Gold mine

Written on the 13 May 2009

 

LIHIR Gold has increased its gold production levels for the third successive quarter, with 318,000 ounces compared to 315,000 ounces in December.
Managing director Arthur Hood says the result has taken Lihir’s gold production levels past one million ounces for the last 12 months and he predicts full year 2009 production to be between 1.04 million and 1.2 million ounces.
“Overall the company is in very good shape to continue to grow its asset base and I look forward to reporting further good progress during the year,” says Hood.
He points to encouraging results from the company’s exploration activities in Côte d’Ivoire. New opportunities have been unearthed for the company with the potential expansion of its Bonikro process plant.
The million ounce plant upgrade at Lihir Island is on schedule and budget, with a feasibility study for a power project expected to be completed mid-year.
“Overall, the strong first quarter performance of the LGL group is the culmination of operational improvements implemented at Lihir Island together with the initial benefits from the diversification and growth strategy put in place over the past two years.”
A number of factors including lower industry cost pressures, weaker oil prices and a softer Australian dollar have contributed to lower costs for Lihir, with unit costs forecast to remain below $400
per ounce.

Latest News

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter