Harmony Gold Mining completes R18.4 billion acquisition of MAC Copper

HARMONY Gold Mining Company, which has ended its 2025 year to June 30, with R11.1 billion in cash, said Friday it has completed the R18.4bn acquisition of MAC Copper, securing full ownership of the CSA mine and unlocking immediate copper production.

- EDWARD WEST

HARMONY'S Doornkop gold mine some 40km west of Johannesburg. The group said Friday its acquisition of the CSE copper mine in Australia was now complete, and the mine was now being integrated into the group's mine asset portfolio.

(TIMOTHY BERNARD Independent Newspapers)

MAC Copper owns the high-grade CSA copper mine in New South Wales, Australia. Harmony is South Africa's largest gold producer and its chairman Patrice Motsepe said in the integrated report released Friday, that they expect copper will contribute around 40% of group production by the 2035 financial year, ensuring structural resilience through commodity cress and aligning Harmony with global decarbonisation trends.

The MAC Copper transaction, first announced on May 25, 2025, was implemented Friday via a Jersey law Scheme of Arrangement. Harmony acquired 100% of MAC's securities at $12.25 per share, implying a total equity value of $1.01bn (about R18.4bn).

The transaction was funded using cash reserves and a $1.25bn bridge facility. MAC Copper had acquired CSA Mine in 2023 from Glencore for $1.1bn.