Harmony Gold Mining (NYSE:HMY,JSE:HAR) announced that it has approved development of its Eva Copper project in Queensland after completing an updated feasibility study, with an estimated capital of US$1.75 billion across a three-year window.
The South African miner said Monday (November24) that its board signed off on the Final Investment Decision for the Eva copper project, a 100-percent-owned project in northwest Queensland expected to deliver high margins and a long operating life.
Harmony plans to build a low strip-ratio open-pit mine capable of producing about 65,000 metric tons of copper concentrate annually during its first five years, with an average life-of-mine profile of roughly 60,000 metric tons of copper and 19,000 ounces of gold per year over an estimated 15-year span.
The mine will process about 18 million metric tons of ore per year and carry an all-in sustaining cost of approximately US$2.50 per pound.
CEO Beyers Nel said the feasibility results confirm the company’s shift toward a balanced gold-and-copper portfolio.
“The Eva Copper Feasibility Study delivers a strong, high-confidence outcome that positions Harmony for the next phase of growth as we continue building a high-quality, low-cost portfolio,” he said.
Nel also tied Eva Copper to Harmony’s expanding strategy, pointing to the company’s recently completed MAC Copper acquisition.
“Eva Copper, together with our recent MAC Copper acquisition, creates a compelling platform that brings together the enduring value of gold with the future-facing strength of copper, enhancing cash flow resilience across commodity cycles,” he said.
Last month, Harmony completed its US$1.01 billion acquisition of MAC Copper, giving the company full ownership of the high-grade CSA copper mine in New South Wales.
The company said the purchase builds on its strategic push to strengthen its copper position in Tier-1 jurisdictions. It also expects its two major Australian copper assets to deliver a combined 100,000 metric tons of copper annually once fully commissioned.
Meanwhile, the Eva Copper project was acquired by the company in October 2022 and has since completed 166,000 metres of drilling. The current two-million-metric-ton copper resource underpins the potential for future extensions to the mine’s life.
Harmony anticipates first production in the second half of 2028, a timeline it says aligns with a structural deficit in copper supply that could support stronger prices.
Board approval moves the project into the execution phase. Mobilization to site is expected in the third quarter of fiscal 2026, subject to amendments to the project’s Environmental Authority.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.