Document:

<PAGE>
                                                                    Exhibit 4(l)

                              BLAKE DAWSON WALDRON
                                     LAWYERS

                              AMENDED AND RESTATED
                           LIHIRIAN EQUITY SETTLEMENT
                                    AGREEMENT

                  MINERAL RESOURCES DEVELOPMENT COMPANY LIMITED

                         MINERAL RESOURCES LIHIR LIMITED

                               LIHIR GOLD LIMITED

                            EUROPEAN INVESTMENT BANK

                                27 January 2006

                                   4th Floor
                              Mogoru Moto Building
                                  (PO Box 850)
                                  Port Moresby
                            Telephone: (675) 309 2000
                              Fax: (675) 309 2099

                   REF: 020411 RAF LIHIR SETTLEMENT AGREEMENT
                    (AMENDED AND RESTATED - PREPAYMENT) DRAFT
                                 6(CLEANBIS).DOC

                          (C) Blake Dawson Waldron 2004

<PAGE>

                                    CONTENTS

<TABLE>
<S>                                                                           <C>
1.  INTERPRETATION                                                             4
    1.1  Definitions                                                           4
    1.2  Rules for interpreting this agreement                                 5

2.  AMENDMENT AND RESTATEMENT OF FIRST SETTLEMENT AGREEMENT                    6

3.  CONDITION PRECEDENT TO PERFORMANCE                                         6
    3.1  Obligations subject to condition                                      6
    3.2  Condition                                                             6

4.  UNDERTAKINGS BY LGL                                                        7
    4.1  Community Support Grant                                               7

5.  UNDERTAKINGS BY MRL                                                        7
    5.1  Sell-down of MRL Sale Shares                                          7

6.  UNDERTAKINGS BY MRDC                                                       8
    6.1  Satisfaction by MRL of MRDC On-Lending Agreement                      8

7.  UNDERTAKINGS BY EIB                                                        8
    7.1  Discharge of MRL Share Mortgage and Satisfaction by MRDC and MRL
         of EIB Finance Contract                                               8

8.  CONFIDENTIALITY AND ANNOUNCEMENTS                                          9
    8.1  General                                                               9

9.  NOTICES                                                                    9

10. AMENDMENT AND ASSIGNMENT                                                  10

11. GENERAL                                                                   10
    11.1 Governing law                                                        10
    11.2 Liability for expenses                                               10
    11.3 Giving effect to this agreement                                      10
    11.4 Waiver of rights                                                     10
    11.5 Operation of this agreement                                          10
    11.6 Counterparts                                                         10
    11.7 Attorneys                                                            11
</TABLE>

                                                                               i

<PAGE>

ANNEXURE A

     Release of Security

ANNEXURE B

     Method for Calculating Capital Gains Amount

                                                                              ii

<PAGE>

            AMENDED AND RESTATED LIHIRIAN EQUITY SETTLEMENT AGREEMENT

DATE 27 January 2006

PARTIES

     MINERAL RESOURCES DEVELOPMENT COMPANY LIMITED of First Heritage Centre,
     Islander Way, Waigani, NCD ("MRDC")

     MINERAL RESOURCES LIHIR LIMITED of First Heritage Centre, Islander Way,
     Waigani, NCD ("MRL")

     LIHIR GOLD LIMITED of Lihir Island, New Ireland Province ("LGL")

     EUROPEAN INVESTMENT BANK of 100 Boulevard Konrad Adenauer, Luxembourg
     ("EIB")

RECITALS

A.   MRL holds 77,169,431 ordinary shares in LGL (representing 6.01% of the
     issued share capital) on trust for the beneficiaries under the Trust (as
     defined below), who are Lihirian landowners.

B.   MRL financed its acquisition of shares in LGL during 1995 in part using
     funds borrowed by MRDC from EIB under the EIB Finance Contract, which were
     on-lent by MRDC to MRL under the MRDC On-Lending Agreement.

C.   In the absence of dividend income from LGL, MRL has not been able to make
     repayments of principal and payments of interest to MRDC under the MRDC
     On-Lending Agreement, and MRL has not paid management fees and associated
     administrative costs to MRDC.

D.   Notwithstanding the non-payments referred to in Recital C, MRDC has made
     repayments of principal due on 15 December 2001 and 15 December 2002 to EIB
     and paid interest to EIB under the EIB Finance Contract.

E.   EIB agreed to reschedule to 30 June 2004 the instalment of principal and
     related interest which was due to be repaid by MRDC to EIB on 15 December
     2003 (the "15 DECEMBER 2003 INSTALMENT").

F.   LGL has paid MRDC from the LGL Community Support Grant (as defined below)
     an amount equal to the 15 December 2003 instalment and MRDC has paid this
     amount to EIB on 30 June 2004.

G.   EIB agreed to waive any penalty interest payment, which would otherwise
     have been due from MRDC as a result of the late payment of the 15 December
     2003 instalment.

H.   MRDC paid the 15 December 2004 amount of principal and interest under the
     EIB Finance Contract (being the sum of Euros 1,681,751.84 (which was
     equivalent to USD2,189,153.68)) without reimbursement from MRL under the
     MRDC On-Lending Agreement.

<PAGE>

I.   The purpose of the First Settlement Agreement was to establish a means for
     MRDC to meet its liability to repay the further instalments of principal
     and pay interest under the ETB Finance Contract, through the setting up and
     funding of an investment account in the name of EIB.

J.   It has now been agreed by all parties that the First Settlement Agreement
     will be amended and restated to the intent that:

     (i)  MRL will sell the MRL Sale Shares the net proceeds of which will be
          utilised to enable MRL to repay all its outstanding indebtedness to
          MRDC under the MRDC On-Lending Agreement and for MRDC to repay all its
          indebtedness to EIB under the EIB Finance Contract including a capital
          gain calculated in accordance with the principles set out in the EIB
          Finance Contract;

     (ii) MRDC and MRL will each be released from their respective obligations
          under the EIB Finance Contract, upon the prepayment referred to in
          Recital J (i) above; and

     (iii) MRL will be released by MRDC from its obligations under the MRDC
          On-Lending Agreement, upon the prepayment referred to in Recital J (i)
          above.

K.   This agreement will replace the First Settlement Agreement in its entirety.

OPERATIVE PROVISIONS

1.   INTERPRETATION

1.1  DEFINITIONS

     The following definitions apply in this agreement (including its Recitals):

     "BUSINESS DAY" means a day on which banks are open for business.

     "CAPITAL GAINS AMOUNT" is defined in paragraph 2 of Annexure B to this
     agreement.

     "COMPLETION OF SELLDOWN" has the meaning given in clause 5.1(d).

     "EIB ACCOUNT" means the account in the name of the European Investment Bank
     held at Deutsche Bank AG, Frankfurt, account number DE62500700100938194800,
     Swift Code DEUTDEFFXXX.

     "EIB FINANCE CONTRACT" means the Finance Contract dated 28 December 1995,
     amended by letters of amendment dated 26th February 1997 and 6th December
     2004, between EIB (as lender), MRDC (as borrower) and MRL (as obligor).

