Midrand: AfricUpdate – News Desk
Harmony Gold has received regulatory approval to acquire Australia-focused MAC Copper. In March, Harmony Gold announced that it was looking to acquire MAC Copper for US$1.3 billion (about R18 billion) via its Australian subsidiary. The Jersey-headquartered MAC Copper has only one asset in the CSA Copper Mine, roughly 700 km from Sydney, New South Wales. It produced 41kt of copper in the 2024 calendar year.
The move comes as Harmony Gold, which has been buoyed by a sky-high gold price, looks to diversify its portfolio. The CSA Copper Mine is considered a high-quality, established underground copper-producing asset. It noted that CSA Copper Mine is a logical fit for its portfolio, given that it meets the group’s core investment criteria, such as improving margins.
Harmony noted that it is well-positioned to leverage its expertise in underground mining to enhance operations further. The group has now received written notice from the Australian Federal Treasurer that the Commonwealth Government does not object to the proposed acquisition. This is further to the South African Reserve Bank (SARB) approval obtained earlier this month, and all regulatory conditions have been met.
“The CSA mine aligns with our clear gold-copper growth strategy and strengthens our portfolio,” said Beyers Nel, CEO of Harmony. “This transaction accelerates Harmony’s transformation into a global gold and copper producer and offers compelling value for shareholders and Stakeholders.” However, the Scheme remains subject to the satisfaction of the remaining conditions outlined in the Scheme Circular.
It is still conditional upon approval of the Scheme and the General Meeting Resolution by the requisite majorities of Scheme Shareholders and MAC Copper shareholders at the Meetings on 29 August 2025. The group also has to see to the fulfilment or waiver of certain specified conditions precedent to the Streams Restructure Deed, and the sanctioning of the scheme by the court at the Court Sanction Hearing. Other customary conditions detailed in the Scheme Circular also still apply.
