By Kevin Crowley
Harmony Gold Mining Co. and White Rivers Exploration (Pty) Ltd. said they found a major gold deposit in South Africa’s Free State that could lead to one of the country’s first new mines for the metal in the last 25 years.
The resource contains 11.5 million ounces of gold at a grade of 8.9 grams per ton of ore, White Rivers said in an e-mailed statement Thursday. Mining would take place 1.1 kilometers (0.7 mile) to 2.2 kilometers below ground, next to Harmony’s Target mine, it said. The project is 65 percent owned by White Rivers and 35 percent by Harmony.
“The joint venture project’s close proximity to Harmony Gold’s Target mine provides direct access to existing infrastructure, thereby limiting capital funding required and facilitating a fast-track development resulting in a payback of under four years,” White Rivers said.