Harmony Gold Mining: New Study Increases Production Forecast at Wafi-Golpu

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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