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2005 Annual Report

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2005 Annual Report 1 annual report 2 0 0 5 St Barbara Mines Limited St Barbara’s key features are: • Extensive Landbank • Mineral Resources of 9.3Moz • Strong Shareholder Support • Quality Management & Staff • Financial Strength • Robust Operations 2 Table of Contents Chairman’s Review. .2 Managing Director’s Review . .3 Exploration Review . .6 Reserves & Resources Statement . 10 Operations Review. 12 Heath, Safety & Environmental Review . 14 Finance Review . 16 Corporate Governance Review . 18 Directors’ Report. 22 Declaration of Auditor Independence. 36 Statements of Financial Performance for the year ended 30 June 2005 . 38 Statements of Financial Position as at 30 June 2005 . 39 Statements of Cashflows for the year ended 30 June 2005 . 40 Notes to the Financial Statements for the year ended 30 June 2005 . 41 Directors’ Declaration . 72 Independent Audit Report to the Members . 73 Statement of Shareholders as at 19 September 2005 . 75 Shareholder Information as at 19 September 2005 . 76 Corporate Directory . 81 Chairman’s Review During the year ending 30 June 2005 the Company • An increase in the gold price and more favourable was rescued from a diffi cult fi nancial situation and operating conditions at the purchased mines. This re-emerged as a signifi cant exploration and gold allowed the Company to generate higher than forecast production company, with a sound basis for optimism gold production at a lower than forecast cost. about the immediate and long-term future. The future is exciting for the ‘new’ St Barbara, with drilling There were a number of signifi cant achievements during to extend the existing mineral inventory base underway the year: at four locations - Marvel Loch, Tarmoola, Gwalia Deeps and Meekatharra, the construction of a new open pit mine • An increase in gold sales from 40,000oz in 2003/04, to at Hercules near Marvel Loch, and exploration drilling for 84,000 ounces; nickel at Sullivans, near Leonora, due to commence next • A substantial increase in announced Company resources month. from 825,000 ounces to 9.4 million ounces; • A substantial increase in the Company’s landholdings The Company is well placed to continue its growth in the 2 2 from 2,000km to 15,000km ; coming years. • A dramatic improvement in the cash at bank position from $1,000 plus $3 million cash backing of bonds at The collective experience and expertise at Board level the end of the 2004 year, to $16 million cash at bank and within the management team will be drawn on to seek plus $12 million cash backing of bonds, one year later; to continue to increase shareholder wealth, especially as • Exploration expenditure of $3.9 million at Meekatharra other opportunities (such as the acquisition of the Sons of and at various locations previously owned by the Sons Gwalia gold assets) become available. of Gwalia Ltd Gold Division; and All at St Barbara look forward to the future with excitement • An increase in the share price from 4.8 cents on and anticipation. 30 June 2004 to 10.5 cents on 30 June 2005. These outstanding achievements are attributable to four key factors: • The fi nancial support of the Company’s largest Colin Wise shareholder, Resource Capital Fund II LP following the Chairman shareholders voting to appoint Ed Eshuys and myself as directors of the Company on 20 July 2004; • The hard work and technical and commercial prowess 30 September 2005 of Ed Eshuys and his management team; • The Company’s purchase in March 2005 of the assets owned by Sons of Gwalia Ltd’s Gold Division; and Left to right | Richard Knight, Mark Wheatley (sitting), Ross Kennedy, Colin Wise, Hank Tuten, Eduard Eshuys Managing Director’s Review The prime objective at the beginning of the year was to Having established a more secure financial footing for the re-establish the integrity and credibility of the Company Company, the job ahead is to: with its shareholders, investors, employees, consultants, • Extend the mine life of the Southern Cross operations contractors and suppliers and the communities in which beyond June 2006 and further explore the region; the Company was operating. • Seek to establish a mining inventory at Tarmoola and Gwalia Deeps with a production commencement target For this to occur it became clear that to start the process of the December 2007 quarter; the Company’s 54.8% interest in NuStar Mining Corporation • Evaluate the possibility of recommencing gold Limited (“NuStar”) and the 5% royalty over NuStar’s production at Meekatharra; Paulsens gold deposits needed to be sold to refinance • Explore for nickel sulphides particularly in the Leonora the Company and to repay the substantial debts which and Southern Cross regions; and had been previously incurred. The sale of our interest in • Identify and seek to acquire other opportunities. NuStar occurred in several stages during November 2004 through to February 