Australia's St Barbara faces worst day in 34 years on PNG tax bill

St Barbara

23/12/2024 23:40

** Shares of Australia's St Barbara  SBM.AX  fall as much as
36.1% to A$0.195, set for worst trading session since 1990 - if
current losses hold
    ** Stock hits its lowest level since late June
    ** Gold miner says a huge tax bill has been delivered to it
by the Papua New Guinea government related to the firm's Simberi
operations
    ** Says tax bill of A$206.6 mln ($129.02 mln) was delivered
to unit Simberi Gold Company 
    ** Simberi Gold intends to lodge a formal and extensive
objection within the 60-day objection period
    ** Stock had risen 45.2% this year, as of last close 

($1 = 1.6013 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))