Harmony: Interim update on Eva Copper Project
The Eva Copper Project (the Project), located in the tier 1 mining jurisdiction of north-west Queensland, Australia, was acquired by Harmony in December 2022. It brings the potential for near-term, low-cost copper production into the Harmony production profile, providing the Company with counter-cyclical diversification in what has historically been a pure gold portfolio.
Since acquisition, Harmony has been conducting a robust, risk-based and rigorous feasibility study assessment of Eva Copper. Its focus has been on increasing confidence in the resource and completing further technical and economic trade-off analysis to identify, inform and confirm the preferred option for project development. These studies underpin achieving a high-quality, and sustainable mining operation.
An extensive resource drilling programme was initiated in March 2023 and is ongoing, with over 70 000 metres drilled to date. The drilling has:
- added to the Project’s resource base and increased confidence in, and understanding of the project area’s geology, geohydrology, metallurgy and geotechnical composition
- demonstrated good prospectivity including potential for life of mine extension
Harmony has significantly increased the copper and gold Mineral Resource since acquisition. Its current declared Mineral Resource for Eva Copper sits at 354Mt @ 0.42% Cu for 1 492Kt of copper and 184Mt @ 0.07g/t Au for 431Koz of gold. This is a significant increase over the previous owners Resource of 307Mt @ 0.42% Cu for 1 289Kt of copper and 148Mt @ 0.08g/t Au for 379Koz of gold.
Life-of-mine all-in-sustaining cost is anticipated to be in the second quartile of the industry cost curve, ensuring Harmony as a group continues to reduce its overall costs.
