Vengold goes dot.com route

After losing US$76.4 million (or US53 per share) during the first nine months of 1999, Vengold (VEN-T) has decided to its shift its focus away from mining and toward the internet.

The considerable size of Vengold’s recent loss is attributable to the sale of its interests in Lihir Gold (LIHRY-Q) and Nuigini Mining. Lihir Gold owns the mine of the same name in Papua New Guinea.

The Lihir mine produced a record 188,000 oz. gold in the third quarter, and production at Sept. 30 stood at 458,000 oz. (Vengold’s share was 76,000 oz.)

Vengold indirectly holds 53.8 million shares, or 5%, of Lihir Gold and Nuigini, worth approximately US$40 million, as well as cash and securities valued at US$50 million.

It intends to focus on the rapid growth of the high-tech sector by investing in private internet-related companies. The new venture is aimed at advising early-stage companies in all aspects of their development, including capital markets.