signature=63219fcd04be99a51f91ca2e9c6cb99f,6-K

0000950123-07-016052.txt : 20071204

0000950123-07-016052.hdr.sgml : 20071204

20071129060328

ACCESSION NUMBER:0000950123-07-016052

CONFORMED SUBMISSION TYPE:6-K

PUBLIC DOCUMENT COUNT:6

CONFORMED PERIOD OF REPORT:20071128

FILED AS OF DATE:20071129

DATE AS OF CHANGE:20071129

FILER:

COMPANY DATA:

COMPANY CONFORMED NAME:LIHIR GOLD LTD

CENTRAL INDEX KEY:0001000300

STANDARD INDUSTRIAL CLASSIFICATION:GOLD & SILVER ORES [1040]

IRS NUMBER:000000000

FISCAL YEAR END:1231

FILING VALUES:

FORM TYPE:6-K

SEC ACT:1934 Act

SEC FILE NUMBER:000-26860

FILM NUMBER:071272895

BUSINESS ADDRESS:

STREET 1:7TH FL PACIFIC PLACE CNR CHAMPION PDE

STREET 2:MUSGRAVE ST PO BOX 789 PORT MORESBY

CITY:PAPUS NEW GUINEA

STATE:J0

BUSINESS PHONE:6750217711

MAIL ADDRESS:

STREET 1:GPO BOX 905

CITY:BRISBANE

STATE:Q2

ZIP:999999999

6-K

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y42961be6vk.htm

FORM 6-K

6-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

November 28, 2007

Commission File No. 000-26860

LIHIR GOLD LIMITED

Level 7, Pacific Place

Cnr Champion Parade & Musgrave Street

Port Moresby, Papua New Guinea

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover

of Form 20-F or Form 40-F.)

Form 20-F þ      Form 40-F o

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by

Regulation S-T Rule 101(b)(1):  )

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by

Regulation S-T Rule 101(b)(7):  )

(Indicate by check mark whether the registrant by furnishing the information contained in this

Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under

the Securities Exchange Act of 1934.)

Yes o      No þ

(If Yes is marked, indicate below the file number assigned to the registrant in connection

with Rule 12g3-2(b):82- .)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

LIHIR GOLD LIMITED

By:

/s/ Stuart MacKenzie

Name Stuart MacKenzie

Title: Group Secretary & General Counsel

Date: November 28, 2007

LGL Site Tour November 2007

Phil Baker CFO

Finance focus 2007

9 Refinancing of gold loan

9 De-hedging

9 Build competence & capability

Arrange corporate financing (in progress)

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Deferred waste accounting

Waste removal costs are deferred to the balance sheet when the strip

ratio exceeds the average for the pit:

Costs TO balance sheet

Costs FROM balance sheet

Minifie Lienetz Minifie Deep Kapit Total

Lihir Operations accounting

Deferred costs / stockpiled ore valued conservatively

· past impairment issues

· ore in balance sheet @ lower of cost or NRV

· cost no G&A apportioned to waste removal (therefore costs lower than otherwise) waste

costs not deferred / recaptured from B/S are apportioned between HG ore and EG ore on basis

of contained gold (not tonnes) more to HG ore

Costs are skewed towards HG ore

· aim is to process, not stockpile, HG ore therefore costs are expensed sooner (and

reported profit is reduced)

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Lihir Operations

Deferred costs / inventory changes

·$ 75 80m pa (= $100/oz)

Capex

· 2007: approx. $150m future: sustaining $30-40m pa + geothermal reserves program

Gross cash operating costs

· Q3/07: $78m

· YTD Q3: $222m (= $296m pa)

Ballarat Operations

Capital vs operating

· pre-production phase: capital expenditure commercial production: operating costs + mine

development + sustaining capex

Capex (incl. pre-operatingcosts)

· 2007: A$70m

· 2008: A$90m

· Ongoing: A$15m pa (sustaining)

3

Ballarat accounting

Depreciation & amortisation

· expected 20+ yrs LOM (based on risk weighted resource potential) reserves not expected

to exceed 3 yrs at any time likely to use 15 yrs average LOM asset life will use units

of production method purchase price allocation (US$420m) capex to start-up (A$160m =

US$136m @0.85)

Tax

When will the company start to pay tax?

· losses of approx. $220m end of 2006 in PNG

· + losses from de-hedging & repayment of gold

loan 1H/2007: > $450m

· Ballarat has tax losses + pre-production costs

interest income sheltered

How to calculate tax expense

· prima facie tax expense is 30% of profit before tax some costs incurred are never

deductible (e.g. super payments by Lihir Ops to Australian funds) actual tax expense

therefore slightly higher than 30%

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www.lglgold.com

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