This might be of interest to some of you that follow commodities, just in from Bloomberg
By Jesse Riseborough
July 30 (Bloomberg) -- Lihir Gold the second-largest gold mining company on the Australian Stock Exchange, said second-quarter output rose 66 percent after buying mines in Australian and Africa.
Production increased to 294,024 ounces in the three months ended June 30, from 177,111 ounces a year earlier, the Port Moresby, Papua New Guinea-based company said today in a statement. That compares with an estimate of 289,000 ounces by RBC Capital Markets.
Lihir, which bought Equigold NL last year to add mines in Australia and the Ivory Coast, is also expanding its namesake Papua New Guinea mine to boost output after gold prices rose in the past eight years. Full-year output is “on track” to be in the previously forecast range of 1 million to 1.2 million ounces after record production in the first half, the company said.
Production will be lower this quarter due to plant maintenance at the Lihir Island mine, it said. Gold sales totaled 322,000 ounces in the quarter at an average price of $907 an ounce, up from $876 an ounce in the previous quarter, the company said.
Lihir rose 1.1 percent to A$2.73 at 12:41 p.m. Sydney time on the exchange. The stock has dropped 9.6 percent this year.
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