- Report of Foreign Issuer (6-K)
30 Avril 2010 - 12:05PM
Edgar (US Regulatory)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
April 23, 2010
Commission File No. 000-26860
LIHIR GOLD LIMITED
Level 7, Pacific Place
Cnr Champion Parade & Musgrave Street
Port Moresby, Papua New Guinea
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover
of Form 20-F or Form 40-F.)
Form 20-F
þ
Form 40-F
o
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
)
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
)
(Indicate by check mark whether the registrant by furnishing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.)
Yes
o
No
þ
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b):82-
.)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
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LIHIR GOLD LIMITED
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By:
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/s/ Stuart MacKenzie
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Name Stuart MacKenzie
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Title:
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Group Secretary & General Counsel
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Date: April 23, 2010
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LGL — Delivering the growth potential
Lihir Island, expansion construction Lihir Island, PNG
Lihir Island additional autoclave Côte d’Ivoire exploration
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Forward looking statements
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This presentation may contain certain forward-looking
statements, including but not limited to (i) estimated reserves,
(ii) anticipated production profiles and characteristics, (iii)
expected capital requirements, (iv) forecast cost profiles or (iv)
plans, strategies and objectives of management. Such forward
looking statements are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors,
many of which are beyond the control of Lihir Gold Limited (“LGL”),
which may cause actual results to differ materially from those
contained in this announcement. Important factors that could cause
actual results to materially differ from the forward looking
statements in this presentation include but are not limited to the
market price of
gold
,
anticipated ore grades
,
tonnage
,
recovery
rates
,
production and equipment operating costs
,
the impact of
foreign currency exchange rates on cost
inputs and the activities
of governmental authorities in Papua New Guinea and elsewhere, as
set forth more fully under the caption “Risk Factors” in LGL’s most
recent Annual Report on Form 20-F, which has been filed with the US
Securities and Exchange Commission (“SEC”).
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Gold reserve and resource estimates are expressions of judgement
based on knowledge, experience and industry practice, and may
require revision based on actual production experience. Such
estimates are necessarily imprecise and depend to some extent on
statistical inferences and other assumptions, such as gold prices,
cut-off grades and operating costs, which may prove to be
inaccurate. LGL’s wholly owned subsidiary Ballarat Goldfields Pty
Ltd does not have any ore reserves and the level of its estimated
mineral resources and exploration potential are necessarily
imprecise and may prove to be inaccurate. Accordingly, no assurance
can be given that the indicated amount of gold will be recovered or
at the rates estimated.
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LGL can therefore give no assurances that any of the estimates,
production profiles, capital, cost profiles and plans will not
materially differ from the statements contained in this release
and their inclusion in this presentation should not be regarded
as a representation by any person that they will be achieved.
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The foregoing material is a presentation of general background
information about LGL’s activities as of the date of the
presentation. It is information given in a summary form and does not
purport to be complete. It is not intended to be relied upon as
advice to investors or potential investors and does not take into
account the investment objectives, financial situation or needs of
any particular investor. These should be considered, with or without
professional advice when deciding if an investment is appropriate.
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Some of the information contained in this presentation includes
certain un-audited non-GAAP (where GAAP means “generally accepted
accounting principles”) measures, such as “cash costs”. Such
unaudited non-GAAP measures are intended to provide information
about the cash generating capacity an
d
per
f
ormance o
f LGL’
s m
i
n
i
ng
opera
ti
ons.
I
n par
ti
cu
l
ar, cas
h
cos
t
s
i
s a measure
th
a
t i
s use
d i
n
th
e go
ld
m
i
n
i
ng
i
n
d
us
t
ry an
d
was
d
eve
l
ope
d i
n conjunction with gold
mining companies associated with the Gold Institute in an effort to
provide a level of comparability. However, LGL’s measures may not be
comparable to similarly titled measures of other companies.
Management uses this measure for the same purpose when monitoring
and evaluating the performance of LGL. This information differs from
measures of performance determined in accordance with GAAP and
should not be considered in isolation or as a substitute for
measures of performance determined in accordance with GAAP.
