South African mining giant Harmony Gold is looking to acquire Australia-based MAC Copper for over R18 billion.<\/p>\n\n\n\n
MAC Copper has only one asset in the CSA Copper Mine, roughly 700 km from Sydney, New South Wales. <\/p>\n\n\n\n
\u201cThe acquisition of the CSA Copper Mine in Australia is significant as it introduces a high-quality, established underground producing copper asset to the Harmony portfolio,\u201d said CEO Beyers Nel. <\/p>\n\n\n\n
\u201cCSA is one of the highest-grade copper mines in Australia, producing ~41kt of copper in calendar year 2024.\u201d <\/p>\n\n\n\n
Nel added that the operation is a logical fit with the portfolio, given it meets Harmony\u2019s core investment criteria, such as increasing free cash flow generation while improving margins at long-term expected commodity prices. <\/p>\n\n\n\n
Harmony added that it is well-positioned to leverage its expertise in underground mining to further enhance operations. <\/p>\n\n\n\n
It added that the move represents a significant step towards Harmony\u2019s transformation into a derisked global gold and copper producer. <\/p>\n\n\n\n
Harmony has already operated in Australia after purchasing the Eva Copper Project in Queensland, Australia, in 2022. <\/p>\n\n\n\n
The group added that CSA is one of the highest-grade copper mines in Australia, producing over 40ktpa of copper in concentrate.<\/p>\n\n\n\n
It added that CSA has a current reserve life of +12 years and has maintained a stable resource base over the last decade. <\/p>\n\n\n\n
The offer price of US$12.25 per MAC share in cash implies a fully diluted equity value for MAC of US$1.03 billion, roughly R18.4 billion. <\/p>\n\n\n\n
The officer price represents a 20.7% premium to MAC\u2019s last closing price of US$10.15 per share on the NYSE. <\/p>\n\n\n\n
It also offers a 32.1% premium to the 30-day volume-weighted average price of US$9.28 per share as of Friday, 23 May 2025.<\/p>\n\n\n\n
The MAC board has unanimously recommended that MAC shareholders vote in favour of the takeover. <\/p>\n\n\n\n
Subject to several conditions, Harmony said that the transactions should be completed in the December Quarter of 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"
Harmony Gold has made an offer to buy MAC Copper as per its diversification strategy. <\/p>\n","protected":false},"author":95,"featured_media":825786,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[21850,22661],"class_list":["post-825762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-harmony-gold","tag-mac-copper"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/825762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=825762"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/825762\/revisions"}],"predecessor-version":[{"id":835425,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/825762\/revisions\/835425"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/825786"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=825762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=825762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=825762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}