We are initiating coverage on St Barbara (SBM) with a SPEC BUY rating and set a A$1.20 price target. SBM offers leverage to rising gold prices through its Simberi Oxide project in PNG, which is currently producing ~70kozpa at an AISC of +A$3,500/oz. The development of the Simberi Sulphides project should lift group gold production to over 200kozpa in the next four years. We see scope for SBM’s share price to re-rate as the development plan for the Simberi Sulphides project is de-risked
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