The shareholders of Lihir Gold have backed the 10 billion dollars takeover deal by Newcrest Mining which could make the company the fifth largest gold mining company of the world.

The shares of both of the companies were halted at one point and waiting for a result of the deal. A voting is to be conducted for this deal in the meeting which is to be held in Port Moresby.

The Newcrest Mining had finished it trading at 35.78 dollars per share on Friday while the Lihir Gold finished its trading at 4.43 dollars per share.

According to the general manager of corporate affairs of Lihir Gold, Joe Dowling has said the preliminary voting results have shown that 99% of the investors are in favor of the deal.

But he said most of the votes were proxies and total 2.6 million proxy votes were against the deal but that does not matter to the company as most of the original votes were in favor of the deal. But after the approval of the investors by voting, the deal needs the approval of the Papua New Guinea court.