Harmony CEO
Graham Briggs
 
Johannesburg, South Africa — MININGREVIEW.COM — 25 October 2010 – Harmony Gold Mining Company “’ the world’s fifth-largest gold miner “’ reveals that it has obtained approval to start developing its Wafi-Golpu gold project in Papua New Guinea, and that it will spend US$150 million (R1 billion) on the pre-feasibility study.

In a statement issued here the company said that, based on drilling results, the Wafi-Golpu project could produce in excess of a previously estimated 700 000ozpa, and could even reach 1Mozpa.

Harmony “’ which is developing the project together with Australia’s Newcrest Mining Limited “’ said it aimed to complete the study at Wafi-Golpu by 2011 or early 2012. The study would include the construction of some infrastructure.

The company went on to say that a concept study completed in August had shown a robust business case for the project. It was also expected to produce more than 100 000t of copper.

“The latest intercepts, together with the very positive outcome of the concept study, emphasise the potential for the joint venture to establish another high quality, world-class operation in Papua New Guinea,” Harmony CEO Graham Briggs said in a statement.

The company revealed that the Wafi-Golpu exploration target resource had been upgraded to 30Moz, and said it planned to spend US$50 million (R340 million) a year on explorations for the next two years.