Announcement regarding direct or indirect acquisition of assets in Papua New Guinea
Harmony has received a number of enquiries and proposals from interested third parties regarding the direct or indirect acquisition of its assets in Papua New Guinea. Harmony's board of directors has given careful consideration, with the assistance of its advisers, to all of these enquiries and proposals and is of the view that the disposal of the company's Papua New Guinea assets at this early stage of their development will not realise their full potential value.
This is particularly relevant in relation to the Wafi-Golpu project, where the pre-feasibility study is expected to be completed by the middle of 2012 and the feasibility study during 2014. Drilling at the Wafi-Golpu project continues to confirm the world class nature of this ore body. The board believes that the results of the ongoing drilling and the completion of the feasibility study should significantly increase the confidence in and the potential value of the Wafi-Golpu project.
Harmony has sufficient operating cash flow and financing facilities to fund the completion of the drilling and the feasibility studies. The board is confident that Harmony will be able to fund its share of the capital required to bring the Wafi-Golpu project to production. Exploration in respect of Harmony's assets in Papua New Guinea which fall within and outside the Harmony/Newcrest Morobe joint venture areas, continues to deliver promising results.
The board believes that the continuation of Harmony's current strategy of investing in the development of its assets in Papua New Guinea is in the best interests of Harmony and its shareholders. Shareholders are referred to Harmony's website to read more about the company and its assets in Papua New Guinea.
This article was originally posted on Sustainable Development Africa Platform
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