Newcrest Mining has revealed it is aiming to ‘simplify’ operations at the Lihir and Hidden Valley gold mines in Papua New Guinea, after writing down the value of its mines in PNG, Australia and Africa by AUD$6 billion (K12.6 billion).
gold
Although gross domestic product (GDP) growth halved last year in the Solomon Islands, the Central Bank of the Solomon Islands’ (CBSI) 2012 annual report, released last week, makes encouraging reading.
Gold miners Newcrest Mining and Harmony Gold report are reviewing capital expenditure at their two joint venture projects in Papua New Guinea because of weak gold prices.
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Minerals sector enjoys its winnings while industrialised world struggles with debt crises.
When production at the massive Frieda River copper-gold mine begins in 2016, it will launch a projected 30-year-plus phase of potential major returns for Papua New Guinea and for investors.