Lihir Gold's Chairman, Ross Garnaut, is not happy with a bid that was made to buy the company. He said that the $9.2 billion offer made by rival company, Newcrest did not represent the real value of the company. Neither did it represent the kind of value that Lihir's investors should be given.

Lihir is into the business of gold mining. It owns one of the world's largest gold mines and also owns all the processing facilities on the island of Lihir.

Meanwhile, in other news it was revealed that the former executive of BHP Billiton, Graeme Hunt, has been appointed the CEO of Lihir Gold.

Both the factors combined together pushed up the shares of the gold miner. On the last trading day, the share price of Lihir Gold was 30 per cent up.

Talking to the media, Ross said that the offer made by Newcrest was "under-valued." Looking at the current situation of the company and the kind of opportunities that lie in front of it, the offer made was too less.

He added that management of Lihir made sure that Newcrest was given an opportunity to bid. But, in return, they got something which was totally inadequate.