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Friday, 31st October 2008 (1775 views)

Lihir Gold has revealed that its gold production rose by 42 per cent during the third quarter of 2008 to more than 250,000 ounces.

Compared with the previous quarter, the company reports that production rose sharply to 250,110 ounces as a result of increased output from each of its four producing assets.

The Lihir Island mine produced an impressive 216,371 ounces of gold over the quarter to September 2008 and average realised gold price rose to $847/ounce (£523/ounce), while total costs averaged $412.

Lihir Gold now predicts that it will meet its 2008 production target of 850,000 ounces of gold, delivering record output for the third year in a row.

Arthur Hood, Lihir Gold managing director, commented: "By the end of this year we will have four operating mines in three countries, producing gold at costs towards the lowest quartile of global gold producers."

Brisbane-based Lihir Gold, which has operations in Papua New Guinea and Australia, has stated that full year costs may be higher than expected as a result of growing cost pressures, though margins will remain strong.

 

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