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2307 GMT [Dow Jones] Lihir Gold (LGL.AU) 2Q gold output slips to 294,024 ounces from
317,998 in 1Q, but miner remains on track for FY guidance of 1.0-1.2 million ounces.
Production from Lihir Island was 219,436 ounces, down 11% on 1Q on limited drill
availability and lower gold grades. 2Q cash costs rose to US$368 an ounce, from US$329 in
1Q. Lihir says scheduled maintenance will mean 3Q output is below 2Q. Goldman Sachs
JBWere analyst Ian Preston says result is in line with his expectations, with a strong
result from Bonikro helping make up for slightly weaker output from Lihir. "The fact
that overall it was in line just highlights that it is of benefit being multi-mine,"
he says. Lihir says sales process for Ballarat is underway and expected to be complete by
early 2010. While Lihir says production result is still strong, reduction from 1Q may
disappoint some, and this coupled with weaker gold prices may weigh on shares at open.
LGL latest A$2.70. (APW)