The Simberi gold mine in PNG's New Ireland province produced 13,291 ounces of gold in the fourth quarter of last year at a cash operating cost of 1,253 US dollars per ounce, according to the company's quarterly report released yesterday.
The National newspaper reports Simberi is a long-term development project, which is poised to increase production to approximately 75,000 ounces of gold in the financial year to June 2013.
The mine was developed by Allied Gold Mining PLC between 2004 and 2012, when it was acquired by St Barbara Ltd.
The company is hoping to eventually lift production to an estimated 100,000 ounces of gold per annum.
