Harmony Gold Mining Co. (NYSE:HMY) and Newcrest Mining (OTC:NCMGY) are about to start their $150 million prefeasibility study at the Wafi-Golpu copper-gold project in Papua New Guinea.
According to Harmony Chief Executive Officer Graham Briggs, the mine may contain almost double the previous copper and gold resources estimated at the project.
Wafi-Golpu may have as much as 30 million ounces of gold and 8 million metric tons of copper.
So far it appears we have found “another high-quality, world-class operation in Papua New Guinea,” asserted Briggs.
Cost to construct the mine could be as high as $3 billion. The prefeasibility study should be completed by the early part of 2012.
Part of the strategy for Harmony for Wafi is to move away from the volatile and unpredictable South African market, where the ruling socialists are pushing to nationalize the mining industry.
The business-friendly Papua New Guinea is “rapidly being seen as a significant and welcoming gold region,” said Harmony in a recent statement.
They and Newcrest are also looking to increase production at their Hidden Valley mine. Gold production is expected to increase to 250,000 ounces and silver to 3.5 million ounces annually.
Showing posts with label Graham Briggs. Show all posts
Showing posts with label Graham Briggs. Show all posts
Monday, October 25, 2010
Tuesday, September 21, 2010
Harmony (NYSE:HMY) CEO Sees $1,500 Gold Price by End of Year
Harmony Gold Mining Co. (NYSE:HMY) chief executive officer Graham Briggs said gold prices by the end of 2010 could reach as high as $1,500 an ounce.
This comes on the heals of several record-breaking performances by gold, as it soars on continuing concerns over the recession, European sovereign debt and anemic American and European economies.
Other than that, some clowns actually had the guts to declare the recession was over, but not just over now, but over in June 2009.
I guess the rest of us were just too dumb to see that. Glad they told us. We were so foolish to think otherwise.
Briggs added he doesn't see anything in the way to stop the continuing climb of gold anytime soon.
This comes on the heals of several record-breaking performances by gold, as it soars on continuing concerns over the recession, European sovereign debt and anemic American and European economies.
Other than that, some clowns actually had the guts to declare the recession was over, but not just over now, but over in June 2009.
I guess the rest of us were just too dumb to see that. Glad they told us. We were so foolish to think otherwise.
Briggs added he doesn't see anything in the way to stop the continuing climb of gold anytime soon.
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