THE Papua New Guinea government has given its approval for a gold joint venture between Harmony Gold Mining and Newcrest Mining.
The approval by PNG mines minister Dr Puka Temu paves the way for the two companies to pursue the development of their joint venture interests in the country.
These include the Hidden Valley gold mine, which is expected to commence production mid-2009, and the highly prospective Wafi Golpu copper and gold deposit.
Newcrest (ncm.ASX:Quote,News) will bring its technical skills to the joint venture in exploration, project delivery and large scale mining.
Harmony chief executive Graham Briggs said the ministerial approval allows for the conclusion of all conditions precedent to the joint venture, including regulatory and statutory approvals.
"Not only does the joint venture augur well for both companies, but it will also provide broader employment opportunities and corporate social investment for Papua New Guinea.''
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