     "EUROS" means the currency of the European Union.

     "FIRST SETTLEMENT AGREEMENT" means the Lihirian Equity Settlement Agreement
     entered into between the same parties hereto and dated 6 December 2004.

                                                                               4

<PAGE>

     "MRDC ON-LENDING AGREEMENT" means the On-Lending Agreement dated 12 July
     1996 as amended by a letter of amendment dated 6 December 2004, between
     MRDC (as lender) and MRL (as borrower).

     "MRDC PAYMENT" means the sum of US $1,659,896.72, being an agreed sum
     representing the outstanding principal and interest owed by MRL to MRDC,
     (less the balance of the community support grant payable to MRDC by LGL
     pursuant to clause 4.1(c)), on or prior to 15 December 2004 under the MRDC
     On-Lending Agreement;

     "MRL SHARE MORTGAGE" means the Share Mortgage (LGL Shares) dated 14 January
     1998 between MRL (as mortgagor), EIB (as mortgagee) and MRDC (as borrower)
     which is registered in Papua New Guinea as company charge No. 10991.

     "MRL SALE SHARES" means such number of ordinary shares in LGL the Net
     Proceeds (taking into account broker's fees and other charges) of sale of
     which equals the aggregate of: (i) the PCG Payment and (ii) the MRDC
     Payment.

     "NET PROCEEDS" is defined in paragraph 1 of Annexure B to this agreement.

     "PCG PAYMENT" means the sum of the Prepayment Amount and the Capital Gains
     Amount, as notified by EIB to the broker and MRL, as referred to in clause
     5.1(c).

     "PREPAYMENT AMOUNT" means that amount in Euros that is notified by the EIB
     as being an amount that, provided it is deposited in full into the EIB
     Account within 5 Business Days of EIB's notification, will be sufficient to
     prepay the entire amount of the outstanding loan repayments (comprising
     both principal and interest) of MRDC under Schedule C of the EIB Finance
     Contract, commencing with the 15 December 2005 instalment up to the final
     repayment instalment on 15 December 2015, (it being noted that the
     Prepayment Amount payable on 16 January 2006 (excluding any Capital Gains
     Amount) is EUR16,342,203.31).

     "TRUST" means the trust known as the Lihirian Equity Trust constituted by
     the Trust Deed.

     "TRUST DEED" means the trust deed dated 14 August 1997 between Robin Moaina
     (as settlor) and MRL (as trustee).

     "TRUST FUND" means the assets of the Trust.

1.2  RULES FOR INTERPRETING THIS AGREEMENT

     Headings are for convenience only, and do not affect interpretation. The
     following rules also apply in interpreting this agreement, except where the
     context makes it clear that a rule is not intended to apply.

     (a)  A reference to:

          (i)  a document or agreement, or a provision of a document or
               agreement, is to that document, agreement or provision as
               amended, supplemented, replaced or novated;

                                                                               5

<PAGE>

          (ii) a party to this agreement or to any other document or agreement
               includes a permitted substitute or a permitted assign of that
               party;

          (iii) a person includes any type of entity or body of persons, whether
               or not it is incorporated or has a separate legal identity, and
               any executor, administrator or successor in law of the person;
               and

          (iv) anything (including a right, obligation or concept) includes each
               part of it.

     (b)  A singular word includes the plural, and vice versa.

     (c)  A word which suggests one gender includes the other genders.

     If a word is defined, another part of speech has a corresponding meaning.

2.   AMENDMENT AND RESTATEMENT OF FIRST SETTLEMENT AGREEMENT

     It is hereby agreed that, upon the date (hereinafter the "EFFECTIVE DATE")
     upon which the last signatory signs this agreement:

     (a) the terms of this Amended and Restated Lihrian Equity Settlement
     Agreement shall hereby replace the terms of the First Settlement Agreement
     in their entirety; and

     (b) this agreement shall contain the entire agreement between the parties
     about the particular matters it covers and any previous understanding,
     agreement, representation or warranty, including, but not limited to, the
     First Settlement Agreement, relating to those matters (in particular
     clauses 1, 2, 3 and 4 of the Heads of Agreement dated 28 March 2003 between
     some of the parties) is hereby replaced by this agreement and has no
     further effect.

3.   CONDITION PRECEDENT TO PERFORMANCE

3.1  OBLIGATIONS SUBJECT TO CONDITION

     The obligations of the parties under clauses 4, 5, 6, 7 and 8 do not become
     binding until the conditions set out in clause 3.2 are satisfied.

3.2  CONDITION

     The conditions referred to in clause 3.1 are that:

     (a) the Bank of Papua New Guinea grants exchange control authority under
     the Central Banking (Foreign Exchange and Gold) Regulation for (inter alia)
     MRL to transmit some of the MRL Sale Shares to the Australian share
     register of MRL and to sell them to persons not resident in Papua New
     Guinea; and

     (b) MRDC notifies the other parties that it and MRL have obtained all other
     approvals necessary to enter into this agreement and perform the
     transactions contemplated by its terms (or alternatively that they require
     no other approvals to do so).

                                                                               6

<PAGE>

4.   UNDERTAKINGS BY LGL

4.1  COMMUNITY SUPPORT GRANT

     At the request of MRL, LGL agrees to give the following amounts by way of a
     voluntary community support grant (of which the parts referred to in
     paragraphs (a) and (b) have already been paid) to MRDC:

     (a) K3,532,759 representing 50% of the debt incurred by MRL to MRDC
     resulting from the MRDC repayment made to EIB in December 2002;

     (b) USD2,105,743.04 representing the amount of principal and interest
     payable by MRDC under the EIB Finance Contract up to 30 June 2004; and

     (c) an amount of US$529,256.96 being the balance of the community support
     grant.

5.   UNDERTAKINGS BY MRL

5.1  SELL-DOWN OF MRL SALE SHARES

     (a) MRL will forthwith engage a broker to sell on its behalf, and to accept
     (as its sales agent) payment of the purchase price into its broker's bank
     account for the MRL Sale Shares and may instruct that broker to sell the
     MRL Sale Shares in one lot no later than 31 January 2006 or such later date
     as may be agreed by EIB.

     (b) MRL will, through its sale broker, seek to obtain the best price
     reasonably obtainable on market for the MRL Sale Shares and as soon as a
     price is prospectively agreed notify EIB.

     (c) MRL will instruct the broker to pay directly from the broker's client
     account into the EIB Account, on the same day as settlement of the sale of
     the MRL Sale Shares takes place, the PCG Payment, which has been notified
     and agreed between MRL and/or MRDC and EIB, based on the prospective sale
     price. The Capital Gains Amount element of the PCG Payment shall be agreed
     between EIB and MRL and/or MRDC in accordance with Annexure B.

     (d) For the purposes of this agreement, "COMPLETION OF THE SELLDOWN" occurs
     when MRL has sold the MRL Sale Shares and:

          (i)  in the case of EIB, EIB confirms to MRL that it has received
               payment of the PCG Payment into the EIB Account; and

          (ii) in the case of MRDC, MRDC confirms to MRL that it has received
               payment of the MRDC Payment.

