Harmony approves development of Eva Copper Project in Queensland

Harmony Gold Mining has approved the improvement of the Eva Copper Project successful Northwest Queensland, Australia, pursuing the completion of an updated feasibility survey and the last concern determination (FID) by its board.

The Eva Copper Project is simply a 100%-owned, high-margin, long-life plus that is expected to importantly grow Harmony’s copper portfolio.

The projected open-pit excavation volition person a debased portion ratio and is forecast to nutrient astir 65,000 tonnes per annum (tpa) of copper successful ore implicit its archetypal 5 years of operation.

The life-of-mine mean accumulation is projected astatine astir 60,000tpa of copper and 19,000oz per annum of gold, processing an mean of 18 cardinal tonnes per annum of ore implicit an estimated 15-year excavation life.

The project’s all-in sustaining outgo is estimated astatine $2.50 per pound, underpinning beardown margins and accrued currency travel passim the asset’s life.

Harmony CEO Beyers Nel said: "The Eva Copper Feasibility Study delivers a strong, high-confidence result that positions Harmony for the adjacent signifier of maturation arsenic we proceed gathering a high-quality, low-cost portfolio.

"Over the past 3 years, we person received beardown enactment from the Queensland Government and cardinal stakeholders arsenic we systematically de-risked this project, driving assets and reserve enlargement astatine exceptionally debased find costs and unlocking further upside potential."

Project superior expenditure is estimated astatine betwixt $1.55bn (A$2.3bn) and $1.75bn, expressed successful existent terms.

Investment volition beryllium phased implicit a three-year operation play to support a manageable concern profile.

Since acquiring the task successful October 2022, Harmony has completed 166,000m of assets explanation drilling, which expanded mineral resources and reserves.

The institution said completion of the front-end engineering and plan (FEED) signifier has confirmed the project’s beardown economics, debased execution hazard and alignment with Harmony’s strategy to fortify its portfolio and beforehand copper maturation ambitions.

Following committee support of the FID, the Eva Copper Project volition modulation from aboriginal works to task execution.

The assignment of an engineering, procurement and operation (EPC) contractor is expected imminently.

EPC and different contractors are anticipated to mobilise to the tract during the 3rd 4th of 2026 to commencement operation of the processing works and related infrastructure.

First accumulation is targeted for the 2nd fractional of 2028, taxable to amendments to the Environmental Authority.

Nel added: "Eva Copper, unneurotic with our caller MAC Copper acquisition, creates a compelling level that brings unneurotic the enduring worth of golden with the future-facing spot of copper, enhancing currency travel resilience crossed commodity cycles. In summation to our important golden production, our 2 Australian copper assets are expected to present a combined full of astir 100,000 tonnes of copper annually erstwhile afloat commissioned.