Harmony to own Newcrest PNG 1

Harmony Gold Mining Company Limited (Harmony) will now own 100% of the Hidden Valley JV including the Hidden Valley mine (Newcrest PNG 1).

Newcrest PNG 1 Ltd is a 100% owned subsidiary of Newcrest that holds 50% interest in the Hidden Valley Joint Venture including the Hidden Valley mine.

Newcrest in a statement to PomSox announced the agreement of the sales of the entity.

Completion of this sale is conditional upon the receipt of any required South African regulatory approval.

Newcrest has also signed an agreement to sell its 50% interest in certain regional exploration tenements proximate to the Hidden Valley mine to Harmony.

The transactions will enable Newcrest to focus its attention on its other assets.

However, the parties will remain joint venture partners in the Wafi-Golpu project.

Sandeep Biswas, Newcrest Managing Director and CEO said, “Having completed the strategic review of Hidden Valley, Newcrest determined that the best outcome was to exit the operation and focus our attention on safe, profitable growth at our other assets.

“We look forward to continuing to work with Harmony on the Wafi-Golpu project.”

Author: 
Freddy Mou