Harmony Gold Mining has announced the completion of feasibility studies and the approval of a final investment decision for its Eva copper project in northwest Queensland.

Located in Conclurry, near Mount Isa, the 100 per cent-owned project is expected to produce around 65,000 tonnes of copper concentrate per year for the first five years of operation.

The project has an expected production average of 60,000 tonnes and 19,000 ounces of gold thereafter.

This will be achieved, Harmony said, through the processing of 18 million tonnes of ore per year for the 15-year mine life currently estimated with all-in-sustaining cost (ASIC) deemed “attractive” at $US2.50 per pound.

Project capital for the site is said to sit at an estimated $2.3 billion–$2.6 billion, according to reports, with around $40,000 made per tonne of copper produced, reinforcing the project’s “capital efficiency”.

“The Eva Copper Feasibility Study delivers a strong, high-confidence outcome that positions Harmony for the next phase of growth as we continue building a high-quality, low-cost portfolio,” Harmony chief executive officer Beyers Nel said.

“Over the past three years, we have received strong support from the Queensland Government and key stakeholders as we systematically de-risked this project, driving resource and reserve expansion at exceptionally low discovery costs and unlocking further upside potential.”

The project’s two million tonne copper resource is said to provide a strong foundation for continued resource growth and value enhancement with the potential to extend the already-established life-of-mine beyond 15 years.

With financial approval now in place, construction is expected to take up to 30 months to complete with first production earmarked for the second half of 2028.

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