PNG'S LIHIR GOLD COMPANY REPORTS HUGE LOSS

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PORT MORESBY, Papua New Guinea (March 1, 1999 - PACNEWS/NBC)---The Lihir Gold Company, located in Papua New Guinea's New Ireland Province, has reported huge losses after a profitable year in 1997.

The company announced that it posted an after-tax loss of more than US$ 10 million for 1998, after making a US$ 11 million profit in 1997.

The loss was caused mainly by a shortfall in production.

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