25 Jul 2011

Harmony Gold says its Golpu gold deposit in PNG much bigger than previously thought

3:48 pm on 25 July 2011

The South African-based miner Harmony Gold has reported a huge increase in the Wafi Golpu copper and gold deposit in Papua New Guinea's Morobe province.

Harmony Gold, which is drilling the deposit in a a joint venture with Newcrest, has reported the resource is 57 percent bigger than previously thought.

Harmony Gold;s chief executive, Graham Briggs, says it's one of the biggest such deposits in South East Asia and is a game changing asset for his company.

The Golpu deposit is now estimated at 869 million tonnes containing 19.3 million ounces of gold and 9.0 million tonnes of copper.

This time last year, the deposit was put at only 644 million tonnes.