Harmony Gold Mining has approved the development of the Eva Copper Project in Queensland, Australia, after completing a feasibility study and board decision. The open-pit mine is expected to produce 65,000 tonnes of copper annually over five years and maintain an average production of 60,000 tonnes per year over 15 years.

The project’s all-in sustaining cost is $2.50 per pound, ensuring strong margins and cash flow. Harmony CEO Beyers Nel stated the project positions Harmony for growth and has received support from the Queensland Government and stakeholders. Project capital expenditure is estimated between $1.55bn and $1.75bn.

The Eva Copper Project will transition to project execution after board approval. An engineering, procurement, and construction (EPC) contractor will be appointed soon, with construction set to begin in the third quarter of 2026. Production is targeted for the second half of 2028, pending Environmental Authority amendments.

Harmony’s acquisition of MAC Copper in New South Wales, Australia, complements the Eva Copper Project. The company aims to strengthen its portfolio and advance copper growth ambitions, projecting combined annual copper production of approximately 100,000 tonnes. This diversification enhances Harmony’s value proposition as a global gold and copper producer.

Read more at Yahoo Finance: Harmony approves development of Eva Copper Project in Queensland