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Photos and Scenery of Papua New Guinea We welcome your photos of Papua New Guinea in here. This is an exclusively photo only area. Comments or questions should go into the Tourism Discussion area.

 
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Old 23-02-2002, 07:10 PM
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Lihir Island

Aerial View of Lihir plant site:
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Old 23-02-2002, 07:11 PM
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Lihir Island

Lihir project workers accommodation:
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Old 23-02-2002, 08:19 PM
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Lihir Gold Mine

Lihir Gold Mine:
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Old 24-02-2002, 10:39 AM
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Lihir

Lihir Gold Mine aerial view of the accommodation area:
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Old 24-02-2002, 10:41 AM
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Lihir

Lihir Gold Mine aerial view during the time on construction:
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Old 24-02-2002, 10:42 AM
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Lihir

Another aerial picture of the gold mine during construction:
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Old 26-02-2002, 11:54 AM
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Lihir Gold bid

Newmont fuels talk of Lihir Gold bid
Barry FitzGerald
February 26 2002

United States miner Newmont Mining yesterday fuelled speculation that the $1.8 billion Lihir Gold would be the next group to be swallowed up by the wave of mergers and acquisitions sweeping the local gold sector.

Newmont also served notice that it would look to reduce by more than $1.1 billion its recent $5 billion acquisition of Normandy Mining, Australia's biggest gold producer, through the sale of a number of Normandy's overseas assets, as well as its non-gold interests.

The Lihir takeover pot was stirred when Newmont chief financial officer Bruce Hansen said Newmont would not be sitting on its 9.7 per cent Lihir stake. He said Newmont - it acquired the stake on its January 2001 takeover of Battle Mountain Gold - would either quit the stake or buy more.

Control of Lihir has long been up for grabs, as its 17 per cent shareholder, Rio Tinto, is considered a willing seller. Because of Lihir's operating base in Papua New Guinea, Rio Tinto's preference would be to sell to a "quality" buyer such as Newmont, now the world's biggest gold group.

Mr Hansen was speaking in Sydney to mark the listing on the Australian Stock Exchange of Newmont's Chess Depositary Interest securities. They represent one-tenth of a Newmont share (they closed at $4.57 and were lightly traded) and were offered as part-consideration in its scrip/cash takeover of Normandy.

At the launch, Mr Hansen confirmed that non-core and overseas asset sales would be a feature in Newmont's early management of Normandy. Assets facing the chop include Normandy's interest in the TVX gold joint venture in the Americas, the Ovacik gold mine in Turkey, and the Perama Hill gold joint venture in Greece, as well as several development projects in West Africa. Those assets have previously been independently valued at more than $750 million.

"At the end of the day, we have to decide where we're best suited to be a natural owner and where it makes sense for us from a (geographical perspective), and where those assets may create more value with someone else," Mr Hansen said.

He said low copper and zinc prices meant Normandy's biggest non-gold asset, the Golden Grove base metals operation in Western Australia, would not be sold in a hurry. "Quite frankly, if it was something we were going to sell, we wouldn't sell it at this point of time because of the low copper and zinc prices."

The interest has been valued at more than $410 million.

Lihir stood aside from the takeover talk yesterday to report a record net profit of $US42.8 million ($A83.3 million) for 2001. That compares with a $US99 million loss in 2000 when there was a $US128 million "asset impairment" charge.

"These financial results cap off a sparkling year in which gold production was up 7 per cent, earnings before impairments up 16 per cent, reserves up 25 per cent and the share price up 94 per cent," the company cheered. No dividend was declared.

In other PNG-related profit news, Orogen Minerals reported a 2.9 per cent fall in full-year net profit to $US40.81 million ($A77.6 million), reflecting lower production and weaker oil prices. Orogen said that in light of the proposed merger with Oil Search, the directors had decided not to pay a final dividend for the 2001 year.

-with AAP
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Old 26-02-2002, 08:17 PM
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Lihir Gold Mine

Lihir Employee:
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Old 26-02-2002, 09:12 PM
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Lihir Gold Mine

Lihir Gold Mine:
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Old 07-03-2002, 11:03 PM
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Lihir Gold Mine

Exploration drilling at Lihir:
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