Harmony may list Hidden Valley
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MINING company Harmony Gold was considering listing its Hidden Valley project in Papua New Guinea to raise money to build the mine, the company said yesterday.
A listing, possibly on the Toronto Stock Exchange, could raise about $300m, but Harmony Gold would keep a controlling stake, said investor relations executive Philip Kotze.
ôItÆs one of the strategies that weÆre considering, nothing is definite at this stage,ö said Kotze.
About $250m would be needed for Hidden Valley, where an access road is under construction, and a further $50m might go for further exploration of the Wafi/Golpu copper and gold deposit, also in Papua New Guinea.
Harmony Gold, the worldÆs fifth- biggest gold producer, said previously Hidden Valley would take 26 months to build.
It is due to produce 280000oz of gold and 3,9-million ounces of silver a year, with the mine life estimated at 10 years.
Harmony Gold might seek a copper producer as a partner on the Wafi/ Golpu project, which is turning out to be a predominantly copper ore body, website miningmx said earlier this week.
Harmony Gold shares traded 5,57% weaker yesterday to close at R84,99. Reuters
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