Harmony Accelerates Copper Expansion With US$1.75 Billion Eva Investment

Harmony Gold Mining just made a bold move to reshape its portfolio. The South African gold producer has officially greenlit construction of its Eva Copper project in Queensland, Australia, marking a major pivot toward where to find copper supply in the coming decade. The board’s final investment decision comes after completing a comprehensive feasibility study with a three-year capital expenditure of US$1.75 billion.

The Eva project represents Harmony’s aggressive repositioning from a pure gold miner into a balanced precious metals and base metals operator. Located in northwest Queensland, this 100-percent-owned asset will drive the company’s copper ambitions across Australia’s tier-one mining jurisdictions.

The Production Picture

Once operational, Eva Copper will establish significant production capacity. During its initial five-year phase, the open-pit mine will churn out approximately 65,000 metric tons of copper concentrate annually. Over the mine’s projected 15-year operating life, output will average around 60,000 metric tons of copper alongside 19,000 ounces of gold per year. Processing roughly 18 million metric tons of ore annually, the operation maintains an all-in sustaining cost near US$2.50 per pound—a competitive positioning in the current copper market landscape.

Strategic Copper Platform Takes Shape

The Eva approval comes closely after Harmony’s completed US$1.01 billion acquisition of MAC Copper, which secured the company’s full ownership of the high-grade CSA copper mine in New South Wales. Together, these two Australian copper assets are positioned to deliver 100,000 metric tons of annual copper production once fully operational, establishing Harmony as a meaningful player where to find copper mining operations in the region.

CEO Beyers Nel emphasized the strategic coherence: “Eva Copper, together with our 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.”

Timeline and Market Dynamics

The company anticipates first production from Eva in the second half of 2028, with site mobilization targeted for the third quarter of fiscal 2026. This timeline strategically aligns with forecasted structural copper supply deficits anticipated through the late 2020s, positioning Harmony to benefit from tightening market conditions and potentially stronger pricing.

The Eva project, acquired in October 2022, has completed 166,000 metres of drilling. Current mineral resources of two million metric tons underscore the potential for future mine life extensions as the operation matures.

Board approval transitions Eva from development planning into the active execution phase, representing a watershed moment for Harmony’s transformation into a diversified mining portfolio.