By MALUM NALU
Wafi‐Golpu joint venture participants, Harmony and Newcrest, yesterday
announced a significant upgrade to the ore reserve estimate for the Golpu
copper-gold deposit located in Morobe province, following the completion of a
technical pre‐feasibility study (PFS).
The PFS supports an updated ore reserve estimate containing 12.4
million ounces of gold and 5.4 million tonnes of copper.
The study also confirms Golpu as a world‐class deposit with an expected mine life of more than 25 years.
The nearby
Wafi gold deposit is in concept study, with progress to PFS likely to occur
later this calendar year.
The Wafi-Golpu project area in Morobe province.-Nationalpic by MALUM NALU |
“The PFS proposes
that the Golpu deposit be mined via a large, long life, deep underground mine
using the block caving method,” according to a statement from Morobe Mining
Joint Ventures.
“It proposes that the
ore be treated by flotation to produce a copper-gold concentrate which would be
piped to storage facilities where it would be dewatered prior to loading onto
ships for transport to smelters in the region.
“Various options have been identified for key infrastructure
including tailings storage sites, power generation options and ship loading
facilities.
“These will require further investigation and stakeholder
engagement during the feasibility study phase which could take around 24 months
to complete.
“The capital cost is estimated at K 10 billion to establish the
mine and achieve first commercial production, which is anticipated around 2019.
“The PFS sets out a sustainable development approach focusing on
people, environment, social environment and health and safety.
“Before the project proceeds to feasibility study status, the
joint venture participants will be engaging extensively with key stakeholders
including all levels of government and landowner representatives to ensure
alignment on the project development and key elements of the next phase of
work.”
Subject to the
satisfactory resolution of these outstanding matters, Newcrest and Harmony
anticipate they will progress the Golpu project into the feasibility study
phase during the first half of calendar 2013.
In the meantime, further
study work will occur.
Joint venture participants,
Harmony and Newcrest said: “This is an exciting project and we are keen to
progress it to the next phase following further consultation with stakeholders
to ensure alignment.”