Harmony Gold diversifies with $1.75bn Australian copper project

Image credit: Reuters/Dado Ruvic/Illustration

South Africa's top gold producer by volume is diversifying into copper as gold mining in its home country becomes more costly and geologically challenging. In contrast, copper's allure is bolstered by its uses in electric vehicles and power grid infrastructure.

Harmony acquired the Eva Copper project in Queensland in 2022. The mine is expected to produce approximately 65,000 metric tonnes of copper concentrate a year for its first five years, with life-of-mine output averaging 60,000 tonnes of copper and 19,000 ounces of gold over an estimated 15-year lifespan, Harmony's statement said.

The approved investment will be phased in over three years, funded through internal cash flow and capital-efficient debt instruments.

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Production is expected to begin in the second half of 2028, aligning with a structural copper supply gap that is expected to support higher prices, the company said.

Harmony's recent MAC Copper acquisition and Eva Copper are expected to deliver a combined total of about 100,000 tonnes of copper a year when fully up and running, said chief executive Beyers Nel.

"The project provides compelling exposure to robust copper fundamentals and, when combined with the current strength in gold prices, offers significant upside potential," Nel said.

"We have confidence in the long-term outlook for copper and gold, and Eva Copper is poised to deliver strong free cash flows and attractive margins while reducing our overall risk profile."