This weeks pick is Lihir Gold (LGL) Lihir Gold Limited (LGL) is...

This weeks pick is Lihir Gold (LGL)


Lihir Gold Limited (LGL) is a leading global gold company with operations in Papua New Guinea, Australia and West Africa. LGL’s key asset is its 100% owned operation located on Lihir Island. The deposit contains an estimated 40 million ounces of gold in Mineral Resources including 23.6 million ounces in Ore Reserves.

The ore body was discovered in 1982 and exploration was conducted between 1983 and 1995 when construction of the Lihir Island gold mine commenced. Production commenced in May 1997. Since commissioning the mine has produced more than six million ounces of gold. The operation has been expanded such that in 2007, the mine produced over 700,000 ounces of gold from open pit methods and a pressure oxidation and carbon-in-leach processing plant.

The mine consists of a single ore body with three linked open pits that will be mined over the project life. The operation is currently focused on the processing of approximately 6 million tonnes of ore, with around 4 to 6 million tonnes of lower grade ore stockpiled annually. Mining is scheduled to continue until 2021 at current rates, with processing of the lower grade stockpiles to continue beyond 2041.