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« Agnico-Eagle Mines Limited Acquires High Grade Meliadine Property | Main | High River Gold 31 March 2010 Update »

Lihir Gold Limited Up on Bid Rejection

Lihir Gold Chart.JPG

Chart courtesy of

From the above chart we can see that Lihir Gold Limited (ASX: LGL) and (NASDAQ:LIHR) (TSX: LGG) has jumped recently on the news that a take over bid has been rejected and the stock closed yesterday at $3.62 in Toronto, but as we can also see it has been a volatile ride so far and is not one for the faint hearted.

Lihir Gold considers its gold assets to be top draw having produced 1.124 million ounces in 2009. Going forward they see Papua New Guinea and West Africa producing around 1.45 million ounces from 2012 to 2016.

Lihir have also announced the appointment of New CEO:

Leading gold miner Lihir Gold Ltd (LGL) has appointed former BHP senior executive Graeme Hunt as Managing Director and Chief Executive Officer.

LGL Chairman Ross Garnaut said Mr Hunt was the ideal candidate for the CEO role, possessing strong leadership skills, wide mining industry knowledge and extensive experience in strategic development.

A metallurgist by training, Mr Hunt, 53, previously spent 34 years with BHP Billiton. Starting as a metallurgical trainee in 1975 at the Port Kembla Steelworks, he advanced his career through a variety of roles, eventually becoming President of the global Iron Ore division from 1999 to 2006, and then President of the global Aluminium division in 2006 and 2007. His final role at BHP was as President of Uranium, including responsibility for the Olympic Dam Expansion. He left BHP in March last year.

To read the article in full please click here.

For disclosure purposes we do own shares in this company but we are monitoring its progress and we could well become buyers in the near future. If any of our readers have an interest in this Lihir Gold and would like to add their own comments to this article they would be very appreciated by the team here.

According to Google Finance, LGL on The Australian Stock Exchange has a market capitalisation of $10.22 billion with 2.53 billion shares outstanding, a P/E ratio of 49.48. Lihir Gold has a 52week high of $4.05 and a 52week low of $2.41.

There is also plenty of exposure with this stock as it is listed on less than 4 stock exchanges so this stock must be appearing now on a silver screen near you right now.

Lihir Gold Limited (LGL) is a public company, with approximately 2.53 billion shares on issue. The stock is listed in Australia, United States, Port Moresby and Canada on the following stock exchanges:

Australian Securities Exchange (ASX)
Symbol: LGL

NASDAQ Stock Exchange (NASDAQ)
Symbol: LIHR

Port Moresby Stock Exchange (POMSoX)
Symbol: LGL

Toronto Stock Exchange (TSX)
Symbol: LGG

Have a sparkling weekend.

Stay tuned for updates in this fast moving market…

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