Thursday, April 22, 2010

Lihir Gold (ASE:LGL) Increases Production Guidance for Rest of Year

While the story of Lihir Gold (ASE:LGL) (Nasdaq:LIHR) recently has all centered around a number of potential suitors wanting to acquire them, they do continue on mining, and although gold production in the first quarter dropped by 26 percent, guidance from the company is over the rest of the year production should increase.

Production in the first quarter for Lihir was 229,757 ounces of gold, down strongly from the 312,311 ounces mined last year in the same quarter.

Guidance for the year increased from 960,000 - 1.06 million ounces to 1 million - 1.1 million ounces.

A number of companies are reportedly still in pursuit of Lihir after they rejected an offer from Newcrest Mining Ltd. (ASE:NCM).

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