Harmony Gold Mining Company Limited
Harmony Gold Mining Company Limited
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The US and a group of Pacific allies are proposing to finance a power plant to kick-start the Wafi-Golpu Gold-Copper Mine in Papua New Guinea, jointly owned by Newcrest Mining and Harmony Gold, and one of the world’s largest untapped gold resources, Reuters reports.
The project would be the 1st to be funded by a partnership of the US, Australia, New Zealand and Japan that pledged to support electricity projects in PNG during the Asia Pacific Economic Co-operation Summit in Nov 2018.
The US, Australia, NZ and Japan are believed to be discussing plans for a power plant to kick-off Newcrest/Harmony’s big Wafi-Golpu gold/copper mine in PNG.
Harmony Gold’s investment strategy pays off with the inclusion of Moab Khotsong in South Africa and Hidden Valley in PNG boosting its production and cash flow in the first half of 2019.
A 45% jump in production costs has sent South African-based international miner Harmony Gold’s interim profit plunging despite higher production and cash-flow driven by its Moab Khotsong and Hidden Valley operations.
Attributable net profit for the 6 months to Dec 2018 (H1FY19) was ZAR75M, down from ZAR897M a year earlier.
The achievement of commercial operations at Hidden Valley in PNG and acquisition of the Moab Khotsong mine in South Africa has helped Harmony lift gold production for the Dec half (H1FY19) to 751,000oz, from 560,000oz in H1FY18.
AISC rose to ZAR528,265/kg, compared to ZAR500,248/kg.
With interim financial results due on Feb 12, Harmony says its headline earnings per share for the half-year are expected to decline by 87-97%.
Investigations are continuing into the death of an employee fatally injured following a fall of ground incident at Harmony Gold’s Phakisa mine (Tshepong Operations) in Welkom, South Africa on Tuesday morning.
Newcrest and 50-50 JV partner Harmony Gold are targeting the grant of a special mining lease for their Wafi-Golpu copper-gold project by end-June 2019 after signing an MoU with the PNG government setting a permitting framework.
Wafi-Golpu's updated FS released in March 2018 outlined a $A5.4B development to produce 161,000t copper and 266,000oz gold over 28 years.
Positive cash-flow at its Hidden Valley mine in PNG and acquisition of the Moab Khotsong mine in South Africa sustained Harmony’s Sept qtr (Q1FY19) gold production at 378,510oz, just 2% below June qtr’s 385,583oz. AISC improved to $US1,166/oz from $1,195/oz.
CEO Peter Steenkamp says the results boost Harmony’s confidence of meeting its FY19 guidance of 1.45Moz.
South African gold miner Harmony has beaten production guidance for the third successive year, delivering 1.23Moz for the year to end-June (FY18), up from 1.09Moz a year earlier and its 1.18Moz guidance.
AISC is expected to be below its R520,000/kg guidance.
Harmony used its available cash resources and a $US82M share placement to fully repay the $200M bridge facility raised for the $300M acquisition of the Moab Khotsong gold mine from AngloGold Ashanti.
An investigation is under way into the death of an employee fatally injured in a fall of ground at South African producer Harmony Gold Mining's Tshepong mine in Welkom, Free State.