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Santa Barbara Secures $269.5 Million Investment from Lingbao Group
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Release time：2026-04-03
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The company reported a cash balance of AUD 504 million, excluding the initial AUD 26 million in cash held by its joint venture subsidiaries.
Santa Barbara has received AUD 389 million (USD 269.5 million) in investment from Lingbao Gold Group for the New Simberi gold mine project and has approved the Final Investment Decision (FID), working with Lingbao to advance project development. The company reported a cash balance of AUD 504 million, excluding an initial AUD 26 million cash position held by its joint-venture subsidiary. The construction cost for the New Simberi gold mine project is USD 333 million.
As of March 2026, Santa Barbara has spent approximately US$13 million on the project, including this amount. The company has secured full funding for its 50% share of the New Simberi gold mine development costs. Santa Barbara expects to realize approximately AUD 500 million in proceeds from this transaction, which will be recognized in its fiscal 2026 financial results and is not expected to incur any tax liability. The completion of another transaction with Kumul Mineral Holdings remains subject to regulatory approval by Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) and the National Executive Council (NEC). Santa Barbara anticipates that these approvals will be obtained shortly. Any delay in the Kumul transaction will not affect the Lingbao transaction or the final investment decision.
The New Simberi Gold Project is planned to expand the existing Simberi mining and processing operations to handle higher-grade sulfide ore reserves. Mining output is expected to increase to approximately 20 million tonnes per annum (mtpa), double the current level of 10 mtpa. The project aims to raise annual gold production to more than 200,000 ounces, with all-in sustaining costs projected in the range of US$1,100 to US$1,400 per ounce. Based on the current ore reserves, the mine life is estimated at 13 years, excluding any additional resource conversions or exploration targets. Macquarie Capital (Australia) is serving as Santa Barbara’s financial advisor, while Mallesons Solicitors is acting as its legal counsel. Andrew Stirling, Managing Director and CEO of Santa Barbara, stated: “Today’s completion of the Lingbao transaction and the approval of the final investment decision represent a significant milestone for Santa Barbara. The New Simberi Gold Project is a long-life, low-cost mine, with all development funding now secured, and upon completion it will deliver output exceeding 200,000 ounces per year.” “This transaction, together with the approval of the final investment decision, will substantially reduce the risks associated with project development and unlock long-term value for the company and its shareholders. The project will also deliver substantial benefits to local communities and other stakeholders in Papua New Guinea.” In August 2024, Santa Barbara sold its entire stake in Catalyst Metals, realizing A$25.2 million in cash proceeds.
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