Monday, 20th June 2005 (2659 views)

Lihir Gold has pledged at least $150 million to boost the output of gold at a project in Papua New Guinea.

Investing a maximum of $160 million, Lihir expects to boost output at its Lihir project by 140,000 ounces a year over the first seven years.

According to the company, a processing plant capable of producing 3 million metric tons of gold a year will produce high-grade gold concentrate.

The plant's production will provide an enhanced source of ore to the project's autoclaves, Forbes reports.

Construction is to start in the latter part of this year, with the plant to be operational from Q1 2007.

 

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