Papua New Guinea

The New Guinea mobile belt stands out amongst the world's most prospective geological terrains for porphyry copper-gold and epithermal gold mineralisation, with world class deposits including Grasberg-Ertzberg (copper-gold), Porgera (gold), and Ok Tedi (copper-gold). Importantly, the belt is under-explored.

Harmony has built a quality project portfolio comprising over 12 000 square kilometres of exploration and mining tenure in some of the most prospective mineral provinces and emerging gold and copper districts of the New Guinea mobile belt.

In the Morobe Province, Harmony has been active in exploration for the last seven years and the resource base has grown from 7.0Moz to over 45Moz (gold equivalent – refer to the resource growth profile below). Harmony owns 50% of this inventory, and the discovery cost for Harmony's equity ounces is less than $10/oz.

Outside of the Morobe Mining Joint Ventures (MMJV) area, Harmony continued to expand its 100%-owned tenement portfolio and exploration activities. During FY10, new applications were lodged to secure projects generated in the Southern Highlands and Central provinces. Exploration work began at Amanab in the Sandaun Province, and at Mt Hagen in the Western Highlands Province. These projects represent quality greenfield gold and copper-gold opportunities in highly prospective, under-explored districts of the New Guinea mobile belt.

Exploration achievements in PNG – FY10

Wafi-Golpu resource expanded to:

16Moz Au, 4.8Mt Cu, 55,000t Mo
Equivalent to a total gold endowment of 38.5Moz of which Harmony owns 50%

PNG discovery cost now less than $10/oz, among the best in the world
Significant expansion of exploration effort in PNG:

Exploration portfolio grown to over 8 000km² outside of the Morobe joint venture area
Development of a new and exciting portfolio of first-class gold targets throughout PNG to underpin further growth in the region

For more information on Harmony’s exploration projects in PNG please visit the exploration section of the 2010 annual report.

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