1 Aug 2007

PNG's major gold miner hit hard by strong Australian dollar

10:27 am on 1 August 2007

Papua New Guinea's major gold miner Lihir Gold Limited has become the first company to be hit with pressure associated with the rising Australian dollar against the US dollar.

The Australian newspaper reports that the miner had become the latest in a long line of resources companies to note the difficulties associated with the strength of the Australian dollar.

Lihir Gold chief executive officer, Arthur Hood, says while unit costs remained stable over the first half of 2007, the rapidly appreciating Australian dollar had led to significant increases in costs.

Lihir posted a record first-half production of 375,730 ounces.