Harmony, a gold mining and exploration company, conducts its activities in South Africa, one of the world's best-known gold mining regions, and in Papua New Guinea, one of the world's premier new gold-copper regions. Harmony, which has more than six decades of experience, was South Africa's third largest gold producer in FY17. We are currently growing a significant gold-copper portfolio in Papua New Guinea.
In South Africa, our operations are focused on the world-renowned Witwatersrand Basin. In addition, we have an open pit mine on the Kraaipan Greenstone Belt. We operate nine underground mines, one open-pit mine and several surface operations.
Our operation in Papua New Guinea is the Hidden Valley open-pit gold and silver mine. We also have a 50:50 joint venture partnership with Newcrest Mining Limited (Newcrest) which includes the Wafi-Golpu project in Morobe Province and significant exploration tenements. In addition, Harmony has a wholly-owned exploration portfolio that focuses on highly prospective areas in Papua New Guinea, including the Kili Teke gold-copper prospect.
Harmony has been a very successful explorer in Papua New Guinea, by investing in and growing the Golpu project and by discovering the Kili Teke prospect. In developing a portfolio of world-class gold-copper assets in Papua New Guinea – replacing ounces at a discovery cost of less than US$10 per gold equivalent ounce – we are creating excellent long-term value for Harmony's shareholders.