HAR - Harmony Gold Mining Company Limited - Papua New Guinea Gold joint venture Release Date: 08/08/2008 08:00:07 Code(s): HAR
HAR - Harmony Gold Mining Company Limited - Papua New Guinea Gold joint venture
Harmony Gold Mining Company Ltd
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
Share code: HAR
PAPUA NEW GUINEA GOLD JOINT VENTURE COMMENCES
Port Moresby, Papua New Guinea
7 August 2008
Harmony Gold Mining Company Limited (Harmony) and Newcrest Mining Limited
(Newcrest) announced today that Newcrest has now acquired its initial 30.01%
interest in the joint venture holding exploration and mining assets in the
Morobe province of Papua New Guinea (PNG).
The announcement follows Newcrest`s payment of US$230 million* to Harmony and
the completion of all steps required to achieve Stage 1 of the joint venture,
including government and regulatory approvals.
Newcrest will increase its interest in the joint venture to 50% by sole funding
all project expenditure until the date of first production from the Hidden
Valley mine, up to a maximum of US$306 million*. Production is scheduled to
commence at Hidden Valley in mid-2009.
The completion of Stage 1 today marks the commencement of the joint venture.
The joint venture assets, which will be operated under the name Morobe Mining
Joint Ventures, include the Hidden Valley gold mine, as well as the highly
prospective Wafi Golpu copper/gold deposit and extensive exploration tenements
in the Morobe province of PNG.
For further information, please contact:
Harmony Gold Company Limited
Graham Briggs Amelia Soares
Chief Executive Officer General Manager, Investor Relations
+27 (0) 11 411 2023 +27 (0) 11 411 2314
+27 (0) 83 265 0274 +27 (0) 82 654 9241
Newcrest Mining Limited
Investor Enquiries Media Enquiries
Karen McRae Daryl Corp
Phone: +61 3 9522 5316 61 3 9522 5376
Email: email@example.com firstname.lastname@example.org
* Numbers adjusted from original news release (22 April 2008), to reflect
additional time required to complete Stage 1, including approvals etc. Total
consideration paid by Newcrest may be lower, depending on actual project
Date: 08/08/2008 08:00:07 Supplied by www.sharenet.co.za
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