News: SBM St Barbara Says Non-Cash Impairment Of Atlantic Operations Expected In FY21

Aug 20 (Reuters) - St Barbara Ltd (SBM) :

• NON-CASH IMPAIRMENT OF ATLANTIC OPERATIONS EXPECTED IN FY21-SBM.AX
• NON-CASH IMPAIRMENT RELATES TO ATLANTIC OPERATIONS
• COMPANY EXPECTS TO INCUR A NON-CASH IMPAIRMENT IN RANGE OF A$250 MILLION TO A$300 MILLION FOR YEAR FOR ATLANTIC OPERATIONS
• NON-CASH IMPAIRMENT EXPECTED TO REDUCE CARRYING VALUE OF ATLANTIC OPERATIONS TO ALIGN WITH CURRENT MARKET CONSENSUS ESTIMATES
• FIRST PRODUCTION FROM COCHRANE HILL NOW EXPECTED IN FY28
• IMPAIRMENT LARGELY RELATES TO DELAY IN COMMENCEMENT OF MINING DUE TO PERMITTING ISSUES
• MINING LICENCE APPROVAL PROCESS FOR BEAVER DAM UNDERWAY AND IS EXPECTED TO BE COMPLETED BY END OF Q3 MARCH FY22
• FIRST ORE IS EXPECTED TO BE DELIVERED FROM BEAVER DAM IN FIRST HALF OF FY24
• EIS FOR FIFTEEN MILE STREAM IS EXPECTED TO BE COMPLETED IN Q1 SEPTEMBER FY23
• FIRST PRODUCTION FOR FIFTEEN MILE STREAM EXPECTED TO BE PUSHED OUT FROM Q4 JUNE FY24 TO LATER IN FY25
• PROMOTED MERYL JONES TO PRESIDENT, AMERICAS
• EXPECTED THAT IMPACTS ON PERMITTING PROCESS FROM COVID-19 WILL REDUCE OVER COMING MONTHS