South Africa’s largest gold miner officially takes over international company
Harmony Gold has finalised the acquisition of MAC Copper, the owner of the CSA copper mine in New South Wales, Australia.
The transaction, which was announced in May 2025, was implemented today, 24 October 2025.
Harmony Gold has acquired 100% of MAC’s securities for $12.25, implying an equity value of $1.01 billion (roughly R18.4 billion).
This transaction has been fully funded by using cash reserves together with a US$1.25 billion bridge facility. While MAC Copper owns a mine in Australia, its HQ is based in Jersey.
“Harmony(has)more than two decades of experience in Australia and Papua New Guinea,” said CEO Beyers Nel.
“The completion of this acquisition marks a significant milestone in our strategy to grow into a global gold and copper producer, reinforcing our commitment to sustainable value creation.”
“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.”
The integration of the CSA mine into the Harmony portfolio is now starting.
Within the next three months, Harmony will be embedding the mine into the broader group, aligning its operations with planning and performance frameworks.
The process aims to enhance operational efficiency and position CSA to contribute meaningfully to the long-term value creation of Harmony.
A detailed update on operational performance and key development milestones will be provided in the group’s half-year results next year.
The development milestones include a ventilation project, an upper Merrin mine development and exploration activities.
The group will also update its production guidance to incorporate the CSA mine figures.
Harmony’s planning parameters for the 2027 financial year will also be embedded into the CSA mine to develop its FY26 life-of-mine plan.
Harmony’s diversification comes amid a massive surge in the gold price amid heightened global uncertainty and question marks over the US dollar’s future.
Harmony is also joining a long list of mining companies pushing aggressively into copper.
Many miners are looking to benefit from greater electrification worldwide, hence the push into copper mining.
For instance, Anglo American has announced a merger with Canada-based Teck Resources, a major copper producer.
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