Harmony Gold

Over K28m spent on exploration: Firm

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.

​Paul Barrière Trophy visits Bulolo

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.

Harmony kicks off year on good note

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.

Hidden Valley mine solely owned by Harmony Gold

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.