HARMONY Gold said on Tuesday it welcomes a A$20.7m grant from the Australian government for its proposed Eva Copper Mine Project.
The grant, provided by the Queensland government in terms of the Mount Isa Mining Acceleration Programme, is aimed at accelerating resource development in the country’s North West Minerals Province in the next five years.
Eva Copper Mine Project 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, depending the outcome of Harmony’s optimised feasibility study.
Harmony paid $170m in cash up front for Eva Copper. According to a study by the project’s previous owner Copper Mountain, Eva Copper would require pre-production development capital of about $597m.
In March, Eva Copper was declared a prescribed project, a development that boosts its chances of receiving permitting approvals. The project will generate up to 800 jobs during construction and 450 jobs when operating, said Harmony at the time.
“We reaffirm our commitment to developing the Eva Copper Mine Project in a way that is sustainable and maximises local economic benefits and jobs,” said Peter Steenkamp, CEO of Harmony Gold in a statement today.
The grant is earmarked for preparatory works at the project site which is located 75 kilometres north of Cloncurry and 95km north-east of Mount Isa, on the traditional lands of the Kalkadoon People, said Harmony Gold.