     (e) MRL agrees that once it has been notified of the Completion of the
     Selldown by MRDC, it will no longer have any rights or obligations under
     the MRDC On-Lending Agreement and that the MRDC On-Lending Agreement shall
     be irrevocably cancelled and discharged.

                                                                               7

<PAGE>

6.   UNDERTAKINGS BY MRDC

6.1  SATISFACTION BY MRL OF MRDC ON-LENDING AGREEMENT

     From the date upon which MRDC notifies MRL of the Completion of the
     Selldown, MRDC hereby irrevocably:

     (a) releases MRL from all liability arising under, or in connection with,
     the MRDC On-Lending Agreement; and

     (b) agrees that the MRDC On-Lending Agreement shall be hereby irrevocably
     cancelled and discharged.

7.   UNDERTAKINGS BY EIB

7.1  DISCHARGE OF MRL SHARE MORTGAGE AND SATISFACTION BY MRDC AND MRL OF EIB
     FINANCE CONTRACT

     Subject to clause 7.2, prior to the sale of the MRL Sale Shares, EIB will
     release all the Mortgaged Property (as defined in the MRL Share Mortgage)
     from the MRL Share Mortgage and discharge MRL and MRDC from all liability
     under the MRL Sale Mortgage (save for the liabilities assumed by MRDC and
     MRL under Article 7 of the MRL Share Mortgage) in the form of the Release
     of Security set out in Annexure A.

7.2  EIB's agreement under clause 7.1 above to release and discharge the MRL
     Share Mortgage is subject to receipt by EIB of such evidence, in form and
     substance satisfactory to EIB, that the PCG Payment will be paid to EIB
     from Net Proceeds of the sale of MRL Sale Shares or other MRL shares.

     Such evidence may include (but without limitation) confirmation or other
     evidence from the selling broker as to: (i) sale price per share, (ii) the
     total purchase price, (iii) the expected or realised Net Proceeds and (iv)
     the settlement date(s), in each case in respect of MRL Sale Shares or other
     MRL shares, together with such payment undertaking or undertakings or other
     assurances from MRL and/or MRDC, in respect of the PCG Payment, as EIB may
     in the circumstances deem to be necessary.

7.3  From the date upon which EIB notifies the parties of the Completion of the
     Selldown, EIB hereby:

     (a) irrevocably releases MRDC from all payment obligations, and MRL from
     all project obligations, arising under, or in connection with, the EIB
     Finance Contract; and

     (b) agrees that the EIB Finance Contract shall be irrevocably cancelled and
     discharged.

                                                                               8

<PAGE>

8.   CONFIDENTIALITY AND ANNOUNCEMENTS

8.1  GENERAL

     Each party must treat the existence and terms of this agreement
     confidentially and no announcement or communication relating to the
     negotiations of the parties, the existence, subject matter or terms of this
     agreement or the manner of its implementation may be made or authorised by
     a party:

     (a) unless the other parties have first given their written approval;

     (b) the disclosure is to the party's employees, consultants, professional
     advisers, bankers, financial advisers or financiers or to a person whose
     consent is required under this agreement or for a transaction contemplated
     by it and those persons undertake to keep confidential any information so
     disclosed; or

     (c) the disclosure is made to comply with any applicable law or requirement
     of any government agency or regulatory body (including any relevant stock
     exchange).

9.   NOTICES

     (a) A notice, consent or other communication under this agreement is only
     effective if it is in writing, signed and either left at the addressee's
     address or sent to the addressee by mail or fax. If it is sent by mail, it
     is taken to have been received 3 working days after it is posted. If it is
     sent by fax, it is taken to have been received when the addressee actually
     receives it in full and in legible form.

     (b) A person's address and fax number are those set out below, or as the
     person notifies the sender:

MRDC ADDRESS    1st Floor, First Heritage Centre, Waigani Drive, Waigani NCD
Postal Address: PO Box 1076, Port Moresby, NCD, Papua New Guinea
Fax number:     +675 325 2633

MRL ADDRESS:    1st Floor, First Heritage Centre, Waigani Drive, Waigani NCD
Postal Address: PO Box 1076, Port Moresby, NCD, Papua New Guinea
Fax number:     +675 325 2633

LGL ADDRESS:    7th Floor, Pacific Place, corner Douglas Street and Champion
                Parade, Port Moresby NCD
Postal Address: PO Box 789, Port Moresby, NCD
Fax number:     +675 321 4705

EIB ADDRESS:    100 Boulevard Konrad Adenauer
Postal Address: L-2950 Luxembourg
Fax number:     +352 43 77 04

                                                                               9

<PAGE>

10.  AMENDMENT AND ASSIGNMENT

     (a) This agreement can only be amended, supplemented, replaced or novated
     by another agreement signed by the parties.

     (b) A party may only dispose of, declare a trust over or otherwise create
     an interest in its rights under this agreement with the consent of each
     other party.

11.  GENERAL

11.1 GOVERNING LAW

     This agreement is governed by the law in force in Papua New Guinea.

11.2 LIABILITY FOR EXPENSES

     Each party must pay its own expenses incurred in negotiating, executing,
     stamping and registering this agreement.

11.3 GIVING EFFECT TO THIS AGREEMENT

     Each party must do anything (including execute any document), and must
     ensure that its employees and agents do anything (including execute any
     document), that the other party may reasonably require to give full effect
     to this agreement.

11.4 WAIVER OF RIGHTS

     A right may only be waived in writing, signed by the party giving the
     waiver, and:

     (a) no other conduct of a party (including a failure to exercise, or delay
     in exercising, the right) operates as a waiver of the right or otherwise
     prevents the exercise of the right;

     (b) a waiver of a right on one or more occasions does not operate as a
     waiver of that right if it arises again; and

     (c) the exercise of a right does not prevent any further exercise of that
     right or of any other right.

11.5 OPERATION OF THIS AGREEMENT

     (a) Any right that a person may have under this agreement is in addition
     to, and does not replace or limit, any other right that the person may
     have.

     (b) Any provision of this agreement which is unenforceable or partly
     unenforceable is, where possible, to be severed to the extent necessary to
     make this agreement enforceable, unless this would materially change the
     intended effect of this agreement.

11.6 COUNTERPARTS

     This agreement may be executed in counterparts.

                                                                              10

<PAGE>

11.7 ATTORNEYS

     Each person who executes this agreement on behalf of a party under a power
     of attorney declares that he or she is not aware of any fact or
     circumstance that might affect his or her authority to do so under that
     power of attorney.

                                                                              11

<PAGE>

EXECUTED as an agreement.

