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Friday, 28th January 2005 (4737 views)

Mining and development firm Lihir Gold is predicting its 2005 results will be up by 27.2 per cent following positive December quarter results.<br/><br/>The firm has offered an overall production target of at least 700,000 ounces this year, although its previous target was set at 550,000, according to the National.<br/><br/>According to the company, production results this year will be influenced by mining at higher-grade sites at the Lienetz deposit, with each bench containing around 50,000 to 100,000 ounces of gold.<br/><br/>Results during the December quarter saw gold production of 166,975 ounces and gold recovery improved to 90 per cent.<br/><br/>Lihir managing director Neil Swan said: "We are pleased to report another strong production result for the quarter, achieving the forecast target for 2004 announced in March.<br/><br/>"This result includes significant recovery against production lost in the first quarter of 2004 with the strong finish putting the operation in good shape for 2005."<br/><br/>Further expansion work is planned for this year, an indication of average increased production.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7668776"/>

 

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