Lingbao Transaction Conditions Precedent Satisfied
| Stock | ST Barbara Ltd (SBM.ASX) |
|---|---|
| Release Time | 26 Mar 2026, 8:11 a.m. |
| Price Sensitive | Yes |
St Barbara Completes Lingbao Transaction
- All conditions precedent satisfied for Lingbao's 50% investment in New Simberi Gold Project
- Completion targeted for April 1, 2026
- Anticipated A$0.5 billion gain on sale (unaudited)
St Barbara Limited (ASX:SBM) has announced that all conditions precedent have been satisfied or waived in relation to the transaction announced on 10 December 2025 with the Lingbao Gold Group's ('Lingbao') investment in the New Simberi Gold Project. The final outstanding conditions precedent regarding the Initial Life of Mine Plan, the Construction Work Program and Budget for the New Simberi Gold Project, and the finalisation of agreements with Kumul Mineral Holdings Limited ('Kumul') have now been satisfied. Accordingly, Lingbao and St Barbara are targeting completion of the Lingbao transaction ('Lingbao Completion') on 1 April 2026. Lingbao and St Barbara have also committed to making a Final Investment Decision on the New Simberi Gold Project at Completion. Good progress has also been made with the satisfaction of conditions precedent for the transaction with Kumul, with only two remaining PNG government approvals required. Completion of the Kumul transaction is also targeted for 1 April 2026, although any delay with the approvals will not impact the timing of the Lingbao Completion. The St Barbara Group anticipates recording a gain on sale of approximately A$0.5 Billion (unaudited) upon the Lingbao Completion. Lingbao is acquiring its 50% interest in the New Simberi Gold Project for A$370 million, which will be received by St Barbara in cash upon Lingbao Completion. The retention of the equivalent interest by St Barbara realises a total value of at least A$740 million from the transaction and deconsolidation of the Simberi subsidiaries, approximately A$0.5 billion more than the Group's expected carrying value for the Simberi business unit immediately prior to Lingbao Completion.
The St Barbara Group anticipates recording a gain on sale of approximately A$0.5 Billion (unaudited) upon the Lingbao Completion.
Lingbao and St Barbara have committed to making a Final Investment Decision on the New Simberi Gold Project at Completion, which is targeted for April 1, 2026.