• Harmony Gold Mining approves final investment for the Eva Copper project.
• The mine requires $1.55–1.75 billion and is set to start operating in late 2026.
• The project supports Harmony’s strategy to expand from gold into copper.

Harmony Gold Mining said on November 24 that its board has approved the final investment decision for developing the Eva Copper project in Queensland, Australia. The South African mining company said the investment required to build the copper mine ranges from $1.55 billion to $1.75 billion.

The funds will come from a mix of internal cash flow generated by current operations and debt. The project already has all approvals needed to begin construction, subject to updates required by environmental authorities. Commissioning of the mine is planned for the second half of 2026.

Acquired in October 2022 from Copper Mountain, Eva Copper is fully owned by Harmony. The project fits into the company’s diversification strategy, which aims to add copper production to its existing gold operations. Eva Copper is expected to produce an average of 60,000 tons of copper per year for at least 15 years.

With its recent $1 billion acquisition of MAC Copper, Harmony also owns the operating CSA mine in Australia and is targeting long-term copper output of 100,000 tons per year.

With the board now authorizing the release of funds for the project, the company must appoint a contractor for engineering, procurement, and construction. Harmony plans to deploy construction teams on-site during the third quarter of its 2026 financial year, which corresponds to the first quarter of next year. For the same period, the company aims to produce 1.4 to 1.5 million ounces of gold.