St Barbara downgraded its overall gold production forecast for the year by close to 8 per cent on Tuesday to between 260,000 and 290,000 ounces, with the bulk of that downgrade due to shortfalls at the company’s flagship Gwalia mine near Leonora.
“It has become evident the full year target of 1.1 million tonnes of ore out of Gwalia cannot be achieved in FY23 [financial year 2023]. In September, St Barbara said it expected to spend between $95 million and $120 million on growth projects in the year to June 2023, but on Tuesday that spend was downgraded to between $53 million and $70 million.
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