Midrand: AfricUpdate – News Desk
Harmony Gold has completed the final step of the regulatory process in acquiring Australian-focused company MAC Copper. Since May, Harmony Gold has been trying to acquire MAC Copper in a deal worth $1.08 billion (about R19 billion). MAC Copper owns the high-grade CSA Copper Mine in New South Wales.
Harmony Gold said that the rationale for acquiring MAC Copper is that it will receive an immediately cash flow positive business. The mine also has a quality orebody, and its position on the industry cost curve will further enhance margins. It will add roughly 40,000 tons per annum of copper to the group’s portfolio.
A mix of cash, debt facilities and debt instruments funds the transaction. Harmony has benefited from a sky-high gold price in recent months amid increased global uncertainty, but noted that copper provides a natural hedge against gold price volatility. Several major mining companies are increasingly turning to copper, with increased electrification across the world expected to increase demand.
In its latest update, Harmony said that the Royal Court of Jersey, which is where MAC Copper is headquartered, has made orders sanctioning the proposed acquisition. Following lodgement by MAC of a copy of the Court’s order with the Jersey Registrar of Companies, the offer is now legally effective. Implementation is expected to occur on Friday, 24 October 2025. At this point, Harmony will assume ownership and control of the CSA Copper Mine.
