Taking Golpu up the value curve; application submitted for special mining lease
- 25 August 2016
Johannesburg, Thursday, 25 August 2016: Harmony Gold Mining Company Limited (Harmony) is pleased to announce that an application for a special mining lease for the Wafi-Golpu project was submitted today to the Mineral Resources Authority in Papua New Guinea.
Submission of this application follows reviews of the feasibility study for the Wafi-Golpu project by the boards of directors of both Harmony and Newcrest Mining Limited (Newcrest), Harmony’s joint venture partner in the project.
The Golpu porphyry is considered to be a world-class deposit that lends itself to phased development and block cave mining. Once completed, Golpu, which is situated just 65km from Lae, the second largest city in Papua New Guinea, will be the largest underground mine in that country.
Golpu has a JORC-compliant mineral resource of 824Mt at 1.05% copper, 0.70g/t gold, 1.25g/t silver and 90ppm molybdenum.
Work to optimise the outcomes of the feasibility study and to incorporate additional data continues. Further project development will be subject to the granting of the special mining lease, the obtaining of all necessary permits, approvals and agreements and, ultimately, approval by the boards of both Harmony and Newcrest.
The development of the project will contribute to the local and the national economy by creating employment and business development opportunities and by generating benefit streams to landowners and host communities.
“Applying for the special mining lease brings us one step closer to realising more value for Golpu. It confirms our commitment to our gold and copper footprint in PNG”, Peter Steenkamp, chief executive officer of Harmony said.
For more details contact:
Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0) 82 888 1242 (mobile)