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Wednesday, 23rd November 2005 (3936 views)

One of the largest gold producers in the Asia Pacific region is set to relocate its head office to Brisbane, Australia, it has been announced.

Lihir Gold produces more than 600,000 ounces of gold a year and has an estimated 21 million ounces in reserve.

The Papua New Guinea company has a share market capitalisation of more than £1.4 billion, and will be in the top three of Queensland's largest listed companies when it relocates in the near future.

Deputy premier, Anna Bligh, said that "the government saw an opportunity to really progress the industry because we were confident that we had the skills base, technology and cost effective business environment to transform Queensland into the Asia Pacific mining support services hub that it now is."

A landslide at the company's mine on Lihir Island earlier this year cut gold production by an estimated 100,000 ounces.

 

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