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This presentation is to be read in accordance with and subject to
LGL’s most recently filed updated reserves and resources
statement available from LGL’s website www.lglgold.com or on the
company announcements page of the ASX www.asx.com.au.
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Canadian Investors — for further information in relation to the
calculation of reserves and resources with respect to LGL’s
operations, please refer to the Lihir Gold Limited (TSX:LGG) NI
43-101 Technical Reports available on SEDAR (www.sedar.com).
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Cautionary Note to U.S. Investors
-
The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings
with the SEC, to disclose only those mineral deposits that a company
can economically and legally extract or produce. LGL uses certain
terms on this website, such as “measured,” “indicated,” and
“inferred” “resources,” which the SEC guidelines strictly prohibit
U.S. registered companies from including in their filings with the
SEC. U.S. Investors are urged to consider closely the disclosure in
LGL’s most recent Form 20-F, which may be secured from LGL, or from
the SEC’s website at http://www.sec.gov/edgar.shtml.
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Initial impressions and plan for the
future
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Highly valuable pure gold assets
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Q1 Production of 230,000 ozs
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Full year guidance lifted to
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Cost guidance maintained
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Growth projects advancing
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Long term growth being delivered
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First impressions and plan for the future
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Fantastic asset position
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Well established advanced projects
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Priority to develop next stage of growth beyond current
expansions
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Major value still to be unlocked
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Company remains at relatively immature stage of
development. Significant performance upside.
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Strategy to be reviewed and articulated
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Disciplined exploration and business development focus
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Planning processes and systems to be improved
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Quality staff in place, people development strategy to be refined
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Structured approach to performance improvement,
operating effectiveness and unit cost improvement
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Strategic options being examined
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Newcrest offer rejected April 1
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Merits of the combination acknowledged
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Offer failed to adequately recognize strategic value of
LGL assets
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Macquarie engaged to identify strategic
alternatives
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Diversified, pure gold, global operations
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Group M&I
Resources (mozs)
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1.2 Mt Rawdon
1.7 Côte d’Ivoire
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*See Appendix One for further details
6
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Tier One asset at Lihir Island
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(Lihir Island Resources, Mozs)
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Measured 4.7 36.5 35.3 34.1 34.4 3.8 32.9 3.4 3.6 4.4 4.7
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38.3 Indicated 3.4 3.2 32.7 30.7 30.8 30.9 28.2 20.8 21.2
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2001 2002 2003 2004 2006 2007 2008 2009
*Does not include Inferred resources which total 5.5 million ounces. See Appendix One for further details 7
Further reserve and resource growth
Future drilling areas
Reserve Pit
2010 drilling
Inferred Pit
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Lihir Island — World class deposit
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21.4 22.4 20.1
17.8
18 18.2 18.2 18.7
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Source: BMO. Lihir Island reserves as at 30 June 2009 include
23.9 million oz of probable reserves at a grade of 2.77g/t, and 4.9
million oz of proven reserves in stockpiles at a grade of 2.46 g/t
9
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Scalable beach-head in West Africa
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1399
217 koz
Indicated 1170
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442 koz
indicated 450 koz
inferred
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Jun 07 Jun 08 Dec 08 Aug 09
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Inferred Resources (kozs)
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1.05 moz M&I
574 616
318 koz inferred
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Jun 07 Jun 08 Dec 08 Aug 09
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See full information in Appendix Two
5
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The real prize — the land package
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Ghana 19% 83 Moz (61%) Mali
10% 29 Moz (21%) Guinea 11%
8 Moz (6%)
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Côte d’Ivoire 35% 7 Moz (5%)
B
ur
ki
na 22% 6 Moz (4%) Faso Senegal 3% 1 Moz (1%)
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LGL holds 14% of Birimian Greenstone belt within Côte d’Ivoire
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Mt Rawdon resource base established
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Mineral Resources: Mt Rawdon, January 1, 2010
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Contained Tonnes
Average Grade Ounces
(millions) (Au g/t) (Au
kozs)
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Measured 2.3 0.75 60 Indicated
48.4 0.73 1140
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1) The Measured and
Indicated Mineral Resources are
inclusive of the Ore Reserves.
