Harmony transforms by adding copper production in a tier 1 mining jurisdiction

Johannesburg – In line with its strategic objective of transitioning  into a low-cost gold and copper mining company, Harmony Gold Mining Company announces that it has entered into an agreement to acquire the entity which owns 100% of the Eva copper project (“Eva Copper”) and a package of regional exploration  tenements from Copper Mountain  Mining   Corporation  (“Copper Mountain”) for an upfront cash consideration of US$170 million (approximately R3 billion) plus a contingent payment of up to a maximum of US$60 million(approximately R1.1 billion).

Eva Copper and the acquired tenements comprise 2 295 square kilometres of tenure  within  the world-class North West Minerals Province in Queensland, Australia. The acquisition of Eva Copper will add 1.718 billion pounds of copper and 260 000 ounces of gold to Harmony’s Mineral Reserves and extend the Company’s diversification into copper, a future-facing metal critical to the energy transition.

Peter Steenkamp, Chief Executive Officer of Harmony, said: “Acquiring Eva Copper is strategically important to our growth journey. It opens a new copper-gold frontier for Harmony within a highly attractive Australian mining area, supplementing our 50% interest in the Tier 1 copper-gold Wafi-Golpu project. Eva Copper lowers our risk profile, providing additional scale and meaningful diversification that positions Harmony for the future.”