THE COMMON SEAL of MINERAL RESOURCES
DEVELOPMENT COMPANY LIMITED,
the fixing of which was witnessed by:

                                  (DESCRIPTION)

/s/ Aleena Bird                         /s/ J.F. Kaupa
-------------------------------------   ----------------------------------------
Signature of secretary                  Signature of director/

ALEENA BIRD                             J.F. Kaupa Managing Director
Name                                    Name

THE COMMON SEAL of MINERAL RESOURCES
LIHIR LIMITED, the fixing of which
was witnessed by:

                                  (DESCRIPTION)

/s/ Mark Soipang                        /s/ Aleena Bird
-------------------------------------   ----------------------------------------
Signature of director                   Signature of /secretary

Mark Soipang                            ALEENA BIRD
Name                                    Name

SIGNED FOR AND ON BEHALF of LIHIR
GOLD LIMITED, by an authorised
officer in the presence of:

/s/ Murray Eagle                        /s/ Mark Laurie
-------------------------------------   ----------------------------------------
Signature of witness                    Signature of authorised officer

MURRAY EAGLE                            MARK LAURIE
Name                                    Name

                                        COMPANY SECRETARY
                                        Title

                                                                              12

<PAGE>

SIGNED by
two authorised officers of the EUROPEAN
INVESTMENT BANK in the presence of:

                                        ----------------------------------------
                                        Signature of authorised officer

                                        /s/ D. Crush
-------------------------------------   ----------------------------------------
Signature of witness                    Name D. CRUSH
                                        Title HEAD OF DIVISION

/s/ Elena Fernandez                     /s/ N. Graham
-------------------------------------   ----------------------------------------
Name ELENA FERNANDEZ                    Name N. GRAHAM
     SECRETARY                          Title LEGAL COUNSEL

                                                                              13

<PAGE>

                                   ANNEXURE A

                              BLAKE DAWSON WALDRON
                                    LAWYERS

                              RELEASE OF SECURITY

                            EUROPEAN INVESTMENT BANK

                         MINERAL RESOURCES LIHIR LIMITED

                  MINERAL RESOURCES DEVELOPMENT COMPANY LIMITED

                                    4th Floor
                              Mogoru Moto Building
                                  (PO Box. 850)
                                  Port Moresby
                           Telephone: (675) 309 2000
                              Fax: (675) 309 2099

                                REF: 020411 RAF

                          (C) Blake Dawson Waldron 2004

<PAGE>

                                    CONTENTS

<TABLE>
<S>                                                                            <C>
1. INTERPRETATION                                                              1
   1.1 Definitions                                                             1
   1.2 Rules for interpreting this document                                    2

2. RELEASE                                                                     2
   2.1 Release and discharge                                                   2
   2.2 No effect on Facility Agreement                                         2

3. GENERAL                                                                     3
   3.1 Governing law                                                           3
   3.2 Liability for costs and taxes                                           3
   3.3 Giving effect to this document                                          3
   3.4 Counterparts                                                            3
   3.5 Attorneys                                                               3
</TABLE>

<PAGE>

                               RELEASE OF SECURITY

DATE ______ 2006

PARTIES

     EUROPEAN INVESTMENT BANK of 100 Boulevard Konrad Adenauer, Luxembourg (the
     "MORTGAGEE")

     MINERALS RESOURCES LIHIR LIMITED of First Heritage Centre, Islander Way,
     Waigani, NCD (the "MORTGAGOR")

     MINERAL RESOURCES DEVELOPMENT COMPANY LIMITED of First Heritage Centre,
     Islander Way, Waigani, NCD ("BORROWER")

RECITALS

A.   The Mortgaged Property has been provided as security by the Mortgagor in
     favour of the Mortgagee.

B.   Under clause 7 of the Lihirian Equity Settlement Agreement (and in
     pursuance of the mutual undertakings of the parties contained therein), the
     Mortgagee has agreed to release the Mortgaged Property and the liabilities
     of the Mortgagor and the Borrower under the MRL Share Mortgage (save for
     the liabilities under Article 7 of the MRL Share Mortgage) upon the sale of
     the MRL Sale Shares (as defined in the Lihirian Equity Settlement
     Agreement) sufficient for the purpose contemplated within the definition of
     MRL Sale Shares and otherwise as set out therein.

C.   This Release is the form of release, for the purpose of Recital B above,
     annexed at Schedule A of the Lihirian Equity Settlement Agreement.

OPERATIVE PROVISIONS

1.   INTERPRETATION

1.1  DEFINITIONS

     The definitions in the MRL Share Mortgage apply to this document and in
     addition the following definitions apply:

     "LIHIRIAN EQUITY SETTLEMENT AGREEMENT" means the Lihirian Equity Settlement
     Agreement between the Mortgagee, the Mortgagor, the Borrower and Lihir
     Management Company Limited dated 6th December 2004 and amended and
     re-stated on January 2006.

     "MRL SHARE MORTGAGE" means the Share Mortgage between the parties dated 14
     January 1998 which is registered in Papua New Guinea as company charge No.
     10991.

<PAGE>

1.2  RULES FOR INTERPRETING THIS DOCUMENT

     Headings are for convenience only, and do not affect interpretation. The
     following rules also apply in interpreting this document, except where the
     context makes it clear that a rule is not intended to apply.

     A reference to:

          (i)  legislation (including subordinate legislation) is to that
               legislation as amended, re-enacted or replaced, and includes any
               subordinate legislation issued under it;

          (ii) a document or agreement, or a provision of a document or
               agreement, is to that document, agreement or provision as
               amended, supplemented, replaced or novated;

          (iii) a party to this document or to any other document or agreement
               includes a permitted substitute or a permitted assign of that
               party;

          (iv) a person includes any type of entity or body of persons, whether
               or not it is incorporated or has a separate legal identity, and
               any executor, administrator or successor in law of the person;
               and

          (v)  anything (including a right, obligation or concept) includes each
               part of it.

     A singular word includes the plural, and vice versa.

     A word which suggests one gender includes the other genders.

     If a word is defined, another part of speech has a corresponding meaning.

     If an example is given of anything (including a right, obligation or
     concept), such as by saying it includes something else, the example does
     not limit the scope of that thing.

     The word "AGREEMENT" includes an undertaking or other binding arrangement
     or understanding, whether or not in writing.

2.   RELEASE

2.1  RELEASE AND DISCHARGE

     With effect form the date of this document, the Mortgagee releases all the
     Mortgaged Property from the MRL Share Mortgage and discharges the Mortgagor
     and the Borrower from all liability under the MRL Share Mortgage (save for
     the liabilities assumed by the Mortgagor and the Borrower under Article 7
     of the MRL Share Mortgage).

2.2  NO EFFECT ON FACILITY AGREEMENT

     The Mortgagor and the Borrower acknowledge that nothing in this document
     affects their rights and obligations under the Facility Agreement.

                                                                               2

<PAGE>

3.   GENERAL

3.1  GOVERNING LAW

     This document is governed by the law in force in Papua New Guinea.

     Each party submits to the non-exclusive jurisdiction of the courts
     exercising jurisdiction in Papua New Guinea, and any court that may hear
     appeals from any of those courts, for any proceedings in connection with
     this document, and waives any right it might have to claim that those
     courts are an inconvenient forum.

