Drill team at work at Wafi-Golpu

Melbourne, Australia --- MININGREVIEW.COM --- 18 August 2011 - Newcrest Mining Limited ‒, the world’s third largest gold mining company by market value ‒ would acquire Harmony Gold Mining Company’s 50% stake in the US$4.2 billion Wafi-Golpu joint venture in Papua New Guinea if it was for sale.

“If they wanted to sell it we’d be happy to buy it,” Newcrest CEO Greg Robinson told reporters here. “Newcrest hasn’t had any recent talks with Harmony about a potential sale,” he added.

Newcrest expects the gold-copper project to produce 600,000 to 800,000ozpa of gold and 300,000 to 500,000tpa of copper,” the company said. “Production may start in 2017 with total construction costs estimated at over US$4 billion, it estimated.

Robinson said the company would pay its share of the project from cash flow from its operations in Australia, Indonesia, Papua New Guinea and West Africa.

Newcrest reported a record second-half net profit of A$470 million in the six months to June 30, up 23% on the same period last year.