 2008 2008 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 0 150,000 300,000 450,000 600,000 NPAT EPS $130 million – 90% 40 cents per share (1) – 90% For personal use only 2012 2012 2011 2011 2010 2010 2009 2009 2008 2008 -90 -60 -30 0 30 60 90 120 150 -40 -20 0 20 40 (1) Shares adjusted for 6:1 consolidation in November 2010 Introduction 2012 was an historic year for St Barbara. The Company delivered record production, profit and cash flow. On 7 September 2012, St Barbara acquired 100% of Allied Gold Mining Plc by way of a Scheme of Arrangement. The acquisition adds the Simberi Operation and surrounding exploration areas in Papua New Guinea, and the Gold Ridge Operation, also with surrounding exploration areas, in the Solomon Islands to St Barbara’s operating and exploration portfolio. Combined Potential St Barbara’s acquisition of Allied Gold has created The operations have significant production growth a leading ASX listed mid-tier gold company. The potential and the new exploration areas in the internationally diversified group operates three long life South West Pacific add sizeable attractive targets mines and three treatment plants located in Australia, to St Barbara’s existing exploration suite. Papua New Guinea and the Solomon Islands. Diversifi cation Growth St Barbara now has a diversified asset portfolio A number of immediate organic growth opportunities by location and mine type. No asset represents more have been identified including increased gold than approximately 35% of the Ore Reserve base production at Simberi and Gold Ridge, expansion or contributes more than approximately 40% of of known ore bodies and exploration opportunities pro-forma production for the 2013 financial year. in proximity to current mining operations, as well as new greenfields prospects. Combined Reserves(1) – 5.7 Moz Combined FY13F Production(2) – Approx 435 koz 20% 34% 23% 42% 36% 17% 5% For personal use only 3% 2% 13% 5% Gwalia Tower Hill King of the Hills Southern Cross Simberi Gold Ridge (1) As at 30 June 2012 for Australian assets and as at 31 December 2011 for South West Pacific assets. (2) Based on internal life of mine plans assuming no change in production as a result of the acquisition, subject to risks set out in the corresponding ASX announcement dated 29 June 2012. Annual Report 2012 01 Introduction cont. Tabar-Tatau Simberi Gold Ridge • Exploration potential • Open pit mine and processing plant • Open pit mine and processing plant • Multiple drilling targets • Plant expansion underway • Mine plan and plant being enhanced on both islands • FY13F production: 70 – 80koz(2) • FY13F production: 95–105koz(2) • 9+ year mine life • 9+ year mine life • Near mine targets for exploration • Near mine targets for exploration • Sulphide potential Combined group forecast to generate approximately 435,000 (2) ounces of gold in FY13 Leonora Southern Cross East Lachlan • Gwalia high grade underground mine • Underground mine and • Prospective exploration area • 9+ year mine life processing plant • Targeted for copper-gold porphyry • King of the Hills underground mine • FY13F production: 20–25koz(1) mineralisation • Gwalia processing plant (1.2Mtpa) • Exploration targets in area • FY13F production: 230–250koz • Regional exploration potential (1) Reflecting anticipated cessation of mining activities in October 2012 For personal use only (2) Full year figures, approx. 80% of Simberi and Gold Ridge production attributable to St Barbara 02 The Company has a strong pipeline of gold projects. These The financial strength of the Australian operations has ensured span from greenfields exploration, to the extension of existing that the new group has only moderate levels of debt, low gearing ore reserves, to increasing gold production, to strong stable and significant upside exposure to the gold price. St Barbara has production. The Gwalia mine is expected to generate strong absorbed Allied Gold’s gold loan, and established robust new debt cash flows and assist funding the optimisation of Simberi facilities with quality international lenders. As a larger, diversified and Gold Ridge, as well as exploration opportunities. company, St Barbara should enjoy increased investor interest, A focus on lifting operations capabilities and systems has a higher stock market profile and improved share market liquidity. translated into reliable and improving operating performance Central to successful operations in Papua New Guinea and the at St Barbara’s Australian assets. Through the implementation Solomon Islands is maintaining the relationship between each of improved mine planning methodology, operating systems operation, and national and provincial governments and local and cost management frameworks, the Company expects to communities. St Barbara will work hard to ensure there achieve improved production reliability and unit cost reductions is effective stakeholder engagement at all levels. for Simberi and Gold Ridge. Each of these assets has an expected mine life in excess of nine years, with significant potential for mine life extensions. At the same time that operations at the Pacific assets are being improved, the dedicated Discovery and Growth team will be evaluating the greatly enlarged exploration portfolio to assess near mine opportunities, and targets on the highly prospective Pacific tenements. Project Pipeline Tabar – Tatau Simberi Near Mine Gold Ridge Near Mine Sullivan’s Creek Simberi Oxides Yilgarn Targets Gold Ridge Gwalia Region Southern Cross Southern Cross King of the Hills Simberi Oxide East Lachlan Tower Hill Simberi Sulphides Gwalia For personal use only Expansion (3.5Mt) Exploration Scoping/Concept Feasibility Construction Producing Western Australia Papua New Guinea Solomon Islands Annual Report 2012 03 Chairman and Managing Director & CEO’s Joint Report The Company’s strong operating performance Pacific Rim, with our management team rating Allied Gold as one of the best in the 2012 financial year represents the culmination value targets, and located in a highly geologically attractive yet underexplored of a long period of focus on building capability region. Following a thorough due diligence process, the Company determined that across all the operating and support functions the acquisition of Allied Gold would be significantly value accretive for St Barbara of the Company. shareholders. The Company’s offer was announced on 29 June 2012, and the acquisition was completed on The combination of the Company’s 7 September 2012. strong operating performance and cash We remain confident that the Allied Gold generation, coupled with the recently operations will significantly improve in acquired Allied Gold Mining Plc (Allied performance and that these improvements Gold) long life gold projects and exciting will progressively be reflected in the development opportunities, provides Company’s share price. Moreover, the an outstanding platform for long term extensive, yet under-explored land growth as a leading mid tier ASX holdings along the highly prospective gold company. Pacific Rim, will be a key focus for exploration activities, with the objective Strategy to grow of adding further significant value. shareholder value Strong operating capability The Company’s Western Australian All three Western Australian gold operations at Leonora are profitable operations performed at, or above and generating strong cash flows. expectations for the year, including King For the 2012 financial year, a return on of the Hills in its first full year of operation. For personal use only shareholder funds of 26% was achieved. This has provided a solid foundation Strong performance is expected from for the Company to execute its stated the Gwalia mine for the foreseeable strategy of growth through the acquisition future. The majority of ore mined is from of value accretive, long life gold assets. the high grade South West Branch, which has a reserve grade estimated at 9.1 g/t The acquisition of Allied Gold is the Au. The mine is operating at its current culmination of a thorough two year design potential, with multiple working evaluation of gold assets in Australasia, faces established and significant South East Asia and the South Western underground infrastructure. 04 At Southern Cross Operations, the A focus on safety leadership in the The year ahead
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