Until now, the company’s only exposure to copper was through its stake in the Wafi-Golpu joint venture with Newcrest in Papua New Guinea, where the partners have been waiting for a special mining lease (SML) from the government for more than three years.
The acquisition also opens up a new revenue stream for Harmony as prices and demand for copper remain strong based on an expected supply deficit of the metal in the medium- to long-term.
The Eva open pit copper mine is expected to yield 100 million pounds of copper a year and 14,000 ounces of gold annually over an expected mine life of 15 years.
Getting the project off the ground, according to Copper Mountain, will require a $597 million investment, which Harmony plans to fund with existing cash and available debt facilities.
“Acquiring Eva Copper is strategically important to our growth journey. It opens a new copper/gold frontier for Harmony within a highly attractive…
