Copper Mountain to Sell Australian Project to Harmony
The acquisition of Eva Copper will add at least 1.7 billion lb of copper and 260,000 oz of gold to Harmony’s mineral reserves. “Acquiring the Eva copper project is strategically important to our growth journey,” Harmony CEO Peter Steenkamp said. “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 has mineral reserves of 171 million mt grading 0.46% copper and 0.05 g/mt gold for 1.718 billion lb of copper and 260,000 oz of contained gold. It has an inferred resource of 307 million mt at 0.42% copper, 0.04 g/mt gold, for 2.85 billion lb contained copper and 381,000 oz gold. A May 2020 feasibility study, which was updated in December 2021, envisioning a conventional open pit with a conventional crush, grind, and flotation circuit, projected annual production of 100 million lb of copper and 14,000 oz of gold over an expected mine life of 15 years. Development capex was estimated at $597 million.
The closing of the transaction is subject to certain customary conditions, including approval from Australia’s Foreign Investment Review Board and Copper Mountain bondholder approval.