Financial restructuring sends Lihir into red
Posted 1 hour 30 minutes ago
Major financial restructuring has plunged gold miner Lihir deep into debt despite record production.
The company has reported a bottom line loss of $US53 million for the six months to June and is hurt by the early repayment of a large gold loan and the unwinding of its hedges in the gold market.
But the company says its record gold output and higher prices have boosted its underlying operating profit by 45 per cent to almost $US95 million.
The miner expects to start commercial gold production at Ballarat next year and hopes to lift production at Lihir Island in Papua New Guinea to more than one million ounces a year.
Financial restructuring sends Lihir into redPosted 1 hour 30...
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