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.
Harmony Gold Mining Company Limited
Harmony Gold Mining Company Limited, 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 and the twelfth largest in the world in FY16 by market capitalisation and resource and reserves.
In South Africa, Harmony Gold Mining Company Limited operates nine underground mines, one open pit operation and several surface sources, and it employs over 31,000 people (of whom 5,000 are contractors).
The Company has been a very successful explorer in Papua New Guinea, by investing in and growing the Wafi-Golpu Project and by discovering the Kili Teke prospect. Further interests in Papua New Guinea include the Hidden Valley Gold Mine (100%), the Wafi-Golpu Joint Venture (Harmony 50%) and the Morobe Exploration Joint Venture (Harmony 50%), and interests in various other exploration projects.
In FY2016, the South African operations accounted for 93% of total production of 1.08Moz, with the remaining 7% coming from Papua New Guinea. At the same time, its South African holdings represented 55% of their mineral resource base, while those in Papua New Guinea represented 45%. In terms of gold equivalent ounces, 62% of total mineral reserves are gold and 38% copper.
In FY2016, Harmony produced 1.08Moz of gold (FY15: 1.08Moz). At 30 June 2016, Harmony reported attributable gold equivalent mineral reserves of 36.9Moz (FY15: 42.6Moz) and attributable gold mineral resources of 105.2Moz (FY15: 110.3Moz).
The Company is listed on the Johannesburg Stock Exchange (JSE), and the New York Stock Exchange (NYSE).
More information regarding Harmony is available on request or on Harmony’s 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
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.