3.2  LIABILITY FOR COSTS AND TAXES

     Each party must pay its own expenses incurred in negotiating this document.
     The Borrower and the Mortgagor shall pay all duties and taxes payable on
     this document together with the costs of any notification or filing
     required to give effect to it.

3.3  GIVING EFFECT TO THIS DOCUMENT

     Each party must do anything (including execute any document), and must
     ensure that its employees and agents do anything (including execute any
     document), that any other party may reasonably require to give full effect
     to this document.

3.4  COUNTERPARTS

     This document may be executed in counterparts.

3.5  ATTORNEYS

     Each person who executes this document on behalf of a party under a power
     of attorney declares that he or she is not aware of any fact or
     circumstance that might affect his or her authority to do so under that
     power of attorney.

                                                                               3

<PAGE>

EXECUTED as a deed.

THE COMMON SEAL of MINERAL
RESOURCES DEVELOPMENT COMPANY
LIMITED, the fixing of which was
witnessed by:

                                  (DESCRIPTION)

/s/ J.F. Kaupa                          /s/ Aleena Bird
-------------------------------------   ----------------------------------------
Signature of director                   Signature of director/secretary

Name J.F. Kaupa                         ALEENA BIRD
     Managing Director                  Name

THE COMMON SEAL of MINERAL
RESOURCES LIHIR LIMITED, the fixing
of which was witnessed by:

                                   (DESCRIPTION)

                                        /s/ Aleena Bird
-------------------------------------   ----------------------------------------
Signature of director                   Signature of secretary

-------------------------------------   ALEENA BIRD
Name                                    Name

                                                                               4

<PAGE>

SIGNED BY
TWO AUTHORISED OFFICERS OF THE
EUROPEAN INVESTMENT BANK IN THE
PRESENCE OF:

SIGNATURE OF WITNESS                    ----------------------------------------
                                        Signature of authorised officer

-------------------------------------   ----------------------------------------
NAME                                    Name

-------------------------------------   ----------------------------------------
                                        Title

                                        ----------------------------------------
                                        Signature of authorised officer

-------------------------------------   ----------------------------------------
                                        Name

-------------------------------------   ----------------------------------------
                                        Title

                                                                               5

<PAGE>

                                   ANNEXURE B

                  METHOD FOR CALCULATING CAPITAL GAINS AMOUNT

THE PARTIES AGREE TO CALCULATE CAPITAL GAINS AS PREVIOUSLY AGREED UNDER THE EIB
FINANCE CONTRACT, AS FOLLOWS:

1.   DEFINITIONS

     "Capital Gain" in respect of the MRL Sale Shares means the excess of the
     Net Proceeds per share (measured in USD) over the Base Issue Price of USD
     1.11 multiplied by the number of MRL Sale Shares the aggregate Net Proceeds
     of which equals the Prepayment Amount.

     "Net Proceeds" means any capital sum received by MRL on sale (through its
     broker) or other disposal of the MRL Sale Shares (less all costs of sale
     and incidental taxes).

2.   CAPITAL GAINS AMOUNT

     If there is a Capital Gain, the "Capital Gains Amount" for the purpose of
     this agreement shall equal the equivalent in Euros of 50% of the Capital
     Gain.

                                                                               6<PAGE>
                                                                    Exhibit 4(q)

                              (LIHIR GOLD LIMITED)

26 August 2005

Mr Arthur Hood
Via Email

Dear Arthur

Further to our recent discussions, I am pleased to formally offer you the
position of Managing Director of Lihir Gold Limited (the Company). This offer
remains open until 16 September 2005 and is irrevocable during this period. If
accepted by you, this letter sets out the terms and conditions on which you will
be appointed.

1.   TERM AND LOCATION

     The term of your appointment will be for 5 years commencing on 1 October
     2005 (commencement date), unless terminated earlier under clause 8 below.
     You agree to being appointed to the Board of the Company as from the
     commencement date.

     Your position will initially be based in Brisbane, Australia, with the
     possibility of a requirement for relocation to Sydney or Melbourne should
     the Board decide, following receipt, of your strategic assessment of an
     appropriate location during the first six months of your employment.

2.   RESPONSIBILITIES

2.1  MANAGE AFFAIRS

     Subject to clauses 2.2, as Managing Director you will be responsible to the
     Board for managing the day to day affairs of the Company.

2.2  COMPLY WITH DIRECTIONS AND POLICIES

     You must diligently perform the duties and exercise the powers assigned to
     or vested in you by the Board or its delegates. You must:

     (a)  (COMPLY WITH BOARD INSTRUCTIONS) comply with all lawful orders and
          instructions given by the Board or its delegates;

<PAGE>

     (b)  (COMPLY WITH COMPANY'S POLICIES) comply with all rules, regulations,
          codes of conduct and policies established by the Company;

     (c)  (ENSURE COMPANY COMPLIANCE) ensure the Company complies with
          applicable laws and regulations, including applicable listing rule
          disclosure requirements; and

     (d)  (RELATED BODY CORPORATE) if the Company reasonably requires, perform
          services and hold office not only for the Company but also for related
          bodies corporate.

2.3  OUTSIDE DIRECTORSHIPS

     You must not, without the consent of the Chairman of the Board, be a
     director of any other entity (other than a related body corporate of the
     Company) while employed by the Company.

2.4  DISCLOSURE OF YOUR BENEFITS AND SHAREHOLDINGS

     You must promptly give the Company any informatian you have or ought to
     have which the Company needs to:

     (a)  (REPORTING REQUIREMENTS) comply with reporting requirements, such as
          under applicable laws or under accounting standards;

     (b)  (DISCLOSURE OBLIGATIONS) comply with disclosure obligations under the
          applicable listing rules (for example, under ASX listing rules 3.1 and
          3.19A);

     (c)  (DISCLOSE INFORMATION) comply with its obligations to give or disclose
          information, such as relating to an offer of securities, a buy-back,
          a takeover bid, or a substantial holding; or

     (d)  (INFORM SHAREHOLDERS) inform shareholders properly about a proposal
          referred by the directors of the Company to a meeting of some or all
          shareholders.

2.5  NO INTEREST IN OTHER BUSINESS

     Except as set out in this letter or with the prior permission of the Board,
     you must not undertake any other trade, business or profession, become an
     employee, agent or contractor of another person or have any interest in
     another business.

     You must not hold any direct or indirect pecuniary interest in any club,
     corporation, council, group or trust that would compromise the duties
     required of an executive of the Company.

     You may, however, invest in:

     (a)  (SECURITIES) securities of a corporation which does not carry on
          business similar to or in competition with the Company or a related
          body corporate; or

<PAGE>

     (b)  (LISTED SECURITIES) up to 0.5% of the securities of any corporation if
          those securities are of a class that are listed on a stock exchange;
          or

     (c)  (INVESTMENT FUND) an investment or superannuation fund provided, that
          neither the fund, the trustee of the fund nor its investment manager
          (if any) is controlled by you or any of your associates, and neither
          you nor any of your associates participate in decision-making by the
          fund or have the right to direct the fund to acquire or dispose of
          particular securities. For this purpose, your associates are deemed to
          include your spouse, parents, children, grandchildren and siblings and
          any entity that you or any of your spouse, parents, children,
          grandchildren and siblings control.

