Harmony Gold Accelerates Copper Expansion with Major Mine Development

Harmony Gold Mining is rapidly advancing its strategic pivot from a pure-play gold miner to a significant copper producer. The company has awarded key contracts for its flagship Eva Copper project in Australia, marking a decisive step forward following a major acquisition earlier this year.

In a move that solidifies the development timeline for its Eva Copper mine in Queensland, Harmony Gold has entered into a five-year, $462 million agreement with global mining services provider Thiess. The contract, covering extensive earthworks, infrastructure construction, and full mining services, is scheduled to run from June 2026 through 2031, with preliminary site activities already underway since May.

This follows closely on the heels of another substantial contract, a $64 million award to specialist Metso for the supply of critical processing plant equipment. These agreements are a direct implementation of the final investment decision for the Eva Copper project, which received corporate approval in late November.

Originally acquired by Harmony Gold in 2022, the Eva Copper operation is poised to become Queensland's largest new mine and Australia's fourth-largest copper producer. Projections indicate an average annual output of 60,000 tonnes of copper over an estimated mine life of 15 years. Total capital expenditure for the project is forecast between $2.3 billion and $2.6 billion.

Should investors sell immediately? Or is it worth buying Harmony Gold Mining?

Building a Diversified Mining Portfolio

The development of Eva Copper represents a core component of Harmony Gold's long-term strategy to build a more resilient business and enhance margin quality through investment in high-grade copper assets. This initiative gained immediate momentum with the late-October completion of a $1.01 billion acquisition of MAC Copper Limited, which included the high-grade CSA copper mine in New South Wales. That deal added immediate copper production to the company's portfolio.

Collectively, these projects are expected to elevate Harmony Gold's annual copper production to approximately 100,000 tonnes within the next three to five years. The market has responded positively to this clear strategic direction, with the company's share price more than doubling since the start of the year and recently receiving an analyst upgrade.

A solid net cash position of around $1 billion provides the financial flexibility to pursue these ambitious growth plans. Key upcoming milestones include the ongoing integration of the CSA mine and maintaining the scheduled construction progress at the Eva Copper site, where primary works are set to commence in June 2026.