Lihir Gold shares tumble to lowest level since September

LIHIR Gold has continued with a major downward slide in its share price following its announcement last Dec 13 that its anticipated production this year has been slashed to 700,000 ounces.
From A$3.90 last Dec 12, Lihir had faced falling prices on four consecutive trading days with the price closing down A$0.04 yesterday at A$3.18. This was the lowest it had been since early September.
The company’s underground gold mine in Ballarat, Victoria, remainedclosed following a rock fall that disrupted development work.
Most other stocks had also been affected by negative market sentiment with Oil Search falling from a recent high of A$4.84 to close at A$4.54 yesterday.
Highlands Pacific had also been badly hit with its share price falling yesterday to A$0.135, negating gains made following the sale of its Kainantu gold mine to Barrick Gold.
Steamships Trading went against the market trend and was a standout performer with its share price rising by A$0.63 yesterday to a record A$9.99 a share.
Other PNG stocks that made losses included Allied Gold, down A$0.05 to A$0.70; Marengo Mining, down A$0.015 to A$0.335, Frontier Resources, down A$0.05 to A$0.125 and Emperor, down A$0.02 to A$0.067.