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St Barbara's shares drop after Gwalia's FY'20 gold output guidance slashed

St Barbara Ltd.'s shares dropped over 8% in late afternoon ASX trade after the company announced cuts to its gold production guidance for fiscal 2020.

The company expects its Gwalia mine in Western Australia to produce between 175,000 and 190,000 ounces in the full year, down from 200,000 to 210,000 ounces previously. It also flagged higher all-in sustaining costs at Gwalia, forecasting a range of A$1,390 per ounce to A$1,450/oz, compared to A$1,230/oz to A$1,290/oz previously, while increasing sustaining capital and growth capital expenditure guidance for the mine.

The company said Oct. 18 that construction and raiseboring program at the Gwalia extension project was competing for constrained ventilation with scheduled production and development activities.

Development and production at Gwalia would be able to increase in the March quarter of 2020 when the extension project almost doubles the underground ventilation.

Providing guidance on the recently acquired Atlantic Gold operations in Canada for the first time, St Barbara expects it to produce 95,000 to 105,000 ounces in the full year, at all-in sustaining costs of A$900/oz to A$955/oz.

Sustaining capex at Atlantic Gold is expected to range from A$13 million to A$17 million, and exploration costs of A$11 million to A$13 million.

The company maintained the production forecast for its Simberi mine in Papua New Guinea at 110,000 to 125,000 ounces at all-in sustaining costs of A$1,285/oz to A$1,450/oz.

St Barbara's consolidated gold production in the first quarter of fiscal 2020 slumped to 87,569 ounces, from a revised 109,145 ounces, due to an ongoing management of activities being undertaken at the Gwalia mine.