St Barbara to separate Canada operations
Australia's St Barbara announced on Wednesday its intention to separate the Atlantic Gold Operations in Nova Scotia, Canada, from the broader company.
The decision, the ASX-listed miner said, followed a strategic portfolio review aimed at maximising shareholder value and aligning project development timelines.
The Atlantic Gold Operations comprise the 15-Mile, Beaver Dam, and Cochrane Hill projects, which collectively hold 1.4-million ounces in ore reserves and 2-million ounces in mineral resources. The assets also include the Touquoy processing plant, which is currently on care-and-maintenance.
St Barbara stated that the separation would allow Atlantic to attract capital specific to its operations and advance under a Canadian-listed company with local leadership. The company sees significant value in Atlantic’s resource base, production-ready infrastructure, and extensive exploration potential in Nova Scotia.
The review determined that the distinct risk-return characteristics of Atlantic’s projects would likely appeal to different investor groups.
St Barbara is evaluating multiple separation options, including a sale, vend-in, or demerger into a standalone Canadian-listed entity.
Following the separation, St Barbara would focus on its Papua New Guinea operations, particularly the Simberi gold operations and the development of the five-million-ounce Simberi sulphide expansion project.
MDand CEO Andrew Strelein commented said the separation was driven by the opportunity to unlock value for the Atlantic projects under a Canadian-listed structure with local leadership.
"Atlantic is a highly attractive and financially robust project and has the potential to be in production within 12 months from permitting approval. The separation of Atlantic enables St Barbara to focus solely on the Simberi sulphide expansion project," he explained.
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