Newcrest woes bad news for Harmony Gold’s Wafi-Golpu project
The last thing the partners in the undeveloped Wafi-Golpu gold and copper prospect in Papua New Guinea want right now is for one of them to have difficulties with their flagship mine. Harmony Gold and its Australian partner Newcrest Mining share the Wafi-Golpu deposit in Papua New Guinea and they are finalising an updated feasibility study on building a mine, processing plant and tailings facility. The study is due for completion at the end of March. The bad news for the partnership is that Newcrest has shut its flagship Cadia mine in New South Wales, Australia, after an earthquake damaged one of its tailings facilities. “Whilst it is too early in the evaluation and recovery process for Newcrest to provide an indication of the extent to which financial year 2018 production, capital and cost guidance will be [affected], this event will adversely [affect] guidance for financial year 2018 given the contribution of Cadia to the overall outcomes of Newcrest,” the company said. Harmony C...
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