Wednesday, 30th January 2008 (2697 views)

Australian mining firm Lihir Gold saw its gold production hit a record high in 2007, according to the company's latest figures.

Total production for the year was 701,000 ounces of gold, with 168,000 ounces mined in the last quarter of the year. In 2006, the company produced 651,000 ounces of gold.

Lihir operates one of the world's biggest gold mines at Lihir Island in Papua New Guinea. There is an estimated 40 million ounces of gold at Lihir Island, with a further 26.5 million in reserve.

Since production started there in 1997, it has produced five million ounces of gold. Projected output for 2008 is between 700,000 ounces and 770,000 ounces, the company said.

Lihir is aiming to add to its production total by bringing the Ballrat Mine in Victoria, Australia, up to commercial output levels by the end of this year. Ballrat is estimated to have 1.5 million ounces of gold in resource, with a potential 9.2 million ounces overall.

By 2010, Ballrat is expected to be producing 200,000 ounces of gold a year.

 

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