17 Feb 2006

South African miner finalising execution plan for PNG gold pit

12:54 pm on 17 February 2006

Reports from South Africa say the gold-mining company Harmony is updating its feasibility document to start a project in Papua New Guinea.

The industry paper Mining Weekly reports the company's director in PNG , Graham Briggs, as saying a project-execution plan will be completed by May.

The 250-million US dollar opencast mine at Hidden Valley is set to begin production within two years.

It's expected that the project will produce two POINT six million ounces of gold and 39 million ounces of silver over 10 years.

Harmony says further exploration work on site could increase the life of the mine beyond the estimated 10 years.