AAP 2009-08-04 Papua New Guinea-focused gold miner Lihir Gold Ltd hopes to sell its Ballarat mine in Victoria by the end of 2009 or early 2010.
Lihir executive general manager of operations for Australia and West Africa Peter Smith told the Diggers and Dealers mining conference on Tuesday the company had appointed Perth-based PCF Capital Group to advise it on the sale.
Lihir recently announced it would divest Ballarat after disappointing March quarter production showed the asset would fall short of the company's 100,000 ounce per annum target.
Market watchers have described the decision as marking the end of a much-vaunted Ballarat goldfield renaissance, which envisaged a return to the glory days of the historic gold mining region.
"It doesn't deliver strategically what the company is looking for," Mr Smith said on the second day of the three-day annual forum at Kalgoorlie, Western Australia.
"It is a significant opportunity for somebody else.
"Time to move on."
Lihir said last month the group had received several expressions of interest in the Ballarat mine.
Mr Smith also said Lihir had budgeted $US27 million ($A31.9 million) for exploration at its Bonikro project area in Cote D'Ivoire, which has become a key focus for the miner.
He said the 90 per cent owned Bonikro mine was delivering and the company was eyeing 17 target areas near the operation.
Lihir hoped to expand output at Bonikro to 200,000 ounces a year, he said.
The operation produced 43,607 ounces during the June quarter.
