Wedoany.com Report-Nov. 25, Harmony Gold has approved a capital investment of between $1.55 billion and $1.75 billion (A$2.3 billion to A$2.6 billion) to develop its wholly-owned Eva Copper project in north-west Queensland, Australia.

The board granted final investment decision on Tuesday following an updated feasibility study. The long-life, high-margin operation is forecast to produce 65,000 tonnes of copper in concentrate annually during its first five years, averaging 60,000 tonnes of copper and 19,000 ounces of gold per year over a 15-year mine life. Processing capacity will reach 18 million tonnes of ore annually, with an all-in sustaining cost of approximately $2.50 per pound.

Harmony CEO Beyers Nel stated: “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 t of copper annually once fully commissioned.”

Nel added that Eva provides strong exposure to favourable copper market conditions while generating robust free cash flows and attractive margins.

Development capital will be deployed over a three-year construction period, resulting in capital intensity of $26,000 to $29,000 per tonne of annual copper production. Funding will combine internal cash generation and debt facilities while preserving the company’s existing dividend policy.

Since acquiring Eva in 2022, Harmony has completed 166,000 metres of drilling, expanding contained resources to 1.932 million tonnes of copper and 492,000 ounces of gold.

The Queensland government has designated Eva a “prescribed project” and allocated A$20.7 million toward early works. Independent economic analysis projects the mine-life contributions exceeding A$17 billion to Queensland’s gross state product.

With the investment decision secured, Harmony will proceed to full project execution, including appointment of an engineering, procurement, and construction contractor. Site mobilisation is scheduled for the third quarter of the 2026 financial year, targeting first copper production in the second half of 2028, subject to final permitting amendments.

The approval positions Harmony as an emerging multi-commodity producer with substantial copper output alongside its established gold operations.