JOHANNESBURG (miningweekly.com) – JSE-listed Harmony Gold has received regulatory approval to buy joint venture partner Newcrest Mining's 50% interest in the Hidden Valley mine in Papua New Guinea (PNG).
The transaction was now complete, the gold miner said on Tuesday.
“Harmony has the skills and technology to successfully recommission one of PNG’s most recent mine developments,” commented CEO Peter Steenkamp.
Harmony initially plans to invest and develop stages 5 and 6 of the mine, mining 1.4-million ounces of gold and 27-million ounces of silver over a period of seven years.
The company believes that Hidden Valley has the potential to contribute 180 000 oz/y of gold to Harmony’s production profile, at an all-in sustaining cost of less than $950/oz.
Edited by: Samantha Herbst
Creamer Media Deputy Editor
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