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Positioned to Drive Value ANNUAL REPORT 2010 Leonora

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Positioned to Drive Value ANNUAL REPORT 2010 Leonora Positioned to drive value ANNUAL REPORT 2010 Leonora Southern Cross OPERATIONS The Gwalia mine at Leonora in Western Australia is the Company’s cornerstone asset, with 1.8 million ounces of gold in reserves and an indicative mine life in excess of nine years. Operations at Southern Cross in Western Australia are based around the Marvel Loch Underground mine and treatment plant. CONTENTS Chairman and Chief Executive Offi cer’s report 2 Chief Financial Offi cer’s review 8 Operations report 9 Discovery and Growth 14 Environment, safety and social responsibility 16 Board of Directors 18 Executives 20 Corporate Governance 21 Ore Reserves and Mineral Resources Statements 25 St Barbara Limited ABN 36 009 165 066 Leonora Processing Plant The fi rst year of our three year strategy to deliver value has been successful. Since 2009, St Barbara has focused on rejuvenating its operations, reviewing its organisational and performance capability and strengthening its fi nancial position. With these elements of the strategy almost complete, it is now time to transition to the next phase. With our established platform and strategy for growth, we are targeting an annual production rate of 500,000 ounces of gold by 2014. Achieving this target is a threshold point for recognition as an international scale gold producer. www.stbarbara.com.au – Annual Report 2010 :: 1 CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S REPORT Positioned to drive value FINANCIAL YEAR 2010 WAS A YEAR OF GETTING OUR HOUSE IN ORDER AND ESTABLISHING SOLID FOUNDATIONS FOR GROWTH. A year of transformation and performance delivery The Company has undergone a comprehensive transformation to strengthen its fi nancial and operational capabilities. We have delivered to guidance for the past Colin Wise Chairman (L) fi ve consecutive quarters, have a strong balance sheet, Tim Lehany have confi rmed a clear growth profi le for Leonora Managing Director & CEO (R) Operations, and now have the capability to actively pursue value accretive growth opportunities. The recently announced 195,000 ounce net increase in Operating reliability established Gwalia’s Probable Ore Reserves to 1.83 million ounces will The successful implementation of business improvement underpin a future mine life of at least nine years, and programs, strengthening of operational capabilities and potentially more. improved planning systems delivered reliable performance for each of the Leonora and Southern Cross Operations During the year the Company announced the approval of in Western Australia. Consolidated production for the the King of the Hills gold project at Leonora. This project year ending 30 June 2010 was 231,000 ounces of gold. is expected to commence production in June 2011, produce Cash operating costs for each site were within guidance. approximately 55,000 to 60,000 ounces of gold per annum for fi ve to six years, and will provide an ore source to utilise Leonora Operations growing and expanding fully available milling capacity in the Gwalia treatment The Gwalia mine at Leonora is the Company’s cornerstone plant. Potential exists to further extend the mine life. asset and continues to provide opportunities for further growth. New mining areas have been identifi ed, Ore Marvel Loch Mine generating positive cash fl ows Reserves and mine life have increased net of depletion, and The Marvel Loch Mine at Southern Cross continues to there is an expectation of increasing Ore Reserves at depth. generate positive cash fl ows, and is expected to continue to do so until at least April 2012. We are working to extend This long life, high margin gold mine will generate the life of mine beyond this date, and establish additional signifi cant long term cash fl ows and fund St Barbara’s regional production opportunities. future growth. 2 Strengthening organisational capability and A comprehensive evaluation has been undertaken of developing shared values gold projects in Australia and in south east Asia; each with A major development program involving St Barbara’s the potential to produce at least 100,000 ounces of gold employees at every level and location has been per annum. undertaken, to address gaps in the Company’s business Revitalising the exploration strategy processes and bolster overall business capability. St Barbara’s new Discovery and Growth team is Two senior executive appointments were made during responsible for facilitating growth through successful the year. David Rose, appointed as Chief Operating Offi cer exploration and evaluation of potential acquisition in September 2009, has extensive mining experience opportunities. An annual minimum expenditure of across a diverse range of mineral commodities. Phil Uttley, $15 million