Lihir Gold one of Australia’s most prolific gold producers has come under attack by another very large and powerful gold company Newcrest ASX: NCM.

NCM’s ~AUD$8.5B bid, probably the largest amount ever offered for an Australian gold miner has put LGL into play and LGL’s out of hand rejection seems to have initiated the beginning of “hostile” takeover attempt by NCM.

One wonders if there isn’t another player in the wings or that NCM needs to bulk up to protect itself from Newmont or perhaps even one of the major diversified miners.

What seems clear is that Friday’s 33% rise could be just the start of the action for Australian investors with LGL shares…. perhaps witnessed by even the Fat Prophets not calling it a sell as they seem so prone to do.. with their recommendations lately at the beginning of a takeover attempt to cut and run.

So more to come is my guess…..