The project in Morobe Province, owned by Harmony Gold Mining Company, has resumed full production following the incident.
Steenkamp highlighted this in the company's financial year report ending June 30. The company has operations in South Africa and PNG.
"In Papua New Guinea, our Hidden Valley mine resumed full production after the overland belt failure in January 2022," Steenkamp said.
"This strategically important asset performed well in the fourth quarter, with good prospects for the new financial year."
The company is also Newcrest's partner in the Wafi-Golpu mineral project in Morobe.
"We continue to progress the special mining lease for the copper-gold Wafi-Golpu project," Steenkamp said.
"The negotiating team for the Wafi-Golpu joint venture continues to engage with the PNG State negotiating team and we hope to reach an agreement soon." Meanwhile, commenting on the overall company performance throughout the year, Steenkamp said Harmony did well.
"Throughout financial year 2022, we faced multiple hurdles. It was through our phenomenal display of grit and perseverance that we delivered on our strategic pillar of operational excellence and achieved our annual total production guidance of between 1.48 million ounces and 1.56Moz.
"The solid platform we have built throughout financial year 22 has placed Harmony in a strong position to deliver operationally, creating further value for all our stakeholders.
"Not only did we meet our annual production guidance, but we also took a bold step forward on our de-carbonisation journey.
"We finished this financial year on the front foot, confident and with good momentum. Our brownfield and greenfield pipeline, alongside the renewable energy projects will ensure continued value creation for our shareholders and stakeholders."