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Old 28-08-2012, 02:41 PM
blapmienben blapmienben is offline
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Newcrest sinks on Lihir shutdown by protesting landowners

NEWCREST'S Lihir gold mine in Papua New Guinea, one of the biggest in the world and the subject of a $US1.3 billion expansion, has been shut down by protesting landowners.
Newcrest is expected to confirm the closure and update the market on the situation shortly. Rumours of the unrest sent Newcrest stock down 4.9 per cent in early trading and were most recently trading 3.6 lower at $26.21.
Lihir Mining Area Landowners Association (LMALA) chairman Peter Suar was reported to have said that the protests had shut down all mine operations at 12.45pm on Sunday by placing the traditional gorgor plant around the mine site.
Newcrest country manager Peter Aitsi was due meet with landowners today. The dispute is over benefits paid to local landowners. Newcrest has made an offer of 2.5 million kina ($1.13 million) but the payment was rejected.
Newcrest produced 31,350 troy ounces of gold from Lihir in the 12 months to June 30, accounting for almost one-fifth of the company's total gold production during the year.

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Benson Lapmienben
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