Lihir Gold Ltd. (LIHR,LGG.TO) Wednesday reported a loss for the six month period ended on June 30, compared with a profit last year, hurt by one-time charges. On an underlying basis, the company's profit more than doubled from the prior-year period. The company also confirmed its fiscal 2009 production outlook.
The mining company's loss attributable to equity holders of the company was $300.9 million, compared to a profit of $36.5 million in the year ago period. The results included a one-off charge of $409.1 million, after-tax, associated with the write down of the Ballarat assets.
The company's underlying profit jumped 130% to $154.9 million from $67.4 million in the previous year period.
Lihir also reported a 97% increase in its total revenues for the period to $564.1 million from $286.7 million last year, driven by increased gold sales.
Measured & Indicated resources at Lihir Island increased 31% for the period to 43 million ounces. Inferred resources were up 62% to 5.5 million ounces. In Cote d'Ivoire, Measured & Indicated resources rose 22% to 1.7 million ounces, while Inferred resources grew 28% to 784,000 ounces.
For fiscal 2009, the company continues to expect production in the range of 1 million -1.2 million ounces. Total cash costs per ounce are expected to be below $400/oz for the year.
LIHR closed Tuesday's trading at US$21.60, down US$0.01, on a volume of 497,000 shares. On the TSX, LGG.TO ended at C$2.32 on Tuesday.
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