BY DONALD HOOK
Newcrest agreed this week to buy Lihir for an increased offer of $A9.5 billion to create the world’s fourth biggest producer of gold.
gold and copper mines in
It’s expected synergies from the merger will yield about $85 million.
Lihir Chairman, Dr
Ross Garnaut, told shareholders at the company’s annual general meeting in
“It will be the leading gold producer in the Asia-Pacific region – one of the top few in the world with a standout portfolio of long life, high margin, tier one gold assets,” Dr Garnaut said.
He said the
“Importantly, I have received commitments that Newcrest will continue Lihir’s approaches to the equitable sharing of the benefits of mining with local communities.
“Like Lihir, Newcrest has a strong track record on responsible environmental management.”
Lihir announced recently that it planned to increase production by about 50 per cent over the next ten years.
Some 4,250 people are employed directly or indirectly by the mine.