2.6  REPORTING

     You must report directly to the Board or as directed by the Board. You must
     provide prompt and full information to the Board regarding time conduct of
     the business of the Company, including any material issue within your
     knowledge affecting the Company and any breaches or possible breaches by
     the Company of applicable law or listing rules.

3.   REMUNERATION AND BENEFITS

3.1  BASE SALARY

     Your gross (before tax) base salary (inclusive of superannuation
     contributions in accordance with clause 3.2) in respect of service will be
     US$450,000 per annum payable by the Company in equal monthly instalments
     during the term of your employment.

3.2  SUPERANNUATION CONTRIBUTIONS

     Each financial year, the Company will allow from such amount the minimum
     superannuation contribution required by applicable law in order to avoid a
     superannuation guarantee shortfall arising, and will contribute the sum
     allowed into a complying superannuation fund of your choice.

     You may elect to have additional superannuation contributions deducted from
     your base salary, to the extent permitted by applicable law. Again, you may
     elect to have those contributions made to a complying superannuation fund
     of your choice.

3.3  SHORT TERM INCENTIVE

     In addition to your base salary, you will be offered in respect of service
     in each year of your employment the opportunity to earn up to a further 50%
     of your base salary (currently US$225,000) each year by way of short term
     incentive. This incentive (or a relevant proportion of it) will be paid to
     you subject to the Board determining that your short term incentive goals
     and criteria for the year concerned have been met, More specifically:

     (a)  50% of the short term amount (i.e., US$112,500 initially) will be
          assessed and contingent upon satisfaction of safety, community and
          environment criteria, with equal weightings to each. The specific
          criteria for each year will be agreed in advance with you.

<PAGE>

     (b)  the other 50% of the short term incentive amount will be assessed and
          contingent upon the actual financial and production performance of the
          Company for the relevant financial year as compared with the budget
          for the year. There will be equal weightings given to four components
          (i.e., the amount of production, the total costs of production,
          achievement of cash flow targets, and achievement of profitability
          targets). The amount, payable to you for this component will be
          calculated on the following basis:

          (i)  Full value allocation for 105% of budget on each component

          (ii) 75% allocation for 97.5% of budget achievement

          (iii) 50% allocation for 90% of achievement

          (iv) 0% allocation for less than 90% of achievement

          (v)  Straight line pro-rata allocation between the above performance
               points

     The amount of the short term incentive actually awarded to you for any year
     will be determined by the Board following the end of the year concerned,
     having regard to the above.

3.4  LONG TERM INCENTIVE

     You will also be offered a long term incentive in respect of service in
     each year of your employment. Your long term incentive will be consistent
     with the principles set out in the schedule to this letter, or as the
     Board may otherwise agree with you from time to time.

3.5  TRAVEL

     The Company will pay your business related travel and accommodation
     expenses. Interstate and overseas travel by you may be taken in business
     class.

3.6  OTHER EXPENSES

     The Company will pay or reimburse you for all reasonable entertainment and
     other out of pocket expenses properly incurred in the performance of your
     duties upon you presenting proper records, such as invoices and receipts,
     reasonably required by the Board.

3.7  RELOCATION TO AUSTRALIA

     The Company will also pay or reimburse you for all reasonable expenses
     incurred by you in relocating you and your family from Tanzania, where you
     presently reside, to Brisbane, Australia, and any subsequent relocation
     contemplated by clause 1. This is subject to you obtaining prior approval
     from the Board or its delegate of a budget for the relocation and
     presenting proper records, such as invoices and receipts, reasonably
     required by the Board.

<PAGE>

4.   ANNUAL REMUNERATION REVIEWS

     The Board will review the amount of your remuneration package once each
     year. If your remuneration package is increased, the increase will be paid
     from 1 March following the review. In reviewing your remuneration package,
     the Board will have regard to:

     (a)  your performance against any criteria developed by the Board and
          agreed with you;

     (b)  increases in the remuneration of senior executives who have
          qualifications and experience similar to those of you and who are
          employed by corporations similar to the Company.

     The Company is under no obligation to increase your remuneration package
     after any review.

5.   INDEMNITY AND D&O INSURANCE

5.1  INDEMNITY

     Subject to the terms and conditions of your appointment, the Company will
     indemnify you to the fullest extent permitted by applicable law and the
     Company's Constitution, against any liability incurred by you as an officer
     of the Company acting in good faith.

5.2  D&O INSURANCE

     During the term of your employment and for 7 years thereafter, the Company
     will (subject to applicable law) use best efforts to ensure that as far as
     practicable (having regard to the cost of coverage and its availability)
     you are insured under a directors' and officers' liability insurance
     policy. The Company will pay the premiums on the policy except to the
     extent prohibited by applicable law.

6.   ANNUAL AND OTHER LEAVE

6.1  ANNUAL LEAVE

     You will be entitled to four weeks' leave in each year, on full
     remuneration. The leave in each year is to be taken at a time or time
     agreed with the Chairman of the Board.

     Leave must be taken by no later than 12 months after it accrues. Unless
     specifically agreed with the Chairman, untaken leave lapses.

6.2  SICK LEAVE

     You will also be entitled to ten days sick leave each year. This leave is
     cumulative. At the discretion of the Board additional paid sick leave may
     be provided. You must notify the Company of your inability to attend work
     as early as possible. You may be requested to supply a medical certificate
     in respect of absences in excess of 3 days. Accrued but untaken sick leave
     is not payable upon your employment ending.

<PAGE>

6.3  LONG SERVICE LEAVE

     You are entitled to long service leave in accordance with applicable law.

6.4  SPECIAL LEAVE

     You are entitled to any special leave that is approved by the Board.

7.   CONFIDENTIAL INFORMATION

7.1  PROPERTY OF THE COMPANY

     Confidential Information is and remains the property of the Company or of
     the related body corporate concerned, in this letter. Confidential
     Information means all information (whether or not it is described as
     confidential) concerning any past, present or future business, operations
     or affairs of the Company or of any of its related bodies corporate.

7.2  PROPER USE

     You must not, and must use best endeavours to ensure that third parties
     do not, disclose Confidential Information directly or indirectly to any
     form to anyone else, or use or copy Confidential Information in any manner
     which is not in the proper course of duties set out in this document and
     for the benefit of the Company or a related body corporate, except if and
     to the extent that:

     (a)  (COMPANY AGREED) the Company has agreed in writing to the disclosure,
          use or copying;

     (b)  (REQUIRED BY LAW) disclosure of Confidential Information is required
          to comply with any applicable law; or

     (c)  (PUBLIC DOMAIN) the Confidential Information has come into the public
          domain otherwise than by breach of a provision of this document.

7.3  RETURN OF CONFIDENTIAL INFORMATION

     Immediately on your employment ending, you must:

     (a)  (RETURN) return to the Company all Confidential Information (including
          personal copies of Board Papers); and

     (b)  (PERMANENTLY DELETE) permanently delete so that it is incapable of
          retrieval any Confidential Information (including personal copies of
          Board Papers) stored electronically.

