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Gold prices boost miners

Posted August 19, 2008 14:43:00

The rise in the price of gold over the past year has boosted the fortunes of local producers.

Newcrest Mining says annual profit jumped 87 per cent to $134 million in 2008 after it sold off its gold futures to gain exposure to rising bullion prices.

Lihir Gold returned to profit in the first six months of 2008, after recording a loss a year ago.

It says interim profit rose 178 per cent to $42 million.

Tags: business-economics-and-finance, industry, gold, finance-markets, australia

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