Harmony Gold Mining: New Study Increases Production Forecast at Wafi-Golpu
19 March 2018 - 5:47PM
Dow Jones News
By Oliver Griffin
Harmony Gold Mining Co. (HAR.JO) said Monday that a new
feasibility study for its Wafi-Golpu project in Papua New Guinea
has led to an increase in the forecast for annual copper and gold
production to 161,000 tons and 266,000 ounces respectively.
The South African gold miner said that the net present value of
the mine grew 33% to $2.6 billion as a result of the study, adding
that average annual free cash flow for the mine in the first 10
years of production is forecast at $900 million.
Harmony Gold Mining, which owns 50% of the Wafi-Golpu project,
said that it expects the first ore to be milled just under five
years after it is granted a special mining lease by the government
of Papua New Guinea.
The gold miner intends to submit amended supporting
documentation toward the special mining lease on March 20, Harmony
Gold Mining said.
Harmony Gold Mining also said that it hopes to submit an
environmental-impact statement for the mine by the end of June.
Write to Oliver Griffin
(END) Dow Jones Newswires
March 19, 2018 02:32 ET (06:32 GMT)
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