I had high expectations re this year end result and Lihir has exceeded these. Very pleasing is ZERO debt and decreasing costs of production from an already low baseline. Undoubtedly one of the most profitable gold mines anywhere with production and profits set to boom in 2009.
Rev up 52% to $756m
Underlying profit up 54% to $185m.
Net profit $109m (prev.$24m loss)
Record operating cashflow of 4212m
$65m in cash. Zero debt!
Predicted 2009 prod 1,100,000oz (2008 882,000oz)
2008 costs of $400/oz
Predicted costs for 2009 of $365/oz.
Minimal hedging exposure remains.
Lihir set to boom from increasing prod and falling inputs such as oil.
If you believe in gold then this mine produces the goods. Will pay divs in 2009.
Note: has december year end. (not June).
I had high expectations re this year end result and Lihir has...
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