The performance of Lihir Mine in New Ireland Province has been credited as a main driver of positive results for Newcrest Mining Limited during the 2016-17 Financial Year.
In its Full Year results released today, Newcrest Managing Director & CEO Sandeep Biswas, highlighted the contribution of Lihir to the company’s overall performance – with Lihir generating AUD$353 million during this time – more than K850 million.
According to Mr. Biswas, the financial performance was marked by a significant improvement in safety and operational performances, particularly at Lihir.
In December 2016, Lihir reached its production target of 13million tonnes per annum – with this operation looking to increase this to 14 million tonnes per annum by December 2017.
This increase in production was also helped along with an increase in gold prices, as well as a weaker kina against the US Dollar.
During this time, Lihir’s output generation has also meant direct benefits for PNG, translating into PGK69.9 million in royalty payments in January-December 2016, and a further estimated PGK40 million in January-June period in 2017.