Lihir Gold

Arthur Hood, the chief executive of Australia based exploration and mining company Lihir Gold (LGL), has stepped down from his post with instant effect. He has been replaced by Phil Baker on a temporary basis. Mr. Baker was the chief financial officer of the company. Mr. Hood remained as the CEO of Lihir Gold for four years. He joined the company from Placer Dome. According to Lihir, Mr. Hood had time on his contract to run.

The Australia based gold mining company Lihir Gold (LGL) has posted a 20 percent decline in production for the third quarter offset by an unexpected increase of reserves and commitment to go for paying out regular dividend. According to Arthur Hood, the managing director of the company, Lihir would make a payment of US1.5c dividend at the end of November; the first dividend the company would be paying since 2003. It is to be mentioned that Lihir made a 2c payout per share in 2003.

The Australia based gold exploration, mining and processing company Lihir Gold (LGL) is planning to pay its first dividend since 2003 following a boost in price and output. The chief executive of the company Arthur Hood stated that with the gain in the gold price and improved performance, the Mining Company is set to pay the regular dividends. This is the best time to reward the Lihir shareholders with either capital or dividend or maybe through both of them- he added.

Lihir Gold (LGL), one of the major gold exploration and mining companies of Australia which has operations in New Ireland, Papua New Guinea have stated that the price of gold could increase to $US1500 per ounce. The comments came from the mining giant after the price of gold moved to $US1062.70 in the New York Mercantile Exchange a week earlier. The weak US currency was considered as one of the main reasons for the rise of gold price along with the Chinese restocking.

Lihir Gold (LGL) has recorded $109.3 million profit for the year 2008. Analysts on average were expecting Lihir, whose main asset is the Lihir gold mine in Papua New Guinea, to report 2008 net profit of $122.13 million, based on Reuters Estimates, against a $24 million loss in 2007. Lihir Gold, the second largest gold mining company said second-half sales rose 64% to $468.9 million from $286.7 million, a year ago. Net profit rose 229.0% to $73.7 million compared to net profit of $22.4 million, a year ago.