yet another shocker from LGL. Ballereat has been a $450m...

yet another shocker from LGL. Ballereat has been a $450m disaster. After mining in PNG for almost 20 years the mine there finally looks like making money. But maybe, just maaaybe this is the time to enter into buying LGL. However, for LT holders its been a tale of management bungles, huge capex, and lack of acknowledgement from BOD.

Huntley's summary of interim: "Lihir Gold reported a net loss of US$234m in 2009 compared to a net profit of US$111m a year earlier. Excluding a US$413m impairment charge for the Ballarat operation in Australia, underlying profit rose 57% to US$289.5m. However, the reported underlying profit didn't include additional costs associated with Ballarat, which Lihir booked as a discontinued operation in its results statement with a gross loss of US$31.2m. Lihir is planning on selling Ballarat by the end of the first quarter, and has received widespread interest from Australia and abroad, Chief Executive Phil Baker revealed.

Baker highlighted that the Bonikro mine is set to expand output to 200,000 ounces by the end of next year from the current nameplate capacity of 120,000 ounces. However, Baker stressed that the company is "fully funded" and doesnt need to raise any cash. LGL dipped 10 cents (3.46%) to $2.79".