Harmony Gold, South Africa’s largest gold producer by volume, is making a major move into copper with a planned investment of $1.55–$1.75 billion to develop its Australian Eva Copper project. The decision follows an updated feasibility study, signaling the company’s strategic diversification as domestic gold mining becomes increasingly costly and geologically complex.
The Eva Copper project in Queensland is expected to produce around 65,000 metric tons of copper concentrate annually in its first five years. Over its estimated multi-year lifespan, the mine is projected to deliver an average of 60,000 tons of copper and 19,000 ounces of gold per year, offering Harmony Gold a balanced exposure to both metals.
The investment will be rolled out over a three-year period, funded through a combination of internal cashflow and capital-efficient debt instruments. Production is slated to begin in the latter part of the decade, coinciding with a global copper supply gap that is expected to support higher prices.
The company’s chief executive highlighted the synergy with Harmony’s recent MAC Copper acquisition, noting that the two operations could deliver a combined 100,000 tons of copper annually once fully operational. “The project provides compelling exposure to robust copper fundamentals and, when combined with current gold prices, offers significant upside potential,” he said.
He added, “We have confidence in the long-term outlook for copper and gold. Eva Copper is poised to generate strong free cashflows, attractive margins, and reduced overall risk for Harmony Gold.”
With copper’s critical role in electric vehicles, renewable energy, and power grid infrastructure, the Eva Copper project positions Harmony Gold at the intersection of high-demand metals and sustainable technology growth, reinforcing its global footprint and long-term strategic growth.
