$8 BILLION TAKEOVER OF PNG’S LIHIR GOLD NEAR

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Melbourne-based Newcrest behind deal

MELBOURNE, Australia (Radio Australia, June 8, 2010) – The gold miner Newcrest Mining says it has finished due diligence investigations on one of the biggest companies operating in Papua New Guinea.

A takeover deal for Lihir Gold worth $US7.78 billion ($A9.5 billion) is expected to be completed by September.

[PIR editor’s note: According to its website, Melbourne-based Newcrest Mining Ltd. is Australia’s biggest gold producer and among the world’s top ten. Lihir Gold Ltd., based in Port Moresby, Papua New Guinea, has operations in Papua New Guinea, West Africa and Australia. It is also among the world’s top gold mining companies. ]

Newcrest says the two companies have now entered the part of the process that prevents Lihir from holding any talks with third parties about a competing proposal.

Newcrest says the merger will create one of the world's largest gold reserves, with operations in five countries.

Lihir's largest mine is in Papua New Guinea.

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