Lihir Gold

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Lihir Gold Limited was a gold mining company with operations in Papua New Guinea, Australia and West Africa.

The company, incorporated in Papua New Guinea in June 1995, and named Lihir as its first project was to raise capital to build the Lihir Island gold mine was merged with Newcrest Mining at the end of August 2010 (last day for trading of Lihir Gold shares was August 30, 2010).[1] Australian economist Ross Garnaut served as Lihir's chairman from 1995 to 2010.[2][3]

Merger talks were first made known in April 2010, with an announcement by Newcrest Mining. On Monday August 23, 2010 the A$9.5 billion takeover offer by Newcrest Mining was approved after 99.86% of Lihir Gold Shareholders voted in favour of it.[4] The takeover received national court of Papua New Guinea approval on August 28, 2010.[5]

The acquisition made Newcrest Mining the worlds fifth-largest gold producer with a production of 2.8 million ounces of gold (2009 combined production of the 2 companies).[6]

References[edit]

  1. ^ Kiladze, Tim (2010-08-30). "Last day of trading for Lihir Gold". The Globe and Mail. Toronto. 
  2. ^ Chambers, Matt (24 August 2010). "Lihir Gold to accept Newcrest's takeover offer". The Australian. 
  3. ^ Kiladze, Tim (30 August 2010). "Last day of trading for Lihir Gold". The Globe and Mail. Toronto. 
  4. ^ "Lihir Gold Shareholders Approve Merger With Newcrest Mining". 2010-08-23. 
  5. ^ "Court clears Newcrest's $22.3-bn Lihir Gold takeover". Domain-b.com. Retrieved 2012-06-18. 
  6. ^ Newcrest Proposed Combination with Lihir Newcrest website, published: 1 April 2010, accessed: 9 May 2010