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2009 Annual Report

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2009 Annual Report ANNUAL REPORT 2009 St Barbara Logo Limited CMYK Horizontal Format CMYK Preferred reproduction Red on white/light background Original file format: Illustration CS3 Studio Periscope 2009 All Rights Reserved BRINGING VALUE TO THE SURFACE Vision statement To be a successful and growing Australian gold company. Our foundations are underpinned by: • Safe production • Environmental sustainability • Beneficial relations with the communities to which we belong • Respect for the rights and aspirations of our people • Ethical business dealings Successful and growing means: • Superior shareholder returns CONTENTS • Reliably delivering on promises 2 Highlights for Fiscal Year 2009 • Continuous improvement and innovation 3 Chairman’s Report • Long-life, high margin assets 4 CEO’s Report • A tangible growth profile 6 Operations • Risks being always well managed 10 Exploration • Safe, capable and committed workforce 12 Environment, Safety and Social Responsibility Values statement 14 Ore Reserves & Mineral • we act with honesty and integrity Resources Statements 16 Finance • we treat people with respect 19 Executive Leadership Team • we work together 20 Corporate Governance • we deliver to promise 23 Financial Report • we strive to do better 101 Shareholder Information St Barbara Limited ABN 36 009 165 066 ST BARBARA St Barbara has established foundations to be a successful Australian gold company: • Focussing on superior shareholder returns • Embedding a culture that delivers reliably on promises • Currently two gold production operations producing in aggregate over 200,000 ounces per annum • Resources of 9.4 million ounces, Reserves of 2.6 million ounces • Tangible growth profile with projects under evaluation • Large land bank with significant exploration potential • A focus on establishing long-life, high margin assets • Aspiring to grow to a mid-tier company with annual production of over 500,000 ounces of gold from three operations by 2014 • Having a safe, capable and committed workforce stbarbara.com.au – Annual Report 2009: 1 HIG HLIGHTS FOR FISCAL YEAR 2009 PRODUCTION • Produced 238,900 ounces (oz) gold; 52% higher than 2008 • Successfully commissioned the high grade, long life Gwalia mine in October 2008 and produced 62,272 oz • Marvel Loch Underground produced a record 1 million tonnes of ore • Operational performance and reliability improving • Generated an EBITDA of $52.4 million (excluding Significant Items) EXPLORATION • Tested for high grade resources at Southern Cross • Developed new targets at Leonora and Southern Cross STRATEGIC • Completed strategic review and three year plan • Strengthened the culture of Company personnel • Started a number of cost reduction programs • Improved energy and water efficiency • Developed environmental management systems OBJECTIVES FOR 2010 • Reliably deliver the forecast gold production range of 205,000 to 240,000 oz • Drive the development of Gwalia to the deeper, higher grade areas of the mine • Reduce cash operating costs to within or below the range of $745 to $820/oz • Continue the improvement in safety performance • Strengthen the Company’s financial position 52% I NCREASE IN PRODUCTION OF GOLD FROM 2008 2 ChaIRMAN’S REPORT Spot Gold Price January 09 – August 09 US$/oz A$/oz 1000 1600 980 1550 960 1500 940 1450 920 1400 900 1350 880 1300 860 1250 840 1200 820 1150 800 1100 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Source: IRESS US$ Gold A$ Gold The highlight of the year was the An investment bank was engaged to Tim and his executive leadership successful commissioning of the Gwalia negotiate with a number of the larger team recently completed an extensive Gold Mine at Leonora in W.A., in note holders to ascertain if the put strategic review, which has been fully October 2008. This was a significant option might be waived or removed. endorsed by the Board. The new three milestone in the development of The terms identified would have year plan, while adopting a lower St Barbara as a mid-tier Australian required a significant transfer of value production profile than investors may gold producer and represented the from shareholders to note holders, and have been anticipating, is robust and culmination of over four years of the Board decided not to pursue such deliverable, and provides an excellent planning and development. Gwalia is an outcome. platform for growth under Tim’s our cornerstone asset with a mine life leadership. The establishment in August this year exceeding nine years and high grade of a $50 million equity line standby July 2009 marked the fifth anniversary mineralisation below the current facility provides a source of additional of Ed Eshuys and I joining the St Barbara reserves, which remain open at depth. cash if required, to support the potential Board. At the time, the Company’s The recent global financial crisis early redemption of the notes. The market capitalisation was just $32 million. triggered a dramatic fall in world equity Company now has more time to better Ed’s vision for the Company, and markets after sustained