anglo to bid for lgl?, page-7

Gold miners eye Lihir, but no new bid imminent: sources

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Reuters

At least four of the world's biggest gold producers have looked at the books of Australia's Lihir Gold Ltd but Newcrest Mining Ltd was seen as the only bidder, people familiar with the situation said.

AngloGold Ashanti, Barrick Gold, Newcrest and Newmont Mining Corporation have looked at Lihir's books before the company's data room is closed on June 8, but no new bid was imminent, the sources said on Monday.

One of the sources with direct knowledge of the deal said Barrick, Newmont and AngloGold were unlikely to launch a rival bid, possibly leaving Newcrest as the only suitor for Lihir, which operates key assets in Papua New Guinea.

Newcrest last month agreed to increase its bid for Lihir to $9.5 billion and if successful, the deal would create the world's fourth largest listed gold miner by market capitalisation.

While the data room closes on Tuesday, potential suitors can still lodge bids after that date.

The most logical time for Barrick, Newmont and AngloGold to lodge rival offers would be after the independent expert's report on the Newcrest offer was released in the next two weeks, two sources said.

"It (a rival offer) is entirely possible. The only people who would know that are the chief executives and the chairmen of the parties in the data room. It doesn't make any sense for them to put in a bid on the table until they see the experts report," one of the sources said.

A spokeswoman for Lihir was not immediately available for comment. An AngloGold spokeswoman declined to comment. Barrick and Newmont were not immediately available to comment.

Lihir is being advised by Macquarie and Australian boutique firm Caliburn. Newcrest is advised by Lazard and Bank of American-Merrill