$2.3b Queensland copper project approved

Harmony Gold has approved a final investment decision for its Eva copper project in North West Queensland, with the project anticipated to add $17b to the state’s economy.

The Eva project — expected to produce about 60,0000tpa of copper concentrate and 19,000oz of gold over its estimated 15-year mine life — will be a major driver of economic growth for the region after the closure of Glencore’s Mount Isa copper mine.

Queensland Treasurer David Janetzki says the approval is a show of confidence in the state’s critical minerals sector.

“Harmony’s commitment to invest in the Eva copper mine is not only a win for the North West Queensland community, but the state’s wider economy,” he said.

The South African-based miner acquired the site in 2022 from Canadian Copper Mountain Mining Corporation for more than $300m.

The Queensland Government declared the Eva copper mine a prescribed project in March 2024 before awarding it $20.7m in funding under the Mount Isa mining acceleration project.

Earlier this year, Harmony also acquired MAC Copper to take ownership of its high-grade CSA copper mine in NSW for about $1.5b [US$1.01].

Harmony has a 100,000tpa copper production target that will be underpinned by output from Eva combined with that from CSA.

Harmony chief executive Beyers Nel says the company has received strong support from the Queensland Government over the last three years.

“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,” he said.

Construction at Eva is expected to commence in early 2027 and first production, pending approvals, is estimated by late 2028.