7.4  CONTINUATION

     The obligations in this clause 7 continue to apply after your employment
     ends.

<PAGE>

8.   TERMINATING EMPLOYMENT

8.1  RESIGNATION BY YOU

     (a)  You may resign from your employment by giving the Company not less
          than 2 months' written notice.

     (b)  If you resign, the Company may, for part or all of the period of
          notice required by paragraph (a), require you to take special leave of
          absence on full pay as from an earlier date notified by the Company
          and forthwith resign your office as a director of the Company.

8.2  EMPLOYMENT TERMINATED BY THE COMPANY

     The Company may terminate your employment by giving you not less than 2
     months' written notice. In this event, the Company may require you to take
     special leave of absence on full pay during some or all of the notice
     period and require you to resign forthwith your office as a director of the
     Company.

8.3  IMMEDIATE TERMINATION BY COMPANY

     The Company may terminate your employment immediately if you:

     (a)  (BANKRUPT) become bankrupt or make an arrangement or composition with
          creditors;

     (b)  (BREACHES DOCUMENT) wilfully commit any breach of a provision of this
          letter;

     (c)  (FRAUD) in the opinion of the Board, commit any act of fraud,
          dishonesty or other serious misconduct;

     (d)  (VACATES OFFICE) vacate office as a director of the Company

     (e)  (SERIOUS MISCONDUCT) are guilty of any serious misconduct or wilful
          neglect in the discharge of your duties; or

     (f)  (UNSOUND MIND) become of unsound mind or are placed under the control
          of any committee or office under any law relating to mental health.

8.4  PAYMENT OF ACCRUED BENEFITS

     If your employment is terminated for any reason the Company must pay to
     you:

     (a)  the base salary payable up to and including the date of termination;
          and

     (b)  any amount due for accrued holiday pay and pro-rata holiday pay for an
          incomplete qualifying year.

<PAGE>

8.5  ADDITIONAL PAYMENTS IN CERTAIN CIRCUMSTANCES

     If (and only if) your employment is terminated as a result of:

     (a)  the Company giving you notice under clause 8.2; or

     (b)  you giving notice of resignation within 2 months after there is a
          significant diminution of your role, status or reporting lines in
          relation to the Company (other than by agreement with you);

     then the Company must pay you the sum determined by multiplying US$925,000
     by the relevant multiple. For this purpose, the "relevant multiple" is as
     follows:

<TABLE>
<S>                                     <C>
IF YOUR EMPLOYMENT IS TERMINATED...     ... THE RELEVANT MULTIPLE IS ...

Before the first anniversary of the     3
date your commencement (commencement
date) (i.e., in year 1 of your
employment)

On or after the first anniversary of    The number of whole months in the period
the commencement date but before the    commencing on the day after the date of
third anniversary of the commencement   termination of your employment and
date (i.e., in years 2 or 3 of your     ending on the fifth anniversary of the
employment)                             commencement date, divided by 24.

On or after the third anniversary of    1 or, if the date of termination of
the commencement date but before the    your employment is after the fourth
fifth anniversary of the commencement   anniversary of the commencement date,
date (i.e., in years 4 or 5 of your     the relevant multiple is a fraction,
employment)                             the numerator of which is the number
                                        of whole months in the period commencing
                                        the day after the date of termination of
                                        your employment and the denominator of
                                        which is 12.
</TABLE>

8.6  COMPLETE STATEMENT OF ENTITLEMENTS

     You acknowledge and agree that the entitlements set out in this letter are
     an exhaustive statement of your entitlements in each circumstance of your
     employment being terminated. You will have no further claim against the
     Company for loss of office other than as specified in this letter.

9.   RETURN OF PROPERTY AND DOCUMENTS

     Immediately on your employment ending or at any other time requested by the
     Company, you must deliver to the Company or its authorised representative:

     (a)  all property belonging to the Company that you have or can reasonably
          obtain (for example cards, keys, equipment, computers, faxes,
          telephones); and

<PAGE>

     (b)  anything on which Confidential Information is recorded (for example
          document and computer disks).

10.  NOTICES

     A notice, consent or other communication under this letter is only
     effective if it is in writing, signed and either left at the addressee's
     address or sent to the addressee by mail or fax. If it is sent by mail, it
     is taken to have been received 3 working days after it is posted. If it is
     sent by fax, it is taken to have been received when the addressee actually
     receives it in full and in legible form.

     Our respective addresses and fax numbers are those set out below, or as we
     may subsequently notify each other:

          YOUR ADDRESS

          Address:    PO Box 1852, Toowong, Queensland, 4066

          THE COMPANY

          Address:    GPO Box 905, Brisbane, Queensland, 4001
          Fax number: (07) 3229 5950
          Attention:  Company Secretary

11.  SEVERABILITY

     If any provision of our agreement is invalid or unenforceable that part of
     the agreement will be modified if possible so that it is enforceable. All
     other provisions capable of separate enforcement continue to operate.

12.  ENTIRE AGREEMENT

     This letter constitutes the entire contractual agreement between the
     Company and you about the subject matter with which it deals. You
     acknowledge that you were not induced to enter the employment by any
     material representation or statement which is not reflected in this letter.

13.  GOVERNING LAW

     Our agreement constituted by your acceptance of this offer is to be
     governed by and construed in accordance with the law in force in
     Queensland. We and you will:

     (a)  submit to the non-exclusive jurisdiction of the courts of Queensland,
          and any court that may hear appeals from those courts, for any
          proceedings in connection with our agreement; and

     (b)  waive any right we or you may have to claim that those courts are an
          inconvenient forum.

<PAGE>

Arthur, we are delighted to offer you the role of Managing Director of Lihir
Gold Limited and look forward to receiving your acceptance of the above Terms
and Conditions.

Yours sincerely

/s/ Ross Gamaut
-------------------------------------
Ross Gamaut
Chairman

I accept the above offer.

-------------------------------------   ----------------------------------------
ARTHUR HOOD                             DATE

<PAGE>

                                    SCHEDULE
                            LONG TERM INCENTIVE PLAN

1.   [NOTIONAL ALLOCATION] You will be awarded a number of rights which is equal
     to a notional allocation of a number of Lihir ordinary shares as of the
     date the Company announces your appointment (ANNOUNCEMENT DATE) and as of
     each anniversary of the announcement date (RELEVANT NOTIONAL ALLOCATION
     DATE), subject to any necessary shareholder approval under applicable law
     or listing rules. This number of rights is referred to below as the "TARGET
     NUMBER" and equates to the maximum number of Lihir ordinary shares which
     you may become entitled to receive under the long term incentive plan in
     respect of the year commencing on the announcement date and each
     anniversary of it (each a RELEVANT PERFORMANCE YEAR).

