St Barbara tax reassessment paves way for Simberi lease extension
ASX-listed St Barbara on Monday said Papua New Guinea’s (PNG’s) Internal Revenue Commission (IRC) would revoke tax assessments issued in December 2024 and reissue revised reassessments as early as September 19, clearing a path for the renewal of the Simberi mining lease.
The IRC decision follows the Mining Advisory Committee’s recommendation last month that the Minister of Mining grant an extension of the Simberi mining lease (ML 136) until 2038. The Minister, Rainbo Paita, has received the formal extension documentation and briefing materials from the Mineral Resources Authority.
However, in a letter and media release, the Minister urged the company to regularise its outstanding tax matters before the lease renewal could proceed.
St Barbara and its subsidiary Simberi Gold Company said they were aligned with the Minister’s comments and confirmed that all tax obligations had been met. The group said it welcomed the revised reassessments and remained committed to resolving the matter with the IRC.
“Once these reassessments are clarified and the tax matters are regularised, then the mining lease extension could proceed,” St Barbara MD and CEO Andrew Strelein said after discussions with the Minister.
Simberi has been operated by St Barbara since 2012, with more than 90% of the workforce made up of Papua New Guinea nationals. The mine has contributed royalties and other benefits to the country under strict governance standards.
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