Patrice Motsepe-backed Harmony Gold expands into copper with $1.75 billion Australian mine.

Harmony Gold has approved an investment of between $1.55 billion and $1.75 billion to develop its Eva Copper project in Northwest Queensland, Australia, marking one of the largest offshore moves by a South African miner as the sector shifts towards metals critical for global energy transitions.

The investment, announced Monday, follows an updated feasibility study and will be rolled out over three years, funded through internal cash flow and capital-efficient debt instruments.

First production is targeted for the second half of 2028, aligning with a projected global copper supply shortfall that could support higher prices.

As global powers like the U.S. and China increasingly target rare earths and copper to secure supply chains for artificial intelligence, electric vehicles, and renewable energy, African mining companies are betting on copper to secure a foothold in global production and distribution networks.

For Harmony Gold, the metal is central to its diversification strategy as gold mining in South Africa becomes increasingly costly and geologically complex.

The company acquired the Eva Copper project in Queensland in 2022. The mine is expected to produce 65,000 metric tons of copper concentrate annually during its first five years, with life-of-mine output averaging 60,000 tons of copper and 19,000 ounces of gold over an estimated 15-year span.

The miner’s shareholder base includes major institutional investors such as BlackRock and Vanguard Group, alongside South African billionaire Patrice Motsepe, whose company African Rainbow Minerals holds a significant strategic stake. Their backing supports Harmony’s offshore expansion and copper-focused strategy.

Chief Executive Beyers Nel said Harmony’s recent MAC Copper acquisition, combined with Eva Copper, is expected to deliver roughly 100,000 tons of copper annually when both projects are fully operational.

Source: Africabusinessinsider