Harmony Gold Mining has approved the development of the Eva Copper Project in Northwest Queensland, Australia, following the completion of an updated feasibility study and the final investment decision (FID) by its board.
The Eva Copper Project is a 100%-owned, high-margin, long-life asset that is expected to significantly expand Harmony’s copper portfolio.
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The proposed open-pit mine will have a low strip ratio and is forecast to produce approximately 65,000 tonnes per annum (tpa) of copper in concentrate over its first five years of operation.
The life-of-mine average production is projected at around 60,000tpa of copper and 19,000oz per annum of gold, processing an average of 18 million tonnes per annum of ore over an estimated 15-year mine life.
The project’s all-in sustaining cost is estimated at $2.50 per pound, underpinning strong margins and increased cash flow throughout the asset’s life.
Harmony CEO Beyers Nel said: “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.
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By GlobalData“Over the past three years, we have received strong support from the Queensland Government and key stakeholders as we systematically de-risked this project, driving resource and reserve expansion at exceptionally low discovery costs and unlocking further upside potential.”
Project capital expenditure is estimated at between $1.55bn (A$2.3bn) and $1.75bn, expressed in real terms.
Investment will be phased over a three-year construction period to maintain a manageable investment profile.
Since acquiring the project in October 2022, Harmony has completed 166,000m of resource definition drilling, which expanded mineral resources and reserves.
The company said completion of the front-end engineering and design (FEED) phase has confirmed the project’s strong economics, low execution risk and alignment with Harmony’s strategy to strengthen its portfolio and advance copper growth ambitions.
Following board approval of the FID, the Eva Copper Project will transition from early works to project execution.
The appointment of an engineering, procurement and construction (EPC) contractor is expected imminently.
EPC and other contractors are anticipated to mobilise to the site during the third quarter of 2026 to start construction of the processing plant and related infrastructure.
First production is targeted for the second half of 2028, subject to amendments to the Environmental Authority.
Nel added: “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. In addition to our significant gold production, our two Australian copper assets are expected to deliver a combined total of approximately 100,000 tonnes of copper annually once fully commissioned.
“The project provides compelling exposure to robust copper fundamentals and, when combined with the current strength in gold prices, offers significant upside potential. We have confidence in the long-term outlook for copper and gold, and Eva Copper is poised to deliver strong free cash flows and attractive margins, while reducing our overall risk profile.
“Harmony’s diversification into a Tier 1 mining jurisdiction strengthens our long-term value proposition as a global gold and copper producer.”
In October, Harmony completed the acquisition of MAC Copper, the proprietor of the high-grade CSA copper mine in New South Wales, Australia.