growth for evaluate and negotiate other longer especially his driving the decision to many years. While it is pleasing to see term funding sources. buy the Sons of Gwalia gold assets in some stability returning to the markets, March 2005 and develop the Gwalia St Barbara endorses the Western local debt markets remain hesitant to mine have been transformational. Australian Government’s decision lend to emerging resources companies. to defer plans to significantly increase On behalf of the Board, I express Trying to establish an adequate working environmental bond rehabilitation appreciation to all employees and the capital facility during the past year rates for mining tenements in W.A. management team for their loyalty and was an onerous task. The increase would have created hard work during what has been a The US dollar gold price also fluctuated additional financial pressures for difficult year. significantly throughout the year in St Barbara and most small to mid-cap I thank all shareholders for their patience conjunction with high volatility in the resources companies, at a crucial time and support during a year of overall Australian/US dollar exchange rate. in tight financial circumstances. disappointing share price performance. The Australian dollar gold price is critical Last March, Tim Lehany was installed as As a sizable shareholder myself, for St Barbara. We are an Australian the new Managing Director and CEO of I look forward to the future with producer and all our gold sales are in St Barbara, following the Board’s review renewed confidence. Australian dollars. in 2008 of its succession planning The Company’s convertible notes and strategy. Tim brings to St Barbara many our fluctuating share price have been years of experience and expertise in under close review over the past year. hard rock underground mining. He The put option available to note holders has already introduced improvements on 4 June 2010 allows them to redeem to the Company’s operating systems their notes on that day, ahead of the and procedures which are now enabling CL EO IN WIS CH AIRMAN scheduled maturity date on 4 June 2012. us to deliver in line with forecast production guidance. 23 September 2009 stbarbara.com.au – Annual Report 2009: 3 CRPEO’S E ORT The 2010 fiscal Introduction Stage one will run through fiscal year I am delighted to have been appointed 2010, and will focus on: year will focus on Managing Director and CEO of • Accelerating the development of improving operational St Barbara Limited. the Gwalia mine to access richer and The Company is now a significant wider parts of the deposit at depth; capabilities, reinvesting Australian gold producer with solid • Improving operating performance operating cash flows foundations for growth with: through an overhaul of operating systems and processes; to drive the Gwalia • Good operating assets; • Resources and Reserves to underpin • Maintaining the Company’s core decline deeper, our plans; and exploration capability and land bank; and progressing • A prospective land bank with real • Divestment of non-core assets; and organic growth potential. • Continuing to assess value accretive opportunities to grow growth opportunities. The Gwalia mine at Leonora, W.A., gold production with is the Company’s cornerstone asset. Stage two commences post fiscal year It is a high quality operation that will 2010, during which the Company will: a lower cost profile. underpin long term cash flows for • Leverage strong cash flows generated the Company. in fiscal years 2011 and 2012 to Strategy pursue growth with the target of becoming a strong mid-tier gold We have completed a comprehensive producer operating a number of operational and strategic review of high margin mines; and St Barbara’s operations, asset portfolio, organisational capability and financial • maintain a strong emphasis on organic requirements. growth through exploration. A key outcome of the review is a The Gwalia mine reaches scheduled full much stronger emphasis on lower-cost, production rates in fiscal year 2012 when higher-margin gold production. A solid wider parts of the deposit are accessed Three Year Plan based substantially on at depth and the head grade lifts to reserves underpins our new strategy. 11g/t. Achieving full production at Gwalia will help re-position St Barbara as a lower We will continue to build on our cost gold producer. key strengths: St Barbara’s foundations for growth • The high grade, long term Gwalia will be strengthened by improved mine at Leonora which is open at operational capability and growing depth; cash flows, placing the Company in • Two years of reserves at the Marvel a position to pursue growth through Loch Underground mine at Southern corporate activity and, in the longer Cross and the expectation for further term, through exploration success. conversion of resources to reserves; The Company now has an aspirational • Operating expertise in all aspects strategic target of reaching an annual of gold mine development and production rate of over 500,000 production, particularly underground ounces of gold per annum from mining; three operations by 2014.
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