Key Points
- Harmony Gold approved $1.55–$1.75 billion to develop the Eva Copper mine in Australia.
- Production is expected to start in the second half of 2028, targeting 60,000 tons of copper annually.
- Patrice Motsepe’s backing supports international expansion and diversification beyond South African gold operations.
Harmony Gold, South Africa’s largest gold miner, backed by billionaire Patrice Motsepe, approved an investment of $1.55 billion to $1.75 billion to develop the Eva Copper mine in northwest Queensland, Australia. The move expands Harmony’s footprint as domestic gold operations face rising costs and aging ore bodies.
The board greenlighted the project after an updated feasibility study confirmed its viability. Production is expected to start in the second half of 2028.
Eva Copper: Output and Investment Plan
Eva Copper is expected to produce 65,000 metric tons of copper concentrate annually during its first five years. Over a projected 15-year life, the mine should average 60,000 tons of copper and 19,000 ounces of gold per year.
Harmony will spend the investment over three years, funding it through internal cash flow and cost-efficient borrowing. Executives say timing is favorable due to tightening global copper supply and growing demand for electric vehicles, renewable energy, and power infrastructure.
Patrice Motsepe Supports International Expansion
Motsepe, who holds an 11.8 percent stake via African Rainbow Minerals, has backed Harmony since its 2003 merger with Avmin. His support helped the company acquire the Eva project in 2022 and pursue the MAC Copper deal.
Harmony is also exploring a copper venture in Papua New Guinea with U.S. miner Newmont Corporation, signaling a strategic shift toward metals with rising global demand.
Harmony’s total assets rose 28 percent to $4.36 billion in the first half of 2025. Retained earnings jumped to $826 million from $127 million a year earlier.
CEO Beyers Nel said Eva, combined with MAC Copper assets, could produce about 100,000 tons of copper annually once fully operational. He added that copper’s industrial demand, alongside stable gold prices, should strengthen cash flow and reduce reliance on aging South African mines.
“The project gives us solid exposure to a metal with strong industrial demand and long-term growth potential,” Nel said.