is committed for this work for each of the appointed as Executive General Manager Discovery next three years. Additional funds are available to drill and Growth in September 2009, has extensive global out discoveries. experience in gold exploration and a successful During the year the Company’s land holdings were discovery track record. assessed for their potential economic exploration value. A Leadership Development Program covering all aspects Non-core areas have now been divested, with the of the Company’s operations was conducted during the Company retaining approximately 6,000km2 of priority year to set a very clear expectation of how we will conduct tenements. Conceptual targets have been identifi ed and our business to ensure success. This program, together drilling programs are planned or underway in the 2011 with key appointments to strategic roles, has signifi cantly fi scal year on ten prospects Australia-wide. strengthened St Barbara’s organisational capability. Focusing on the safety of our workforce Strengthening the Balance Sheet At the core of St Barbara values is our commitment to St Barbara is now in a strong fi nancial position. the safety of everyone in our workplaces. During the year Convertible Notes with a face value $100 million have to 30 June 2010, the 12 month rolling Total Recordable been repurchased or redeemed. At 30 June 2010, the Injury Frequency Rate reduced from 14.8 to 11.1. Company had $102.2 million in available cash, and Although the Company is performing well relative borrowings of $15.9 million. to the safety statistics of the Western Australian minerals Creating a strong and long-lasting industry, we believe we can do better and have set competitive position ourselves an ambitious injury reduction target in FY11. St Barbara is now well placed to prosper, as we move A senior and experienced safety professional has been into the growth phase of our Strategy, to drive operational appointed to the Group Health and Safety role. A number excellence and accelerate growth opportunities. of initiatives designed to improve safety awareness are Leonora Operations, with gold production from Gwalia gaining traction with employees and contractors alike. and King of the Hills, is expected to deliver 240,000 to All levels of the Company are committed to striving 270,000 ounces of gold per annum commencing in FY12. to further improve the Company’s safety performance. Our strategic target is to achieve an annual production rate Engaging with the community of 500,000 ounces of gold per annum by calendar year 2014. The Company continues to engage with Government Southern Cross Operations is expected to cease production at all levels. Local councils are actively consulted on topical in April FY12 unless additional reserves can be identifi ed community issues as well as new projects. The Company soon. As a consequence and in order to achieve our contributes funds and resources for local community events. strategic target, additional sources of gold production will need to be acquired or developed. We are therefore The Company is an active member of industry considering the acquisition of one or more value accretive associations, including the Western Australia Chamber advanced exploration and/or gold production projects of Minerals and Energy, Melbourne Mining Club and to achieve the 2014 production rate target. Minerals Council of Australia. We are continuing to develop our relationships with indigenous groups with land interests in the areas where we operate. www.stbarbara.com.au – Annual Report 2010 :: 3 CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S REPORT continued International investor concerns about mining taxes St Barbara – Market capitalisation ($ Million) Australia is now viewed internationally as a country with A$m a relatively high cost of discovery and regulatory compliance. 800 St Barbara fully supported mining industry actions to 600 UP 97%* improve public awareness of the consequences of the 400 Federal Government's then proposed Resource Super Profi ts Tax. 200 0 While the Minerals Resources Rent Tax proposed before the 30 June 2009 30 June 2010 recent Federal Government election will not apply to gold *$120 million capital raising completed in December 2009 production, the Company is aware that the international investment community remains concerned about excessive Acknowledging efforts and achievements taxing by governments in Australia. All at St Barbara have worked hard to steer the Company Although international institutional investors in the through the transformation processes of the past year Australian gold sector have many other global gold to deliver positive operational results. investment opportunities available to consider, St Barbara Much has been achieved in the past twelve months. has managed to retain strong institutional support. There is more work to
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