Tuesday, 2nd December 2008 (234 views)

Harmony Gold has revealed that construction at its Hidden Valley project in Papua New Guinea is almost two-thirds complete.

The mining company operates in the region as the Morobe Mining joint venture with Australia's Newcrest Mining, Mining Weekly reports.

According to Hidden Valley general manager Adam Wright, around 62 per cent of the capital for the mine has been committed and 64 per cent of the construction has been finished.

Commissioning of the processing plant at Hidden Valley will begin in the second quarter of 2009, with plans to commence production in the middle of the year.

The African mining company has announced that it is planning to increase production in order to take advantage of rising local prices for gold.

Harmony Gold has operations in the Witwatersrand Basin in South Africa and an exploration portfolio in Papua New Guinea and the firm produced 1.55 million ounces of gold in the 2008 fiscal year.

 

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