Lihir Gold Joins the 1 Million Ounce Club
Expecting to Produce 1.3 Million Ounces by 2012
Mid-tier gold producer Lihir Gold (NASDAQ: LIHR) wrapped up a fourth consecutive year of record gold output in 2009, with production exceeding one million ounces for the first time in the company’s history.
The company reported production of 1.12 million ounces of gold at a total cash cost of $397 per ounce last year — up 27% from the previous year.
In 2010, Lihir is forecasting slightly lower gold production. The company expects to produce between 960,000 and 1.06 million ounces this year from its three producing operations in Papua New Guinea, West Africa, and Australia.
Going forward, Lihir expects to ramp up gold production to 1.3 million ounces in 2012 as expansion projects boost output at Lihir Island and Bonikro.
Editor, Wealth Daily
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