2005 and resulted in the Company Gold production at Southern Cross for the 2006 year is on becoming debt free. target to achieve our forecast of 150,000 ounces at a cash cost of $415 per ounce. During this time, the gold division of Sons of Gwalia Ltd (Administrators Appointed) (“SGWGD”) became available Drilling of the high grade shoots at Marvel Loch to define for possible acquisition. In conjunction with expert a mining inventory down to a vertical depth of 500 metres consultants a comprehensive and disciplined assessment below the surface is underway. Earlier drilling has already of the assets was undertaken. The thoroughness of our established that the gold mineralisation extends to that preparation together with the financial support of our depth but is of insufficient density to outline reserves. To largest shareholder Resource Capital Funds enabled the extend the mine life beyond June 2006 it is the conceptual Company to bid for the assets and successfully close the aim to define at least 1.2 million tonnes at 6.0g/t for purchase in a short period of time. 230,000 ounces from within the current indicated and inferred resources of 4.2 million tonnes at 4.5g/t of gold The purchase of the SGWGD assets enabled the Company for 610,000 ounces. The reported drilling results since to re-establish itself as a gold producer and provides the July 2005 suggest this is achievable. Production to support opportunity to explore the well endowed Southern Cross, the Marvel Loch underground operation is projected to be Leonora and South Laverton areas of the Eastern Goldfields, sourced from open pit mining at Hercules. The Company which will complement the Company’s long held home will also seek to reopen Yilgarn Star and pursue discoveries base at Meekatharra in the Murchison Goldfields. on the basis of the comprehensive geological reassessment that has been completed of the Southern Cross region. Cashflow from the operations at Southern Cross, the sale of surplus assets and the planned divestment of non-core The famous Sons of Gwalia Mine which has historically land holdings will support the planned corporate and produced 5 million ounces to a depth of 1,075 metres and exploration activities of the Company in the year ahead. the well known Tarmoola Mine (35 kilometres to the north 3 Managing Director’s Review continued Eduard Eshuys Ross Kennedy George Viska Managing Director & CEO Company Secretary & CFO GM Commercial of Leonora) which has historically produced 1.7 million is a very favourable location in the Eastern Goldfields for ounces still have resources of 7.2 million tonnes at 7.3g/t hosting substantial mineral deposits. of gold for 1.7 million ounces and 56 million tonnes at 1.2g/t of gold for 2.2 million ounces respectively for a The Tarmoola pit is two kilometres long and up to total of 3.9 million ounces. This is a substantial inventory 250 metres deep. A wall failure on the northern side of particularly with a rising gold price. the pit in February 2004 ultimately led to the closure of Tarmoola in September 2004. The current drilling is Deep drilling is underway at Gwalia to complete the drilling focusing on the western and south western flanks of the pit conducted during 2001 to seek to improve the status of where, previous drilling had intersected gold associated the current inferred resources to indicated resources. with fractures in the granite. The geology of the Gwalia gold mineralisation is well Resource modeling is now in progress and for the first time is understood as a result of the mining activity extending treating the entire Tarmoola deposit as one, rather than as over more than 100 years. previously consisting of nine separate components. The Gwalia Deeps inferred resources starts at a vertical The Company’s objective is to develop a mining inventory depth of 1,100 metres; thus a number of other issues from Gwalia Deeps and Tarmoola that can produce initially need to be addressed in conjunction with drilling. A Task 250,000 ounces per year commencing in the December Force of geologists, resource modelers, mining engineers, 2007 quarter, and 400,000 ounces per year when fully metallurgists and geotechnical specialists has been developed by 2011. established to address the geology, geotechnical, mine planning, hydrology, metallurgy and project development A separate Task Force to assess all aspects of the schedules with the objective of defining a mining inventory potential future redevelopment of Tarmoola has also been by March 2006, and a timetable for future development. established with the objective of outlining a reserve by March 2006 and a timetable for future development. Gwalia Deeps ore in concept would be processed at Tarmoola and be blended with the ore from Tarmoola. Successful drilling at Paddys Flat and Reedys, Meekatharra has resulted in an increase in 100% owned resources to Modern day mining at Tarmoola produced 1.7 million 1.6 million ounces.
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