LGL output at record high as Hood quits

LIHIR Gold Ltd (LGL) produced another record gold production at 1.13 million ounces  last year in line with guidance for the year of 1m oz to 1.2m oz.
This was disclosed in last year’s fourth quarter financial report which LGL acting chief executive officer and chief financial officer Phil Baker will present on Friday.
The report will also include this year’s production goals.
Mr Baker said total cash costs for the year were also in line with guidance provided to the market (below US$400/oz (K1.081 million) excluding Ballarat).
“The company’s operational performance has been excellent … I look forward to providing full details on Jan 22,” Mr Baker said.
LGL chief executive Arthur Hood, who saw LGL transform from a single mine operation to a multi-mine company producing more than one million ounces of gold per year, has resigned.
Mr Hood stepped down just months before his four-year term  expires this year end.
LGL chairman Dr Ross Garnaut announced the board’s acceptance of Mr Hood’s resignation with Mr Baker being appointed the interim chief executive until the position is filled.
“The board had also been considering the future of the company for some months now and concluded that it was time to find a successor to take LGL forward and build on the great foundation established under Arthur’s leadership,” LGL said.
“LGL is now one of the world’s leading gold producers and is consistently performing very well, with excellent growth options for the future.
“It is, therefore, the right time for me to step aside to enable an orderly transition to a new CEO,” Mr Hood said.
Dr Garnaut paid tribute to Mr Hood for his contribution to the company.
“Arthur has successfully led LGL through a major growth phase which has seen production increase from around 600,000 ounces per year in 2005 to more than 1.1 million ounces in 2009, with diversified operations in PNG, Australia and West Africa.