The Australian gold mining company St. Barbara Limited has entered into a final agreement with the Chinese Lingbao Gold Group on the sale of the remaining stake in the New Simberi gold project for $410 million. This is reported in the press release of St. Barbara.
Under the terms of the deal, St Barbara will sell the remaining stake in Tabar Islands Holdings Pty Ltd, which owns 100% of New Simberi shares and exploration licenses in Tabar Islands, while Lingbao will return the $30 million invested by St Barbara in the creation of the New Simberi joint venture.
Upon closing of the transaction, St. Barbara's core assets will include $880 million in cash, Processing Hub Project, Touquoy Restart Project, and royalty portfolio. From the point of view of St. Barbara management, the deal will allow the company to focus on the development of gold mining projects in Nova Scotia and the development of the Touquoy project.
The transaction is expected to be completed in the third quarter of 2027 after approval from shareholders and regulatory authorities. China and Papua New Guinea.
In December 2025, Lingbao Gold Group acquired 50% plus one share in St Barbara Mining Pty Ltd (SBML), a subsidiary of St Barbara Limited, which operates the Simberi mine.
Simberi Gold Company is a joint venture between China's Lingbao Gold Group and Australia's St Barbara to manage a gold mining project. New Simberi in Papua New Guinea. From 2026 to 2038, the mine will produce 2.2 million ounces of gold.
Lingbao Gold Group Company Ltd. is a Chinese state—owned gold mining company with headquarters in Lingbao, Henan Province.
St Barbara Limited is an Australian gold mining company with headquarters in Perth (Western Australia).
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