Home > Boards > Free Zone > User's Groups > $ Junior Mining and Exploration $

Harmony says Wafi-Golpu could support $9.8 billion mine

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
lmcat Member Profile
Followed By 97
Posts 16,333
Boards Moderated 0
Alias Born 09/21/06
160x600 placeholder
Coca-Cola Sees FX Helping This Year, Hurting Next Year -- Currency Comment
By Colin Kellaher
Kaival Brands Shares Rise 90% Premarket After FDA Stay of Bidi Vapor Products Denial Order
Monopar Therapeutics Shares Rise 12% Premarket After Patient Dosing
U.K. DMO Cuts Net Financing Requirement, Gilt Remit
Concerns About High U.S. Inflation May Be Overblown; Hawkish Talk by Two Federal Reserve Governors
GlaxoSmithKline 3Q Net Profit Fell Slightly But Beat Expectations; Raises 2021 Adjusted EPS View -- Update
UK Treasury Chief Sets New Tax, Spending Plans
Norfolk Southern 3Q Earnings Rise
Icahn Launches $75/Share Tender Offer for Southwest Gas
Bio-Path Shares Up Premarket After FDA Trial Clearance
Hertz, Uber Partner to Add Up to 50,000 Teslas to Uber Network by 2023
General Dynamics 3Q Revenue Rises on Higher Aerospace, Marine Sales
Kraft Heinz Raises 2021 Outlook
Novatek 3Q Net Profit Rose Significantly
GlaxoSmithKline 3Q Net Profit Fell Slightly; Raises 2021 Adjusted EPS View
European Companies Anticipate Supply Chain Issues Will Stretch Into 2022
Bristol Myers Squibb Narrows Full-Year Earnings Guidance
Bristol-Myers Squibb Posts 3Q Sales Growth as R&D Spending Rises
Kraft Heinz 3Q Profit Rises; Company Deals With Inflationary Pressures
Santander Is Expected to Release Part of Its Pandemic-Related Provisions in 4Q
Top Company News of the Day
McDonald's Quarterly Sales, Earnings Surpass Street Views
Boston Scientific Tweaks Full-Year Guidance to Narrow Range
Boston Scientific Swings to 3Q Profit; Sales Grow
BASF Raises Guidance After Weathering Supply Bottlenecks in 3Q -- Update
lmcat   Wednesday, 10/03/12 01:12:41 AM
Re: None
Post # of 12928 
Harmony says Wafi-Golpu could support $9.8 billion mine
Frik Els | September 28, 2012

Johannesburg-based Harmony Gold Mining (NYSE:HMY) has outlined the potential of the Wafi-Golpu project, a 50-50 JV with Australia's Newcrest Mining in Papua New Guinea, saying in a presentation the deposit could support a $9.8 billion mine with peak annual production of 560,000 gold ounces and 335,000 tonnes of copper.

The mine with a 26-year mine life will cost $4.85 billion to bring to production with annual output at 490,000 ounces of gold and 290,000 tonnes of copper with start-up in 2019 followed by expansion.

The economics of the mainly underground mine located 80 km from the port of Lae is sweet – gold output will cost a negative $2,600 an ounce while copper would be extracted for just $0.54 a pound. Copper was trading at $3.76 in New York on Friday.

The market has been anticipating great things from Wafi-Golpu. Harmony's 2007 pre-feasibility study showed a 1.3 million oz gold and below 1 million tonnes of copper. This has now grown to contain roughly 12.4 million ounces of gold and 5.4 million tonnes of copper.

Harmony Gold says the site is highly prospective and will embark on a feasibility study next year with a focus on enhancing gold recovery which is pegged at 61% at the moment and a $400 million drilling program. Discussions with local landowners are also ongoing.

Harmony Gold's Australian partners Newcrest's (TSX:NM, ASX:NCM) Lihir gold mine in Papua New Guinea has run into trouble with landowners over compensation and the 600,000 gold oz per year mine had to be briefly shut in August.

The government of PNG has the option to take a 30% stake in the Wafi-Golpu mine at cost.

Chart is from Harmony Gold's presentation to analysts – click here for more on Wafi-Golpu.


Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
Current Price
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences