HARMONY GOLD MINING COMPANY LIMITED - Joint release with Newcrest Mining Limited/Wafi-Golpu Project update underground exploration planned at GolpuRelease Date: 06/12/2013 07:27:00 Code(s): HAR PDF(s):
Joint release with Newcrest Mining Limited/Wafi-Golpu Project update – underground exploration planned at Golpu
Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
JSE share code: HAR
(“Harmony” or “the company”)
Joint release with Newcrest Mining Limited
Wafi-Golpu Project update – underground exploration planned at
Harmony Gold Mining Company Limited (Harmony) and Newcrest Mining
Limited (Newcrest) today announced plans to complete a feasibility
study to evaluate an underground exploration programme for the
The Wafi-Golpu exploration project is owned by the Wafi-Golpu
unincorporated joint venture between subsidiaries of Newcrest
(50%) and Harmony (50%), and is located in the Morobe Province in
Papua New Guinea.
This next phase of work requires a feasibility study on an
exploration shaft and associated underground staging platforms to
complete deep underground drilling and bulk sampling of the ore
body. Underground access to the orebody through the exploration
shaft would generate essential ore body knowledge required to
support a future development decision. Geotechnical drilling to
identify a suitable exploration shaft location has commenced.
The Johannesburg office of the engineering consulting firm
WorleyParsons TWP has been engaged to prepare the feasibility
study for the proposed exploration shaft for consideration and
approval by the joint venture. Their engagement also includes a
review of an associated lower capital expenditure development
option for the Golpu deposit to underpin the commercial decision
to sink an exploration shaft.
The joint venture anticipates a final investment decision for the
proposed exploration shaft during the second half of calendar
2014, subject to receipt of necessary regulatory approvals.
The joint venture also aims to finalise an agreement with the PNG
Government to provide a framework for the underground exploration
phase, ongoing technical and economic studies and, ultimately, the
future development and operation of the project.
These planning and study activities are accommodated within the
2014 exploration budget for the project. In parallel to these
planning and study activities, the joint venture will continue
with investment in the community in the Wafi-Golpu project area.
Harmony has prepared a presentation in support of this release,
which is available on www.harmony.co.za/investors.
For more details contact:
Harmony Gold Mining Company Limited
Henrika Basterfield (Investor Relations Manager)
Tel: +27 (0) 82 759 1775 (mobile)
Marian van der Walt (Executive: Corporate and Investor Relations)
Tel: +27 (0) 82 888 1242 (mobile)
Newcrest Mining Limited
P: +61 3 9522 5493
P: +61 3 9522 5593
6 December 2013
J.P. Morgan Equities South Africa Proprietary Limited
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