Harmony Gold Mining Company has given the green light for the $2.3 billion-plus Eva copper mine development, about 75km north-east of Cloncurry.
With the completion of its updated feasibility study, the company has announced the board’s approval of the final investment decision.
Harmony said production was forecast to begin in the second half of 2028, aligning with an anticipated copper supply gap, which would support higher prices.
About 1000 jobs are expected to be created during Eva’s construction, and about 450 full-time roles sustained during steady-state operations.
The proposed open-pit development is expected to produce about 65,000 tonnes of copper in concentrate per year during the first five years.
It boasts an expected life-of-mine average production profile of about 60,000 tonnes of copper and 19,000 ounces of gold per annum, positioning Eva as one of Australia’s most significant new copper developments.
Harmony said this would be achieved by processing 18 million tonnes per annum of ore on average over an estimated mine life of 15 years at a very attractive margin. The Eva operation is expected to have an all-in sustaining cost (AISC) of about $US2.50/lb.
Project capital is estimated at $2.3 billion to $2.6 billion, with expenditure phased over a three-year construction period.
“The Eva Copper feasibility study delivers a strong, high-confidence outcome that positions Harmony for the next phase of growth as we continue building a high-quality, low-cost portfolio,” chief executive officer Beyers Nel said.
“Over the past three years, we have received strong support from the Queensland Government and key stakeholders as we systematically de-risked this project, driving resource and reserve expansion at exceptionally low discovery costs and unlocking further upside potential.”
He said Harmony had confidence in the long-term outlook for copper and gold, and Eva Copper was poised to deliver strong free cash flows and attractive margins, while reducing the company’s overall risk profile.
“Harmony’s diversification into a Tier 1 mining jurisdiction strengthens our long-term value proposition as a global gold and copper producer,” Mr Nel said.
The Queensland Government declared Eva Copper a prescribed project in March 2024 to expedite approvals.
It made a conditional grant of $20.7 million in July 2024 to support preliminary site works, which are now largely complete.
The project is forecast to inject more than $17 billion into Queensland’s gross state product through construction and operations.
Treasurer David Janetzki described today’s announcement as a show of confidence in Queensland’s critical minerals sector.
“Harmony’s commitment to invest in the Eva Copper mine is not only a win for the North-West Queensland community but the State’s wider economy,” he said.
Harmony said power for the operation would be supplied through a bespoke hybrid generation solution comprising a 118MW solar farm, 62MW of battery storage, and 72MW of modular diesel generators.
‘Harmony is collaborating with the Queensland Government on longer-term power supply options aligned with the state’s energy roadmap,’ the company stated.
Mr Nel acknowledged the many partners who had championed the project, including the Kalkadoon people as traditional owners of the land.
“The advocacy and support of key stakeholders including Cloncurry Mayor Greg Campbell, both Bob and Robbie Katter, Mount Isa Mayor Peta MacRae, and Senator Susan McDonald, have also played a vital role in the project’s progression,” he said.
The South African miner acquired the copper-gold project from Copper Mountain Mining in December 2022 and has been carrying out feasibility work since.
Having secured board approval of the FID, the project will transition from early works to project execution, with the appointment of an engineering, procurement and construction (EPC) contractor.
Harmony said it was expected that the EPC and other contractors would mobilise to site during the third quarter of FY26 to commence processing plant and related infrastructure construction.