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

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 cycles 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.

"The completion of this acquisition marks a significant milestone in our strategy to grow into a global gold and copper producer. CSA is a high-grade, long-life copper asset located in a Tier-1 jurisdiction. This asset will meaningfully enhance our business and support our long-term growth," said Harmony CEO Beyers Nel in a statement.