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Harmony Gold hit pause on land clearing at its Eva Copper project this week after discovering a protected species in the area.The project, located in Northwest Queensland in Australia, has been in the company’s portfolio for more than three years and is central to its growth strategy of diversifying into copper.Harmony CEO Beyers Nel said the protected species was identified within the project area, and that “clearing activities were paused while we engaged with regulators, environmental specialists, government stakeholders and other interested parties to determine the appropriate way forward.”“Our focus is on balancing environmental responsibilities with continued project advancement. This has enabled us to reprioritise certain activities and maintain momentum while the required assessments and engagements continue,” he said.Nel reiterated Eva’s central role in Harmony’s growth plans, which aim to integrate copper into its production profile as a hedge against a downturn in gold prices.With gold prices slumping in the wake of the Iran war, the benefits of diversification have been particularly stark in recent months. Inflation concerns have seen gold post its sharpest quarterly decline in 13 years over the past three months.Last year Harmony acquired the CSA copper mine, another large Australian mine, opening the door to a combined 100,000 tonnes of copper a year once Eva is fully commissioned.Eva itself has taken three years to reach the final feasibility study phase. The project is expected to cost at least $1.55bn to develop over the next three years.In a statement on Tuesday, Harmony affirmed annual gold production guidance for the year to end-June, with output forecast at 1.4-1.5-million ounces.The CSA mine, which was officially integrated into its portfolio late last year, is expected to deliver towards the upper end of guidance, producing 17,500-18,500 tonnes of copper.Overall costs are expected to be within guidance, with capital expenditure coming in slightly below plan, it said.Business Day