2) Cut-off grade of 0.31 Au g/t.
as calculated using current
costs.
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3) Rounding, conforming to the JORC Code, may cause some
computational discrepancies
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Delivering to plan
Strong performance trends
Record Production Record Revenues > US$1 billion
956
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(kozs)
850
1,124
Realised gold price (US$)
1087
Ballarat (13 kozs)
Bonikro (150 kozs) 666
882
Mt Rawdon (108 kozs) 749
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399 412498 364 386
Lihir Island (853 kozs)
245 264 215
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2005 2006 2007 2008 2009 FY03 FY04 FY05 FY06 FY07 FY08 FY 09
Revenue, (US$m, Excl Ballarat)
Record Mine EBITDA Cashflows dramatically increased
(US$m) (US$m) 451
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2004 2005 2006 2007 2008 2009
14
7
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Q1 production in line with plan
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(Kozs)
1.1m 1 — 1.1m
278
881
701 315 233
651
596 168 Qtr 4 226 172
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Qtr 3 193
182
113 177
Qtr 2 130 318
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184 193 230 Qtr 1 101 139
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2005 2006 2007 2008 2009 2010
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Full year guidance lifted to 1-1.1 million ounces
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Lihir Island — Q1 tracking to plan
Gold production, Koz
218
180
Q4 09 Q1 10
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Float
plant
5.0
1.4
upgrade
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4.4
Ave grade of
4.0
ore milled
Q4 09 Q1 10
8
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Autoclave throughput rising
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Tonnes per hour per autoclave
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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q1
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Supplying approximately
50% of power requirement
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Additional steam supply
to be on stream from June
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Kapit North well to
be in production at
year end
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Drilling 7
holes this year
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Bonikro — meeting expectations
Gold production, Koz
34
27
Q4 09 Q1 10
Grade, Au g/t
2.4
1.8
Q4 09 Q1 10
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19
Mt Rawdon — Q1 exceeded plan
Gold production, Koz
23 23
Q4 09 Q1 10
Grade, g/t
0.9 1.0
Q4 09 Q1 10
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Full year production guidance lifted
(kozs)
1124 1000-1100
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110-130 Bonikro
882 90-100 Mt Rawdon
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800-870 Lihir Island
2005 2006 2007 2008 2009 2010
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Figures include 100% of Bonikro production, of which 90% is attributable to LGL
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Margins continue to expand
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Absolute cash costs of
$118 Cash price million in
Q1, in line with
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850 <450 cost/oz
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Lower volumes
impacting on 397 Q1 unit costs
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299 99
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Full year total cash costs to 411
be below
$
450/oz
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297
143Cash
282
>565
margin
460
100
325
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Total cash costs at Lihir Island
224
90
113
and Bonikro to be below
39
2005 2006 2007 2008 2009 2010 (f)
$420/oz for FY10
Numbers exclude Ballarat. Periods prior to 2008 are for Lihir Island only.
