Posted in | Gold | Mining Business

Lihir Gold Accepts Newcrest Takeover

Lihir Gold Limited (ASX: LGL), a gold company with operations in Papua New Guinea, Australia and West Africa, has accepted the takeover bid offered by Newcrest Mining as shareholders have voted unanimously in favour of the bid.

The new company which emerges from the deal will become the worlds fifth-largest gold producer, with a combined production of 2,8 million ounces of gold in 2009.

The Australian gold mining company Newcrest had made the offer first in April this year, however it had to make changes to the terms and conditions before the deal was considered acceptable to Lihir Gold’s share holders. The share holder vote saw 99.86 % votes cast in favour of the deal.

Newmont and Barrick had shown an interest in Lihir Gold earlier but they were unable to trump the offer finally made by Newcrest.

The chairman of Lihir Gold Ross Garnaut said before the vote that while they had serious interest from alternative buyers who had visited the operations and were provided with extensive information related to the company none had made a formal alternative offer.

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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