Corporates: Lihir, Alumina, API
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Not much movement in the share price of Lihir Gold yesterday, despite another encouraging quarterly production report.The shares rose 3c to & #36;3.02 after the company said annual gold production will be in line with previous guidance.The company confirmed earlier production guidance of 1.04 million ounces to 1.2 million ounces for the full year, with total cash costs kept below & #36;US400.Lihir said yesterday it produced 318,000 ounces of gold in the first quarter of fiscal 2009 with the Lihir Island mine in Papua New Guinea maintaining earlier production levels while its Bonikro mine in Ivory Coast, in West Africa increased production by 9% to 40,000 ounces. & #160;Lihir said there was a & quot;Strong performance from Lihir Island maintaining the record production levels achieved in the fourth quarter 2008 & quot;.Lihir said its cash costs were & #36;US329 per ounce and average realised price was & #36;US876.Lihir managing director Arthur Hood said Lihir's full year production guidance was being maintained, including 770,000 - 840,000 oz from Lihir Island, approximately 130,000 - 160,000 oz from Bonikro, and 90,000-100,000 oz from Mt Rawdon in Queensland.But he said that production of up to 50,000 ounces from Ballarat in Victoria would dependent on & quot;the development of effective mining techniques in the central and southern zones and accessing commercial quantities of ore in the northern zone by the end of this year & quot;. & quot;The ongoing review at Ballarat will be more clearly defined later in the year. & quot;Mr Hood said unit costs were forecast to remain below & #36;US400 per ounce for the year with lower industry cost pressures, weaker oil prices and a softer Australian dollar contributing to lower costs. & quot;Overall, the company is in very good shape to continue to grow its current asset base and I look forward to reporting further good progress during the year, & quot; he said.Lihir said its operating margins increased in the quarter, continuing a trend over the past 12 months.Gold sales totalled 292,000 ounces at an average realised cash price of & #36;876/oz, up from & #36;792/oz in the three months to December, the company said.Excluding Ballarat, gross cash costs for the quarter were & #36;379/oz, expanding cash margins by 28% to & #36;497/oz.Unit costs for all operations outside Ballarat were & quot;well below & #36;400/oz & quot; for the quarter, with group total cash costs of & #36;329/oz, down 7% from & #36;353/oz in the prior quarter.The stronger US dollar against the Australian dollar and the PNG Kina also contributed to reduced costs, as did the lower oil price, Lihir said.
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