2.   [CALCULATION OF TARGET NUMBER] The Target Number will be calculated by
     dividing the Australian dollar equivalent of 55.56% of your base salary
     (currently amounting to US$250,000) by the VWAP. For the purpose of
     determining the Australian dollar equivalent of the relevant amount, the
     conversion rate to be applied will be the mid rate applied by the
     Commonwealth Bank of Australia on the last day of the period over which the
     VWAP is to be calculated (or such other rate as the Board reasonably
     determines). The VWAP is the volume weighted average sale price of all
     Lihir ordinary shares sold on the Australian Stock Exchange over:

     (a)  for your first year of your employment, the 20 trading days up to but
          excluding the announcement date (ANNOUNCEMENT DATE VWAP);

     (b)  for each subsequent year of your employment, the 20 trading days up to
          but excluding the anniversary of your announcement date.

3.   [PERFORMANCE HURDLES] At the commencement of each relevant performance
     year, the Board will also set performance hurdles for the year. The
     performance hurdles will be related to assessments of your contributions to
     the long term value of the Company. Specifically:

     (a)  [STRATEGIC PERFORMANCE] 20% of the Target Number will be assessed by
          the Board against the Company's performance in developing corporate
          management and structures in line with Board policies to raise the
          long-term value of the Company, including through project and
          geographic diversification.

     (b)  [NET PRESENT VALUE PERFORMANCE] 20% of the Target Number will be
          assessed by the Board against changes in the present value of the
          Company. This assessment is to have regard to the amount and timing of
          net expected cash flows, as indicated by reserves, costs and other
          relevant factors.

     (c)  [PERFORMANCE AGAINST PEERS] 30% of the Target Number (the TSR GOLD
          ACCUMULATION SHARES) will be assessed by the Board against the
          performance of the:

          (i)  Company's average annual "total shareholder return" over the
               accumulated performance period against announcement date VWAP
               (expressed as a percentage); and

<PAGE>

          (ii) average annual "total shareholder return" of the Comparator Group
               over the accumulated performance period against the Comparator
               Group's VWAP on the announcement date (expressed as a
               percentage).

          If the Company's Average annual total shareholder return performance
          when compared (as noted below) with the Comparator Group's average
          annual total shareholder return performance:

          (iii) is greater by 10% or more, you will be entitled to all TSR gold
               accumulation shares;

          (iv) does not exceed the Comparator Group's average annual total
               shareholder return performance, you will not be entitled to any
               TSR gold accumulation shares; and

          (v)  is greater by an amount of less than 10%, you will be entitled to
               a pro rated number of TSR gold accumulation shares calculated on
               a straight line basis.

          The comparison will be calculated by taking the Company's average
          annual total shareholder return performance over the accumulated
          performance period ("A") and subtracting the Comparator Group's
          average annual total shareholder return performance over the same
          period ("B") (that is. A - B), and then dividing the resulting number
          by B.

     (d)  [GROWTH PERFORMANCE] 30% of the Target Number (the TSR GROWTH SHARES)
          depend on the extent to which the Company's average annual "total
          shareholder return" increases over the accumulated performance period
          compared to the announcement date VWAP (expressed as a percentage). If
          the average annual total shareholder return increases by:

          (i)  15% or more, you will be entitled to all of the TSR growth
               shares;

          (ii) 5% or less, you will not be entitled to any TSR growth shares;
               and

          (iii) more than 5% but less than 15%, you will be entitled to a pro
               rated number of TSR growth shares calculated on a straight line
               basis

          Relevant concepts

          "Total shareholder return" is broadly, share price growth and
          dividends reinvested, excluding the impact of franking credits and
          taxation. It is to be calculated in the manner determined by the
          Board. Where it is calculated for a period greater than a year, an
          average annual return will be used.

          "Accumulated performance period" is the period starting on the
          announcement date and ending at the end of the relevant performance
          year.

<PAGE>

          Where the starting or end point of an entity's total shareholder
          return is calculated for a period, the calculation will be based on
          the volume weighted average sale price of the relevant entity's shares
          sold on the relevant stock exchange for the 20 trading days up to but
          excluding the starting or end date (as the case may be).

          All calculations will be in Australian dollars, with amounts in
          non-Australian currencies converted into Australian dollars using the
          mid rate published by the Commonwealth Bank of Australia as at the
          date of the calculation, as determined by the Company.

          The Comparator Group will initially comprise Newmont, PlacerDome,
          Barrick, Newcrest, AngloGold, Oxiana, Goldfields (South Africa), Rio
          Tinto Limited, Harmony and Croesus. The performance of the Comparator
          Group will be calculated using a simple unweighted average. The Board,
          can adjust the composition of the Comparator Group and the way its
          performance is calculated, if the composition of the group materially
          changes.

4.   [DETERMINATION] As soon as practicable after the end of each relevant
     performance year, the Board will determine the actual number of Lihir
     shares to which you become entitled having regard to the extent to which
     the applicable performance hurdles described above have been met (the
     ACHIEVED NUMBER). This will not exceed the Target Number. You will be
     notified of the outcome of the determination, If the Achieved Number is
     less than the Target Number, the number of rights that is equal to the
     difference between Target Number and the Achieved Number will lapse at this
     time.

5.   [DELIVERY OF SHARES] As soon as practicable following the determination,
     you may give the Company written notice exercising your rights to be
     provided with the number of Lihir ordinary shares determined in accordance
     with the above (ie, the Achieved Number). Subject to applicable law and
     listing rules (including obtaining any necessary shareholder approval), the
     Company will then procure delivery to you of the number of Lihir ordinary
     shares determined in accordance with the above (ie, the Achieved Number),
     subject to you giving the undertaking referred to in paragraph 7 below. The
     shares so delivered will rank equally as from their date of delivery with
     all other fully paid ordinary shares in the Company.

6.   [CASH OUT] If the Company is not permitted by law to deliver Lihir shares
     to you (for example, because a necessary shareholder approval is not
     obtained), the Company must pay you an amount equal to the market value of
     the shares. For this purpose, the market value of the shares will be the
     volume weighted average sale price of all Lihir ordinary shares sold on the
     Australian Stock Exchange over the month period ending on the day preceding
     the date of payment Payment will constitute full satisfaction of your right
     to be delivered the shares.

7.   [RESTRICTION ON DISPOSAL] If shares are delivered to you, you will be
     required to undertake in favour of the Company that, except with the prior
     permission of the Chairman, you will not sell, transfer, encumber or
     otherwise dispose of the shares (or any interest in them) before the
     earlier of;

     (a)  the third anniversary of the end of the relevant performance year;

     (b)  the first anniversary of the date on which your employment with the
          Company is terminated; and

<PAGE>

     (c)  if clause 8.5 of your employment contract applies in respect of the
          termination of your employment, the date on winch your employment is
          terminated.

8.   [DIVIDENDS AND VOTING] You will be entitled to all dividends and other
     distributions paid on the shares during the period referred to in paragraph
     7 above and (subject to applicable law and listing rules) to vote the
     shares at general meetings.

9.   [NO FORFEITURE] You are not liable to forfeit any shares that are subject
     to the restriction referred in paragraph 7 above.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]