St. Barbara Ltd. (OTCPK:STBMY) is gold miner based in Melbourne, Australia, which is facing a possible writedown and a stoppage in spending after a terrible performance of its Papua New Guinea and Solomon Islands gold mines in the most recent quarter.
Soaring production costs at Simberi and Gold Ridge mines during the quarter ending in June also generated questions as to whether or not the company should have acquired Allied Gold in 2012. The growing sense is the $556 million price tag was too high.
Since the last time St. Barbara surpassed the $12 per share mark on October 17, 2012, the share price has plunged to under $2 per share in June, and closed at $2.31 per...
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