Hidden Valley Mine

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.

Fatality causes cut in production at Hidden Valley

Following the fatality at Hidden Valley on 18 July 2015, operations were suspended while an investigation was completed and all critical controls for high-risk tasks were identified and reviewed.

A Hidden Valley Joint Venture employee was fatally injured in an accident  on a road at the Hidden Valley mine site.

Mining activities restarted on August 20 and processing activities partially recommenced on August 23, ramping up to full production rates thereafter.

Death halts gold mine operations temporarily

 

In a statement, Newcrest says it is deeply saddened by this incident and staff are working with the management of Hidden Valley to understand the circumstances.

The gold mining company said an investigation is underway.

The company expressed  condolences and support for the employee’s family, friends and colleagues at the Hidden Valley operation, during this difficult time.

This will be the second incident in little over a month where a Newcrest mine in the country has been forced to suspend production.