Wafi Mining Limited and Newcrest PNG 2 Limited, both established under the laws of Papua New Guinea are 50:50 participants in the unincorporated Wafi-Golpu Joint Venture. The ultimate parent company of Wafi Mining Limited is Harmony Gold Mining Company Limited. The ultimate parent company of Newcrest PNG2 Limited is Newcrest Mining Limited.
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Harmony Gold Mining Company Limited
Harmony Gold Mining Company Limited (Harmony), a gold mining and exploration company, conducts its activities in South Africa, one of the world's best-known gold mining regions, and in Papua New Guinea, one of the world's premier new gold-copper regions. Harmony, which has more than six decades of experience, was South Africa's third largest gold producer in FY17.
Harmony’s primary listing is on the Johannesburg stock exchange (JSE) and on the New York stock exchange, on which its shares are quoted as American Depositary Receipts.
Harmony’s operations in South Africa comprise nine underground mines and several surface operations, focused on the world-renowned Witwatersrand Basin. In addition, we have an open pit mine on the Kraaipan Greenstone Belt.
In Papua New Guinea, Harmony operates the Hidden Valley open-pit gold and silver mine and has a 50:50 joint venture participating interest with Newcrest Mining Limited in the Wafi-Golpu project, both of which are located in the Morobe Province.
In addition, Harmony has a wholly-owned exploration portfolio that focuses on highly prospective areas in Papua New Guinea, including the Kili Teke gold-copper prospect in the Hela Province.
Further information on Harmony can be found on its website at www.harmony.co.za
Newcrest Mining Limited
Newcrest Mining Limited is the largest gold mining company in Australia and one the world’s top 10 gold companies by market capitalisation and resource and reserves, with current exploration, development and/or mining interests in Australia, Papua New Guinea, Indonesia, Fiji and West Africa. Newcrest shares are listed on the Australian Securities Exchange (ASX) and the Port Moresby Stock Exchange (POMSoX). Newcrest is the largest gold company listed on the ASX and the largest company listed on the POMSoX.
Newcrest’s existing interests in Papua New Guinea include the Lihir Gold Mine (Newcrest, 100%); the WGJV (Newcrest 50%); and the Morobe exploration unincorporated joint venture (Newcrest 50%), as well as a prospective early stage exploration project at Wamum.
During the year ended 30 June 2016, Newcrest produced 2.439Moz of gold (FY15: 2.42Moz), 83,070 tonnes of copper (FY15: 96,816 tonnes). For the year ended 30 June 2016, Newcrest generated total sales revenue of USD3.395 billion (FY15: 3.604 billion), delivering a net profit after tax of USD323 million (FY15: 424 million).
More information regarding Newcrest is available on request or on Newcrest’s website at www.newcrest.com.au
Technical Capability
The Wafi-Golpu Joint Venture brings together the combined experience and technical resources of both Harmony Gold Mining Company Limited and Newcrest Mining Limited, delivering extensive experience in exploration and capital project development activities, including underground and open pit mining methods.
The combined experience of Harmony Gold Mining Company Limited and Newcrest Mining Limited in underground mining, with established large underground mining operations in South Africa, in the case of Harmony, and Australian and Indonesia, in the case of Newcrest, is of importance to the Wafi-Golpu Joint Venture in the potential development of the Wafi-Golpu Project, particularly in the bulk underground mining technology known as block caving.