Harmony Gold Mining Company Ltd has announced the completion of the updated Feasibility Study and the approval of the Final Investment Decision (FID) by the Board of Directors for the Eva Copper Project in Queensland, Australia.
Eva Copper is a 100%-owned, high-margin, long-life asset located in northwest Queensland. The proposed low strip ratio open pit development is expected to produce approximately 65,000 t of copper in concentrate per year during the first five years, with an expected life-of-mine average production profile of around 60,000 t of copper and 19,000 oz of gold per annum. This will be achieved by processing on average 18 Mt of ore over its currently estimated 15-year mine life, at it says a very attractive margin with an all-in sustaining cost (AISC) of approximately US$2.50/lb, delivering robust cash flow generation at strong margins over the life of this asset.
“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. 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,” said Beyers Nel, Harmony CEO.
He 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.”
Project capital is estimated at US$1.55 billion to US$1.75 billion, expressed in real terms. Harmony stated: “The capital profile remains highly manageable, with expenditure phased over a three-year construction period. We expect a competitive capital intensity of approximately US$26,000 to US$29,000 per tonne of copper produced, reinforcing the project’s capital efficiency.
Having secured Board approval of the FID, the project will now transition from Early Works to Project execution, with the appointment of an Engineering, Procurement and Construction (EPC) contractor. It is expected that the EPC and other contractors will mobilise to site during the third quarter of FY26 to commence processing plant and related infrastructure construction. First production is expected in the second half of calendar year 2028, subject to Environmental Authority amendments.
