Harmony Gold , South Africa's third-largest gold producer, said on Monday it had received a number of enquiries and proposals from parties interested in acquiring its assets in Papua New Guinea, but it was not ready to sell.

Harmony said in a statement the disposal of the Papua New Guinea assets at an early stage of their development would not realise their full value.

This is particularly relevant in relation to the Wafi-Golpu project, where the pre-feasibility study is expected to be completed by the middle of 2012 and the feasibility study during 2014, it said.

The company said it believed the results of drilling and the completion of the feasibility study should significantly increase confidence about the value of the Wafi-Golpu project.

The board believes that the continuation of Harmony's current strategy of investing in the development of its assets in Papua New Guinea is in the best interests of Harmony and its shareholders, it said.