Harmony Gold greenlights development of Eva Copper project in Queensland

Harmony Gold has approved the development of the Eva Copper project in Queensland, marking a strategic step to expand the company's copper portfolio and strengthen its presence in Australia. The company said the decision follows a period of detailed feasibility studies, environmental assessments and stakeholder consultations. Harmony intends to move into the construction phase and advance mine infrastructure, processing facilities and associated site works.

Company executives describe Eva Copper as a value-accretive opportunity that complements Harmony’s existing operations and aligns with growing global demand for copper, driven by electrification and renewable energy investments. The development is expected to deliver a new source of copper concentrate that will support both domestic suppliers and export markets.

Harmony emphasised that approvals were granted after a rigorous review of technical, environmental and economic factors. The project team has outlined plans to implement contemporary environmental safeguards and community engagement measures, including commitments to local employment, procurement and sustained stakeholder dialogue. Harmony also noted coordination with regional authorities to align on permitting, land-use and workforce planning.

Financing for the project will draw on Harmony’s capital resources and may include third-party project finance or partnership arrangements to optimize capital structure and reduce development risk. The company highlighted that execution will follow staged spending and contingency management, with further updates provided as key construction and commissioning milestones are reached.

Market analysts say the Eva Copper approval reinforces Harmony’s strategy to diversify into higher-growth base metals while leveraging its technical and operational expertise. Potential impacts include incremental copper output, improved commodity mix and longer-term cash-flow diversification. However, analysts caution that mining projects carry execution, permitting and commodity-price risks that will influence the ultimate economic outcome.

Harmony expects to publish more detailed implementation schedules and capital estimates in subsequent reports. In the near term, focus areas include finalising engineering, securing long-lead items, completing remaining regulatory steps and deepening community partnerships aimed at delivering local benefits throughout the project lifecycle.