Lihir resumes dividend payments
Author: Barry FitzGerald
Date: 30/10/2009
Words: 193
Source: SMH
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Publication: Sydney Morning Herald
Section: Business
Page: 4
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HEALTHY margins and confidence that it will meet its annual production target of up to 1.2 million ounces of gold has prompted Lihir Gold to resume dividends payments and consider a capital return.An interim dividend of US1.5c a share will be paid on November 30, and the capital return has been ranked as a possibility after Lihir first establishes long-term debt facilities of up to $US400 million ($440 million) to improve its financial flexibility. Gold sales by Lihir from its mainstay stay mine in Papua New Guinea and operations in Australia and West Africa in the September quarter were 221,000 ounces at an average realised cash price of $US955 an ounce.Lihir said its planned sale of the Ballarat gold project in Victoria was on schedule to be completed in the new year. The project was meant to be a diversification from the group's reliance on its higher-risk operation in PNG. But it has been a disaster, prompting a previously announced write-off of more than $US400 million.Lihir said several "attractive indicative offers" for Ballarat had been received. But it is expected the offers will fall well short of anything approaching $US400 million.
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