Harmony Gold completes $1bn acquisition of MAC Copper

Harmony Gold said on 27 May 2025 that it would buy MAC Copper, a New York- and ASX-listed company that owns the CSA underground copper mine near Cobar in New South Wales, for about $1.03bn. The price was $12.25 a share, paid in cash through a scheme of arrangement. News outlets put the rand value at about R18bn.

Funding and completion

Harmony paid for the deal with cash on hand and a $1.25bn bridge facility rather than issuing shares. After clearing the final regulatory step in August 2025, it completed the acquisition on 24 October 2025. The final consideration came to about $1.01bn, slightly below the price quoted at announcement.

Strategic logic

CSA produces about 41,000 tonnes of copper a year, has a reserve life of around 12 years and generated cash from the day Harmony took it over. Its resource has held steady for a decade, and the upper part of the orebody, known as Merrin, offers room for extension. Harmony also owns the Eva Copper project in Queensland. Together, the two assets are meant to lift its output to up to 100,000 tonnes of copper a year within about five years.

Chief executive Beyers Nel has described the goal as turning Harmony into a global gold and copper producer. The company expects about 45% of production to come from Australasia by the 2035 financial year, a significant shift for a group whose earnings still rely mainly on deep-level gold mines in South Africa.

Why it matters

Harmony's move is part of a wider pattern among South African miners buying growth abroad as their home operations age and costs rise. Record gold prices have given it the cash to diversify into copper, a metal expected to benefit from electrification.

Sources

• Moneyweb: Harmony expands in Australia with $1bn MAC copper deal, 27 May 2025
• Miningmx: Harmony Gold seals $1.01bn MAC Copper acquisition, 24 Oct 2025
• Miningmx: All systems go for Harmony at MAC Copper, 19 Aug 2025
• Times LIVE: Harmony's R18bn copper deal a 'sweet spot' for the company, 30 May 2025

Photo: Historic photograph of the CSA mine near Cobar, New South Wales, around 1908. Unknown authorUnknown author, Wikimedia Commons, Public domain.