South Africa-headquartered Harmony Gold has approved the development of its high-margin, long-life Eva copper project in Queensland, Australia, after completing an updated feasibility study and securing a final investment decision (FID) from its board.

The 100%-owned project is expected to produce 65 000 t/y of copper in concentrate over the first five years and average 60 000 t/y of copper and 19 000 oz/y of gold across its currently defined 15-year life-of-mine.

Ore will be processed at a rate of 18-million tonnes a year, with an all-in sustaining cost of about $2.50/lb.

“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,” said Harmony CEO Beyers Nel.

“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 the Eva project provided “compelling exposure to robust copper fundamentals” and was poised to deliver “strong free cash flows and attractive margins, while reducing our overall risk profile”.

Project capital is estimated at $1.55-billion to $1.75-billion, or A$2.3-billion to A$2.6-billion. Expenditure will be phased over a three-year construction period, with capital intensity estimated at $26 000/t to $29 000/t of copper produced.

Harmony said the project would be funded through a mix of internal cash flow and debt, consistent with its commitment to maintaining dividends. 

Since acquiring Eva in 2022, Harmony has completed 166 000 m of drilling, expanding resources and reserves to 1.932-million tonnes of contained copper and 492 000 oz of gold in the measured, indicated and inferred categories. 

Eva Copper has been declared a ‘prescribed project’ by the Queensland government, which has also granted A$20.7-million to support early works. Independent analysis by ACIL Allen estimates the project could add more than A$17-billion to Queensland’s gross state product over its operational life.

With FID approval secured, Eva will now transition into full project execution. Harmony expects to appoint an engineering, procurement and construction contractor ahead of mobilising to site in the third quarter of the 2026 financial year, with first production targeted for the second half of 2028, subject to permitting amendments.