PNG's Lihir Gold announces big expansion in its gold resource

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Updated August 26, 2009 17:04:00

Lihir Gold has announced a substantial increase to its gold resource at its Lihir Island site, in Papua New Guinea, and a record underlying profit for the first half of 2009. In an announcement to the Australian Stock Exchange, this morning, the company reported an underlying profit of 154.9 million US dollars for the 6 months to June 30th - a 130% increase on the same period last year. While the underlying profit was strong, overall, the company made loss of 300 million US dollars - due to a one-off writedown in the value of its Ballarat assets in the lead up to the sale of that project due to be completed next year. Lihir Managing Director Arthur Hood told Jemima Garrett the profit result is very significant.

Presenter: Jemima Garrett
Speaker: Lihir Managing Director Arthur Hood

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