22
11
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Growth projects advancing
Lihir Island Mt Rawdon
Côte d’Ivoire exploration
Bonikro Lihir Island
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Lihir Island plant construction on track
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Lifts average annual
output by 240
kozs
,
@
incremental cost of
$200/oz
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Improves operational
reliability and
consistency
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Capex $780 million +
$160 million additional
power supply
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On schedule and on
budget. Re-estimate
complete
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Project
more than 50% complete
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Progressive
commissioning H2, 2011
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Construction milestones:
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Leach / CIP circuit
— end of year
Preoxidation Tankage —
end of year Crusher —
Q1, 2011 Grind
Thickeners — Q1, 2011
Interim Power Station —
Q2, 2011
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Bonikro expansion to 250 kozpa
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Preliminary
technical study to
expan
d B
on
ik
ro
t
o
250k
oz
/
a
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Higher grade ore in Hiré (3 g/t)
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Drilling to upgrade
and expand resource
continues
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Earl
y
a
pp
roval of
lon
g
lead items being
evaluated
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On track for increased
production from 2012
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Long term growth being delivered
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Leading land package in Côte d’Ivoire
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Tehini West
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18,000 square kilometres of
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US$37 million
exploration program,
including US$23
million in regional
exploration
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Focus on
upgrading Bonikro
and Hire resources
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Disciplined, systematic,
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Guetto targeted
exploration program developed
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40% production growth planned by 2012
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1-1.1m 90-100 Mt Rawdon 110-130 Bonikro
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Lihir Island 800-870 1100 1250
2010 11 12 13 14 15 16 17 18 19 20 21
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Generating significant increase in free cashflow
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Delivering on growth potential
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Identifying further growth
options to unlock the value
in the resource base
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Focus on value
enhancement
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Moving closer to delivery
of major cashflows
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LGL Competent Person Statement
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The information in this report that relates to Exploration
Results and Mineral Resources at Lihir, Côte d’Ivoire, and Mt
Rawdon is based on information compiled by Mr Roy Kidd.
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Mr Kidd is a member of the Australian Institute of
Geoscientists and is a full time employee of Lihir Services
Australia Pty Ltd (LSA) in the role of Principal Geologist. LSA
provides services to LGL pursuant to a Managed Services
Agreement. Roy Kidd has sufficient experience which is relevant
to the style of mineralisation and the type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of
the “Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves”. Roy Kidd consents to the
inclusion in the report of the matters based on his information
in the form and context in which it appears.
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The information in this report that relates to Ore Reserves at Lihir Island is based on
information compiled by Mr David Grigg.
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David Grigg is employed by Lihir Gold Limited in the role
of Superintendent Strategic Planning for the company. David Grigg
has sufficient experience, which is relevant to the style of
mineralisation and the type of deposit under consideration and to
the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the “Australasian Code
for Reporting of Mineral Resources and Ore Reserves”. David Grigg
consents to the inclusion in the report of the matters based on
their information in the form and context in which it appears.
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The information in this report that relates to Ore Reserves
at Mt Rawdon is based on information compiled by Nick Spicer, who
is a member of the Australian Institute of Mining and Metallurgy.
Nick Spicer is employed by Lihir Gold Limited in the role of
Principal Mining Engineer. He has sufficient experience, which is
relevant to the style of mineralisation and the type of deposit
under consideration and to the activity which he is undertaking
to qualify as a Competent Person as defined in the 2004 Edition
of the “Australasian Code for Reporting of Mineral Resources and
Ore Reserves”. Nick Spicer consents to the inclusion in the
report of the matters based on their information in the form and
context in which it appears.
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Appendix One
Appendix Two
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Lihir Island Reserves Statement — June 2009
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Reserve Tonnes Average grade
Contained gold Category (millions) (Au
g/t) (Moz)
(3)
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30th June 2009
(2)
Probable 269.2 2.77 23.9
Stockpiles
(4)
Proved 61.6 2.46 4.9
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Total Reserves
330.8 2.71 28.8
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(1) Reserve tonnages have been depleted by 2009
mining activity to June 2009. Reserves quoted are
those remaining below the June 2009 mining surface,
within the ultimate pit design, based on the December
2008 Resource Model.
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(2) Average cut
-
off grade for mill feed = 1
.
36 g/t Au
.
(December 2008 reserve average cut
-
off grade = 1
.
29
g/t)
(3) Reserves are based on a maximum profit, undiscounted
pit shell with an assumed life-of-mine gold price of
US$800 per ounce. The quantity of contained gold does
not indicate the quantity that will be ultimately
recovered.
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(4) Stockpile totals reflect ore above cut-off on stockpile at 30 June 2009
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(5) Rounding, conforming to the JORC Code, may cause some computational discrepancies.
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(6) The December 2008 Reserve was 239.6 Mt at 2.83 g/t
for 21.8M oz Au (US$675 oz), and based on the December
2007 Resource model.
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3) Rounding, conforming to the JORC Code, may cause some computational discrepancies
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