South Africans eye up further profits from PNG resources

South Africa’s Harmony finds copper-gold deposits in Papua New Guinea project


South Africa’s Harmony Gold said it has discovered gold and copper deposits at its Kili Teke exploration site in Papua New Guinea, which could be similar to its other resources in the Pacific Island nation.

Harmony, Africa’s fourth-largest bullion producer, said in a statement on Wednesday there was potential to develop its latest find into a major copper-gold deposit similar to its flagship Wafi-Golpu project and the OK Tedi or Frieda River facilities.

The Wafi-Golpu project, a joint venture with Newcrest Mining Ltd, holds 20 million ounces of gold and 9 million tonnes of copper.

Initial drilling tests at the Kili Teke project, for which Harmony hold an exclusive licence, revealed higher grade levels of the two minerals of up to 0.74 percent for copper and 0.57 grams per tonne of gold, the company said in a statement.

“New discoveries are one of the best avenues to create shareholder value,” Chief executive Graham Briggs said.


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Filed under Exploration, Papua New Guinea

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