Based in Papua New Guinea and its famous Lihir gold mine, the Lihir Gold Company
is a public company primarily focused on gold mining
and the associated development and exploration of gold related projects. Currently the company has mining projects located in Papua New Guinea, West Africa and Australia. The company’s shares are listed on several stock exchanges including the Australian Securities Exchange
, the NASDAQ Stock Exchange
, the Port Moresby Stock Exchange in Papua New Guinea, and the Toronto Stock Exchange in Canada.
Going by 2008 data Lihir Gold has around 25 million ounces in gold
reserves. In 2008 alone they produced over 880,000 ounces, with forecasts of over 1 million ounces by the end of 2009. They predict 770,000 to 840,000 ounces will come from Lihir Island, 130,000 to 160,000 ounces will be produced by the Bonikro mine, 90,000 to100,000 ounces will be output from Mt Rawdon, and 50,000 to 100,000 ounces will be produced from Ballarat. This is assuming current levels of output will continue at the same rate.
Lihir Gold’s main mining project is one of the biggest gold mines in the world, along with top industry processing facilities. The mine is situated on the island of Lihir, in Papua New Guinea. It also has three mines in Australia and two on the Ivory Coast in Africa. Currently Lahir is creating an underground processing plant and mine pit in Australia, at the historic Ballarat gold mining center, near Melbourne.
In the Summer of 2008, Lihir finished merging with Equigold NL, a medium sized gold producer out of Perth, Australia. This expanded their operations in to the Mount Rawdon and Kirkalocka mines, giving them a larger market share in Australia. On top of this they are expanding their majority Bonikro deposit holdings, situated in Ivory Coast in West Africa, giving them a much wider area for gold exploration.
Lihir Gold’s current corporate structure places Dr. Ross Garnaut as the chairman and independent director, with seven more directors on the board. The company currently promotes a “rigorous” safety management program to ensure the best practices for employees and nearby communities.
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