South Africa’s top gold miner buying Australian company for R19 billion
Harmony Gold has completed another crucial step in acquiring MAC Copper after receiving the go-ahead from the Australian-based company’s shareholders.
Harmony Gold has been in the process of acquiring MAC Copper in a deal worth $1.08 billion (R19 billion) since May.
Harmony Gold said that MAC Copper has received a majority of votes from its shareholders in favour of the proposed sale.
MAC Copper owns the high-grade CSA mine in Cobar, New South Wales, Australia.
The shareholder vote adds to the approvals from the South African Reserve Bank and the Australian Foreign Investment Review Board.
“This acquisition accelerates Harmony’s strategy of adding to our portfolio of high-margin, long-life ore bodies,” said Harmony CEO Beyers Nel.
“MAC Copper serves as a strategic lever, moving us towards a more resilient, geographically diverse asset portfolio, with copper enhancing cash flow resilience.”
The group said that the rationale for acquiring MAC Copper includes receiving 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 about 40,000 tons per annum of copper to the group’s portfolio.
The transaction is being funded by a mix of cash, debt facilities and debt instruments.
Harmony has benefitted from a sky-high gold price in recent months, but notes that copper provides a natural hedge against gold price volatility.
The sale remains subject to the satisfaction of the remaining conditions outlined in the Scheme Circular, including:
- Fulfilment or waiver of certain specified conditions precedent to the Streams Restructure Deed;
- Sanctioning of the Scheme by the Court at the Court Sanction Hearing, scheduled from 9 October 2025; and
- Satisfaction of other customary conditions detailed in the Scheme Circular.
After finalising the remaining conditions, Harmony expects to take complete control of MAC Copper’s asset towards the end of October 2025.
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