Harmony Gold Bets Big on Copper with $1.6B Eva Project

Harmony Gold Advances Copper Strategy with Eva Project

Harmony Gold approved the $1.6 billion Eva copper project in Australia, marking a major expansion of its metals portfolio. Construction will start in Q3 2026, and the company expects first production in the second half of 2028. Eva should produce 65,000 tonnes of copper annually during its first five years and stabilize at 60,000 tonnes over a 15-year life. The project will also yield 19,000 ounces of gold each year.

The Eva project complements Harmony’s $1 billion acquisition of MAC Copper, which runs the 41,000-tonne-per-year CSA mine in New South Wales. Chief Executive Beyers Nel said the combined assets strengthen cash flow across commodity cycles and expand metals exposure. Harmony targets a total copper output of 100,000 tonnes annually within five years.

Funding, Costs, and Strategic Outlook

Harmony will fund Eva’s construction using internal cash flow and debt, while maintaining its dividend policy. The project’s all-in sustaining cost stands at $2.50 per pound of copper, ensuring competitiveness. Nel noted the long-term strength of copper and gold markets. He expects Eva to generate solid free cash flow and reduce overall corporate risk.

SuperMetalPrice Commentary:

Harmony’s Eva project reflects the growing global demand for copper amid energy transition and electrification trends. By combining Eva with MAC Copper, the company positions itself as a major player in Australia’s copper sector. Investors should watch construction progress and early output reports, as the project will influence regional copper supply and pricing dynamics.