Harmony Gold

The signing was attended to by the Governor General, the Prime Minister and key members of his cabinet, as well as the Governor of Morobe Province.

The MoU represents a substantial step forward in progressing and signing a Mining Development Contract for Wafi-Golpu and confirms the parties’ intent to proceed with the project, subject to finalising the permitting process and approvals of both the Newcrest and Harmony Boards.

The MoU sets out key terms to be included in the Mining Development Contract, which is a prerequisite for a Special Mining Lease (SML), including:

Gilbert Musau became Hidden Valley Mine’s mine technical services principal in November last year as part of this process.

Musau witnessed a lot of change during his eight years of employment with HVM, saying, “The mining industry is dynamic and the company is very keen on its investment here despite the many challenges that come with operating in a geographically harsh environment.

“It is important to the business that everyone gets an opportunity to be part of the mine’s success story.”

The items will be used to boost the district’s response to Covid-19 and general health, and were handed over to District Health Manager Logan Yakam, and representatives of local health centres by Geoffrey Fahey, Manager, Social Performance and Communities. Fred Lelesi, Acting Bulolo Police Station Commander was also present to witness the donation.

This makes it easier for landowners and community members to discuss matters relating to the mine with Community Affairs staff.

“We’re very focused on being in touch with our communities, especially the mine villages which are Nauti, Kuembu, and Winima. It’s important to us that they are engaged and properly informed on the mine’s operations, and for us to be abreast of issues they have,” said Geoffrey Fahey, Manager, Social Performance and Communities.

This makes it one of the largest exploration expenses in PNG.

This was revealed by Harmony Gold’s district geologist, Bernard Kavanamur, during the recent mining conference.

The mining firm has identified a good number of areas and is currently under project programs in terms of gold and copper-gold mining.

During the presentation of Harmony’s tenement portfolio, Kavanamur highlighted that projects are underway, including Wafi-Golpu, Kili Teke and Poru in the Ialibu-Pangia district in Southern Highlands Province.

The Paul Barrière Trophy was first taken around Bulolo Town as people lined the streets for a glimpse before it made a brief stop at the PNG Forest Products head office.

It was then taken to Harmony Gold’s Hidden Valley mine where company staff took photos and met with the tour team, made up of Oil Search staff, PNG National Rugby League and media.

Hidden Valley general manager, Gary Davies, said it was an historic occasion for the World Cup trophy to visit the mine staff and the people of Bulolo District.

All these follow the spike in revenue by 16 percent to $374 million (K1.1 billion), compared to the previous quarter.

According to mining.com, the world’s fifth largest producer of minerals halved its net debt from US$74 million to US$38 million, after paying a dividend of US$16 million, and has raised the prospect it could be debt-free by the beginning of the 2017 calendar year.

The mine is located in the Morobe Province.

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas stated in the company’s September report that “Newcrest has completed the sale of its 50 per cent share of Hidden Valley to Harmony following receipt of South African Regulatory approval. The economic effective date for the transaction is 31 August 2016; accordingly the operational results shown are for the July-August period only.”

Newcrest is an Australian company and operates the Lihir gold mine in New Ireland Province.