Harmony Gold approves up to $1.75b for Eva Copper mine

Harmony Gold, South Africa’s largest gold miner backed by billionaire Patrice Motsepe, has approved an investment of between $1.55 billion and $1.75 billion to develop its Eva Copper project in northwest Queensland. This marks a key step in the group’s effort to broaden its portfolio as operating costs rise and ore bodies mature in South Africa’s gold sector.

Harmony moves forward with Eva mine

For years, Harmony has spoken openly about the pressure facing its deep, aging mines at home. Management has also pointed to copper’s growing role in electric vehicles, renewable power systems, and grid expansion. That shift in global demand helped shape Harmony’s decision to buy the Eva project in 2022. The new investment follows an updated feasibility study that gave the board enough confidence to move ahead.

Under the current plan, Eva is expected to produce about 65,000 metric tons of copper concentrate annually during its first five years. Over a projected 15-year life, average output should settle at roughly 60,000 tons of copper and 19,000 ounces of gold. Spending will be rolled out over three years and funded through internal cash flow and what the company described as cost-efficient borrowing. Harmony expects production to start in the second half of 2028, a period it believes will coincide with tighter global copper supply.

The company’s decision represents one of the largest offshore commitments by a South African miner in recent years and underscores the broader shift toward metals considered essential for future power systems. The announcement comes as Harmony continues to invest across its portfolio. Total assets climbed 28 percent to $4.36 billion in the first half of 2025, while retained earnings increased to $826 million from $127 million a year earlier.

Harmony eyes copper boost, gold stability

Motsepe, who holds an 11.8 percent stake through African Rainbow Minerals, has been a steady backer since Harmony’s merger with Avmin in 2003. His backing has helped the company pursue international expansion, including its recent MAC Copper deal. Harmony is also assessing a separate copper venture in Papua New Guinea with U.S. miner Newmont Corporation, signaling another possible step toward balancing its gold-heavy portfolio.

Chief Executive Beyers Nel said Eva, together with the MAC Copper assets, is expected to deliver about 100,000 tons of copper annually once both operations are fully running. “The project gives us solid exposure to a metal with strong industrial demand,” Nel said. He added that copper’s long-term outlook, combined with firm gold prices, should support healthy cash generation and help reduce the company’s reliance on aging South African operations.