Gold mine

 

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.

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

The party’s over: Splendour in the Grass festival cancelled for 2024

The party’s over: Splendour in the Grass festival cancelled for 2024

Splendour in the Grass, Australia’s largest winter music fest...