Hidden Valley

Over 80pc mining activities cover PNG

This is expected to further enhance and strengthen Papua New Guinea’s position as one of the top twenty gold and copper producing countries in the world.

“The country is rich in minerals. It ranks in the top 20 world gold and copper producers and also produces silver, nickel and cobalt,” the report said.

“Mining in PNG dates back to 1888, with the modern mining industry developing in the mid-1960s.

“During the reporting period, eight mines were operating in Papua New Guinea, distributed over a number of provinces,”

Harmony commits to K12m exploration program

This is part of the company’s expansion plans

The investment shows the confidence the company has in the gold price and its capacity to expand in PNG.

In an interview with Business Advantage PNG, Chief Executive Officer, Jahannes Van Heerden, says “With so much global economic uncertainty, gold will retain its appeal as a store of value. We will take a measured view on any investment’s decent returns.”

Harmony aims to produce 1.5 million ounces of gold within the next there years at a cost of $950 per ounce.