M&A

Barrick rules out Lihir play

BARRICK Gold has apparently ruled out making a possible bid for Lihir Gold, which has been the su...

MiningNews.Net

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Barrick PNG country manager Ila Temu told MiningNews.net' sister publication PNGIndustryNews.net on the sidelines of the Paydirt 2007 Asia Pacific Downunder Conference in Perth he was sure Lihir managing director Arthur Hood had his own plans for Lihir's future.

However, he added Barrick was still interested in expanding in the region and has not ruled out making future acquisitions.

Newcrest has also been flagged as a possible buyer though the Sydney Morning Herald reported the company appeared to be focusing, in the medium term, on accelerating its "organic" growth opportunities - Cadia Valley and Marsden in New South Wales, Gosowong in Indonesia and Gosowong in Fiji.

Lihir's share price on the Australian Stock Exchange has shot up from $A3.16 prior to its September 7 announcement that it would list on the Toronto Stock Exchange, to a record $3.79, a day after it listed on September 18.

The price increase has made it a much more expensive target to bite into, which could reduce its attractiveness to the gold majors.

Lihir was last trading on the TSX $C3.35.

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