Harmony Gold, South Africas largest gold miner backed by billionaire Patrice Motsepe, has approved an investment of between 1.55 billion and 1.75 billion to develop its Eva Copper project in northwest Queensland. This marks a key step in the groups effort to broaden its portfolio as operating costs rise and ore bodies mature in South Africas gold sector.
Harmony moves forward with Eva mine
For years, Harmony has spoken openly about the pressure facing its deep, aging mines at home. Management has also pointed to coppers growing role in electric vehicles, renewable power systems, and grid expansion. That shift in global demand helped shape Harmonys decision to buy the Eva project in 2022. The new investment follows an updated feasibility study that gave the board enough confidence to move ahead.