A significant outback copper mine has been given the green light in North West Queensland, forecast to inject more then $17 billion into the state’s economy.
A positive final investment decision has been reached for the open-pit Eva Copper Project, 75 kilometres north east of Cloncurry.
It was acquired by South Africa’s largest gold mining company, Harmony Gold, in 2022.
The project would cost A$2.4 billion over a three-year construction period, beginning in late 2026 and expected to be completed by 2028.
About 1,000 jobs are set to be created during the construction, and 450 full-time roles sustained during operations.
It is projected to produce about 60,000 tonnes of copper per year during its 15-year life, with first production targeted for the second half of 2028.
Treasurer David Janetzki said the announcement showed confidence in Queensland’s critical minerals sector.
“Harmony’s commitment to invest in the Eva copper mine is not only a win for the North West Queensland community, but the state’s wider economy,” Mr Janetzki said.
The Eva Copper Project is located near Cloncurry in Queensland’s north west. (Supplied: Copper Mountain Mining Corporation)
Harmony acquired the project from Canadian Copper Mountain Mining Corporation in 2022 for more than $300 million.
The project was allocated $20.7 million in funding from the state government’s Mount Isa Mining Acceleration Program last year, aiming to boost the region’s industry after the closure of the historic Mount Isa Copper Mine.
Back in May this year, Harmony Gold chief development officer Johannes Van Heerden said the timeline could not be confirmed until the company knew whether the region would have a long-term power supply through the multi-billion-dollar CopperString project in North Queensland.
“Investment needs certainty,” Mr Van Heerden said.
“For our board to make an investment decision, they need certainty in terms of some of these outcomes.”
Mr Johannes said if the CopperString project did not go ahead as planned, the mine would have to be delayed while alternative energy solutions were considered.