• PNG Business News

Company seeking extension of mining lease

Harmony Gold says Morobe Consolidated Goldfields Ltd (MCG) recently lodged an application with the Mineral Resources Authority to extend the term of Hidden Valley’s mining lease for a further five years beyond its present expiry date in March 2025.

Harmony, in a statement, said a critical element of the application was the support of key stakeholders of the mine for continuation over the extended life of the mine of all present arrangements.

If the application is granted, MCG will finalise a detailed feasibility study to enable a final investment decision to be made by the Harmony board.

If supported by the board, the Hidden Valley extension project would require a significant, time-critical capital investment commencing in 2021, well before the current mining lease expiry.

Source: https://www.thenational.com.pg/company-seeking-extension-of-mining-lease/

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