According to Mining.com, Harmony Gold Mining Co. Ltd., South Africa’s largest gold producer, announced on Monday that its board has approved an investment of between US$1.55 billion and US$1.75 billion to develop the Eva Copper Project in Queensland, Australia, following the completion of an updated feasibility study.
This marks a significant milestone in the company’s strategic move to diversify into copper mining, as domestic gold operations in South Africa face rising production costs and increasingly challenging geological conditions.
Harmony Gold acquired the Eva Copper Project in 2022. According to the company’s statement, the project is expected to produce approximately 65,000 tonnes of copper concentrate per year during the first five years of operation, with an average annual output of 60,000 tonnes of copper and 19,000 ounces of gold over its 15-year mine life.
Phased Investment and Funding Strategy
The approved investment will be executed over three years and funded through a combination of internal cash flows and capital-efficient debt instruments, according to the company.
Harmony Gold expects the project to commence production in the second half of 2028, coinciding with a projected global copper supply deficit, which is likely to support stronger copper prices.
Strengthening Copper-Gold Portfolio
CEO Beyers Nel emphasized that, once both the MAC Copper Project and the Eva Copper Project reach full production, Harmony Gold’s total annual copper output will reach around 100,000 tonnes.
“This project is well positioned to benefit from strong copper fundamentals while also leveraging current high gold prices,” said Nel.
“We are confident in the long-term outlook for both metals. The Eva Copper Project is expected to generate robust cash flow and significant profitability while reducing overall portfolio risk.”
By advancing the Eva project, Harmony Gold aims to solidify its role as a dual copper-gold producer, enhancing earnings stability and positioning itself to capitalize on the global shift toward electrification and renewable technologies, where copper demand is surging.
[出处 – 上海有色网] 南非Harmony黄金公司将向澳洲铜项目投资高达17.5亿美元 https://news.smm.cn/news/103637042
