What's Happening?
Harmony Gold Mining Company Ltd has completed the updated Feasibility Study and received Board approval for the Final Investment Decision (FID) regarding the Eva Copper Project in Queensland, Australia.
The project is a 100%-owned asset expected to produce approximately 65,000 tonnes of copper in concentrate annually during its first five years, with a life-of-mine average production of around 60,000 tonnes of copper and 19,000 ounces of gold per annum. The project is designed as a low strip ratio open pit development, processing an average of 18 million tonnes of ore over its estimated 15-year mine life. Harmony CEO Beyers Nel highlighted the project's strong cash flow generation potential and its strategic importance in diversifying Harmony's portfolio with copper assets alongside gold production.
Why It's Important?
The Eva Copper Project represents a significant strategic move for Harmony Gold Mining Company, enhancing its portfolio with copper assets in addition to its gold production. This diversification is crucial as it provides exposure to robust copper fundamentals, which are increasingly important given the global demand for copper in various industries, including technology and renewable energy. The project's approval and subsequent development are expected to strengthen Harmony's position as a global producer, offering resilience across commodity cycles. The investment in a Tier 1 mining jurisdiction like Queensland further solidifies Harmony's long-term value proposition, potentially leading to strong free cash flows and attractive margins.
What's Next?
Following the Board's approval of the Final Investment Decision, Harmony will transition the Eva Copper Project from Early Works to Project execution. The company plans to appoint an Engineering, Procurement, and Construction (EPC) contractor, with mobilization to the site expected in the third quarter of FY26. Construction of the processing plant and related infrastructure is anticipated to begin soon after, with first production slated for the second half of calendar year 2028, contingent upon amendments to the Environmental Authority.
