Lihir Gold

Lihir Gold Limited operates as an international public company, headquartered in Port Moresby, Papua New Guinea. The company is engaged in the exploration, construction and development of gold mining sites. The annual profit of Lihir Gold stood at $184.9 million in 2008.

Lihir Gold was established in Papua New Guinea in 1995. During the same year, the company completed the construction of the Lihir mine and a corresponding processing facility. The merger with the gold explorer Ballarat Goldfields took place in 2007. Lihir Gold purchased the Ballarat mine for $ 350 million. This operation is expected to increase the total production of Lihir Gold to 1 million ounces of gold. In 2008, the company merged with the gold miner Equigold NL which operated the Mt Rawdon site in Queensland. At present, Lihir Gold is processing considerable quantities of gold at the Mt Rawdon and the Bonikro site in Papua New Guinea.

The company operates five mining sites in Australia, Cot d`Ivoire, and Papua New Guinea. Feasibility studies at the Ballarat mine in Victoria have demonstrated that the site has inferred resources of 1.5 million gold ounces. In Southeast Queensland, the Mt Rawdon mine produces between 0.09 and 0.1 million ounces of gold per year. Operated jointly, the Kirkalocka site in the Murchison region currently produces just 9.4 thousand ounces of gold for Lihir Gold. Northwest of Abidjan in Cot d`Ivoire, the open pit Bonikro is expected to produce about 0.12 million ounces of gold per year. The company is currently exploring various sites in Cot d`Ivoire such as the Dougbafla East Prospect and the Kokoumbo site. In Papua New Guinea, the Lihir Island open pit is the major mining operation of the company. The mine is producing 0.77 million ounces of gold per year. The expansion of the processing plant is expected to boost the production to 1 million ounces of gold by 2012.

The shares of Lihir Gold are listed under the symbol LGL at the Australian Stock Exchange. The company is a Tier I gold miner.



Copyright © GoldShares.org 2014 All rights reserved.