South Africa's largest gold miner has broken into the Australian copper industry for the first time, citing opportunities to leverage the global movement towards green energy.
Harmony Gold recently acquired the Eva Copper Project from the Canadian Copper Mountain Mining Corporation for $266 million (US$170 million) plus a contingent payment of up to $94 million (US$60 million).
The transaction is subject to conditions, including Foreign Investment Review Board approval, and is expected to be completed early next year.
Executives at Harmony Gold said now was the perfect time for the mining magnate to set up shop in Queensland's famed North West Minerals Province — known globally for its rich copper, zinc, silver, and vanadium deposits.
A statement from the company said it was also enticed by "stable regulatory regimes" for mining projects in the state.
"With the global interest in electric vehicles — copper is a green metal, it is a future-facing metal and plays well into our existing projects," the head of investor relations at Harmony Gold, Jared Coetzer, said.
"Diversifying into copper enables Harmony to participate in the global transition to a low-carbon economy," Mr Coetzer said.
"I'm very excited about it and I think, given the prospecting and the region as a whole, there's a wonderful future and long, long life of mine ahead of us."
Situated 75 kilometres north of Cloncurry in north-west Queensland, the Eva Copper Project is expected to have a mine life of at least 15 years.
Construction would begin in 2025 and take approximately two years.
Cloncurry Shire Mayor Greg Campbell said he hoped to see investment in the local community continue.
"It's a real sign of confidence for our area," he said.
"The previous owners, Copper Mountain, have been a company that's had some really good ideas and supported what the council believes mining companies should do for a community.
"So it's up to us and the broader community to make sure that they're fully aware of what our expectations are."
