JOHANNESBURG (miningweekly.com) – Gold production at the Hidden Valley joint-venture (JV) operation in Papua New Guinea increased by 23% in the December quarter, South Africa-based Harmony Gold reported on Tuesday.
The mine, which is a JV with Australia’s Newcrest, also recorded a 44% increase in silver production, resulting from higher recoveries.
Hidden Valley produced 26 584 oz of gold and 191 327 oz of silver for the quarter ended Drock crushing plant for saleecember.
"These production results, together with the excellent safety performance by the mine during the quarter, demonstrate that our strategy of invescosts of tantalite crusherting in safe, quality growth projects is starting to deliver,” said CE Graham Briggs.
The average grade for the quarter was 2,21 g/t gold, while thiron ore crusher sizere silver grade was 26,6 g/t silver, with unit costs lower at R195 605/kg, in comparison with R244 720/kg in the previous quarter.
Harmony also reported significant exploration intercepts at its Hidden Valley mine, as well as at the Wafi Golpu deposit during the fourth quarter. Both of these assets are part of the company's 50% interest in its JV with Newcrest.
In October 2010, Harmony reported on drilling of the Wafi Golpu deposit, which extended the mineralisation beyond the porphyry copper/gold resource of 16-million ounces of gold and 4,8-million tons of copper. Further drilling during the fourth quarter has again extended the deposit.
"The Golpu resource continues to expand to the north as ongoing drilling defines further mineralisation, providing us with added confidence that we are well on track to achieving our previously stated exploration target of 30-million ounces of gold and eight-million tons of copper,” said Briggs.
He added that continuing hard work on ramping up production at Hidden Valley was paying off and said that the Harmony was pleased with its offshore growth profile.