Gold and copper miner Harmony has approved a capital investment of between $1.55-billion and $1.75-billion to develop its Eva copper project in Queensland, Australia.

The South Africa-headquartered miner announced on Tuesday that its board had granted final investment decision (FID) approval for the high-margin, long-life asset, following the completion of an updated feasibility study. 

The 100%-owned Eva project is expected to produce 65 000 t/y of copper in concentrate over its first five years, averaging 60 000 t/y of copper and 19 000 oz/y of gold across a 15-year mine life. Ore will be processed at a rate of 18-million tonnes a year, with an all-in sustaining cost of about $2.50/lb.

“Eva Copper, together with our recent MAC Copper acquisition, creates a compelling platform that brings together the enduring value of gold with the future-facing strength of copper, enhancing cash flow resilience across commodity cycles,” said Harmony CEO Beyers Nel.

“In addition to our significant gold production, our two Australian copper assets are expected to deliver a combined total of approximately 100 000 t of copper annually once fully commissioned.”

Nel said Eva offered “compelling exposure to robust copper fundamentals” and highlighted that the project was positioned to generate “strong free cash flows and attractive margins, while reducing our overall risk profile”.

The project’s capital spend – estimated at $1.55-billion to $1.75-billion, or A$2.3-billion to A$2.6-billion – will be phased over a three-year construction period. Capital intensity is forecast at $26 000/t to $29 000/t of copper produced. Harmony plans to fund the development through a mix of internal cash flow and debt while maintaining its dividend commitment.

Since acquiring Eva in 2022, Harmony has drilled 166 000 m, increasing resources and reserves to 1.932-million tonnes of contained copper and 492 000 oz of gold.

The Queensland government has granted the project ‘prescribed project’ status and committed A$20.7-million for early works.

Independent analysis by ACIL Allen indicates Eva could contribute more than A$17-billion to Queensland’s gross state product over its operational life.

With the FID secured, Harmony will now move into full project execution, including appointing an engineering, procurement and construction contractor ahead of site mobilisation in the third quarter of the 2026 financial year.

First production is targeted for the second half of 2028, subject to permitting amendments.