Shares in Australian gold producer and explorer St Barbara Ltd (ASX: SBM) are down 9.4% to $4.51 at the time of writing off the back of its quarterly report, handed down yesterday.
St Barbara’s report for its fourth quarter to June 30, 2018 seemed rosy – with record production, $344 million cash at bank and operations at its Simberi project extended until FY21.
Investors responded well to the report yesterday, with St Barbara shares finishing July 26 trade up 2.6% at $4.98, only to drop well into the red today.
So what’s behind the slump?
It’s hard to say for sure, but it might have something to do with investor concerns over St Barbara’s plans to add to its portfolio and its quarterly presentation indicating lower production is expected out of Gwalia with a solid rise in AISC from $802 in FY18 to $920 FY19 with the same theme of lower production and higher costs for Simberi.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.