Lihir Gold (LGL)

Shares / Stock Code

LGL

Stock Exchange / Sharemarket

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Lihir Gold Limited (LGL) is an Australian-based gold mining company engaged in the mining, exploration and gold processing in the Australasian region. LGL’s processing and gold mine facilities are located on Lihir Island, an island situated in the province of New Ireland in Papua New Guinea. Although the company is headquartered in Port Moresby, Papua New Guinea, it operates mainly in Australia. LGL was listed on the Australian Stock Exchange on the 9th of October, 1995. Its annual revenue reaches $498 million out of its issued capital of $873,822. To date, around 700 employees are employed in the company. Currently, Lihir Gold Limited runs two gold mining projects; one in Papua New Guinea for the gold dore production and another in Victoria, Australia for its Ballarat Gold Mining Project.

Located in the island of Lihir is a facility used for carbon-in-leach processing and pressure oxidation of gold. The AGR Matthey located in Perth, Western Australia is responsible for the refinery of gold. After this process, the gold minerals are transported by Lihir Gold to London through the international gold market which may also be delivered via hedge contracts with the used of 14 hedge counter parties that were carefully selected. Specifically, these hedge counter parties are the ABN AMRO Australia, Bank of Scotland, Australia and New Zealand Banking Group, Commonwealth Bank of Australia, Banque Nationale de Paris Paribas, Macquarie Bank, Bayerische Hypo und Vereinsbank, National Australia Bank, Natexis Banques Populaires, Westpac Bank, Société Générale Australia, Goldman Sachs JB Were and Mitsui and the WestLB AG.

LGL’s Ballarat Gold Mining Project was granted with four mining licences that are used in a 22.1 sq km area. It was also granted with a single exploration license that is used in a 126 km semi-contagious area. All licences were granted in Victoria, Australia. This project is considered as Lihir Gold’s advanced exploration project with 9.2 million ounces in the exploration potential and 1.4 million ounces in gold resource.

Lihir Gold Limited Company History

Lihir Gold Limited started with the gold exploration in 1983. In 1995, the first public offering for the company was lauched. In 1999, the company applied for an enlistment on Port Moresby Stock Exchange also known as the POMSoX. It was approved by the company's board and the company’s management was appointed to Jonathan Leslie, the Chief Operating Officer position was given to Alan Roberts leaving Meg Taylor in the company board. After getting enlisted on the Port Moresby Stock Exchange, a merging implementation was signed by Lihir Gold Limited together with the Niugini Mining Limited.

In 2000, the company's director, Ian Telfer resigned and Lihir Gold accepted direct responsibility on all mining projects within Lihir Island from Thiess Roche Lihir Joint Venture having the Chief Executive Officer. After Director Michael Merton resigned, the Chief Executive Officer position was given to Alan Roberts and the Chief Financial Officer position was given to Ross Letten.

In 2003, the Director position of the Lihir Gold Limited was given to Peter William Cassidy. Moreover, John O’Reilly replaced Jonathan Leslie upon his resignation as the Director of the company. At the same time, Mark Laurie replaced Mr. Rodney Antal as the company secretary.