Harmony completes Hidden Valley acquisition
- 25 October 2016
Johannesburg, Tuesday, 25 October 2016: Harmony Gold Mining Company Limited (“Harmony” and/or “the company”) today announced that South African regulatory approval has been obtained in support of its acquisition of the Hidden Valley mine in Papua New Guinea. The transaction is now complete.
Harmony’s acquisition of its joint venture partner’s 50% share in Hidden Valley and the surrounding tenement package in Papua New Guinea, is in line with the company’s overall aspiration to increase its annual production profile to 1.5Moz within three years.
Harmony plans to invest and develop stages 5 and 6 of the mine initially, mining approximately 1.4Moz ounces of gold and 27Moz of silver over a period of seven years. The company believes that Hidden Valley has the potential to contribute approximately 180,000oz gold per annum to Harmony’s production profile, at an all-in sustaining cost of less than US$950/oz.
“Harmony has the skills and technology to successfully recommission one of PNG’s most recent mine developments”, said chief executive officer Peter Steenkamp.
An update on the mine’s life of mine plan will be included in Harmony’s production update, which will be released on the 10th of November 2016.
For more details contact:
Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0) 82 888 1242 (mobile)
25 October 2016
J.P. Morgan Equities South Africa Proprietary Limited.