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Additional information
Additional Information
Market: TSX, ASX, Nasdaq
Sector: Gold Mining
Epic: TSX:LGL
News: Latest news
Web Site: Lihir Gold
Other Articles: 05-03-201001-03-201018-02-2010 
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Thursday July 29, 09:30Specialist Energy Group Lays Out a Compelling Blueprint for Growth

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Wednesday July 28, 11:30Silver Lake Resources boosts high grade gold resource by 70% to 2.5m ounces

Silver Lake Resources has added over 1 million ounces of gold to its resource inventory during the year after mining 66,700 ounces and expects further encouraging results at its  Mount Monger and Murchison projects.

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Thursday July 15, 02:10Henan Yuguang Lead & Gold investment in Kimberley Metals receives all clear from FIRB

Kimberley Metals (ASX: KBL) has reported that on 12 July the Australian Government Foreign Investment Review Board (FIRB) had no objections to Henan Yuguang Lead & Gold Co. Ltd's [...]

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Lihir Gold

Lihir Gold

Lihir Gold Limited is a gold producer in the Australasian region. The Company’s principal activities consist of the exploration for, development of and mining, processing and sale of gold assets.

The company operates gold mines and processing facilities on the island of Lihir, 900 kilometers northeast of Port Moresby in New Ireland province of Papua New Guinea.

In March 2007, the Company completed a merger with Victorian gold mining company Ballarat Goldfields NL.Ballarat is building an underground mine and process plant at the historic gold mining centre of Ballarat, 110 kilometers north-west of Melbourne in Victoria.

In March 2008, the Company and Equigold NL announced the merger of their businesses.

Friday, March 05, 2010

Lihir Gold sells Ballarat project to Castlemaine Goldfields for AUD$4.5 million

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Lihir Gold (TSX: LGG, NASDAQ: LIHR, ASX: LGL) has entered into an agreement with Castlemaine Goldfields (ASX:CGT) for the sale of its Ballarat Gold Mine in Victoria, Australia for AUD$4.5 million.  The Ballarat project became part of Lihir Gold after it merged with Ballarat Goldfields in 2007.


The mid-tier gold producer will also retain a 2.5% royalty interest on any future production at Ballarat, but will be capped at AUD$50 million.


The sale is subject to conditions, including Castlemaine Goldfields’ shareholders approving the issue of new equity to raise a minimum of AUD$20 million.  Castlemaine Goldfields currently holds substantial exploration and mining licences over three goldfield provinces in Central Victoria.


While the sale of the project is good news for Lihir Gold, it was bad news for employees at the mine. Castlemaine Gold has confirmed its intention to focus on additional exploration at the project rather than attempting to turn around the mining operations. Lihir Gold confirmed that it had placed the mine on care and maintenance today and would be offering redundancy packages to affected employees.

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