South African company, Harmony Gold is the sole owner of the Hidden Valley mine after Newcrest Mine sold its 50 per cent joint venture share.The mine is located in the Morobe Province.
Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas stated in the company’s September report that “Newcrest has completed the sale of its 50 per cent share of Hidden Valley to Harmony following receipt of South African Regulatory approval. The economic effective date for the transaction is 31 August 2016; accordingly the operational results shown are for the July-August period only.”
Newcrest is an Australian company and operates the Lihir gold mine in New Ireland Province.
Picture source: Business Advantage PNG. looppng