{"id":836488,"date":"2025-09-01T10:49:31","date_gmt":"2025-09-01T08:49:31","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=836488"},"modified":"2025-09-01T10:49:36","modified_gmt":"2025-09-01T08:49:36","slug":"south-africas-top-gold-miner-buying-australian-company-for-r19-billion","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/836488\/south-africas-top-gold-miner-buying-australian-company-for-r19-billion\/","title":{"rendered":"South Africa&#8217;s top gold miner buying Australian company for R19 billion"},"content":{"rendered":"\n<p>Harmony Gold has completed another crucial step in acquiring MAC Copper after receiving the go-ahead from the Australian-based company&#8217;s shareholders. <\/p>\n\n\n\n<p>Harmony Gold has been in the process of acquiring MAC Copper in a deal worth $1.08 billion (R19 billion) since May. <\/p>\n\n\n\n<p>Harmony Gold said that MAC Copper has received a majority of votes from its shareholders in favour of the proposed sale.&nbsp;<\/p>\n\n\n\n<p>MAC Copper owns the high-grade CSA mine in Cobar, New South Wales, Australia.<\/p>\n\n\n\n<p>The shareholder vote adds to the approvals from the South African Reserve Bank and the Australian Foreign Investment Review Board.&nbsp;<\/p>\n\n\n\n<p>\u201cThis acquisition accelerates Harmony&#8217;s strategy of adding to our portfolio of high-margin, long-life ore bodies,\u201d said Harmony CEO Beyers Nel.<\/p>\n\n\n\n<p>\u201cMAC Copper serves as a strategic lever, moving us towards a more resilient, geographically diverse asset portfolio, with copper enhancing cash flow resilience.\u201d&nbsp;<\/p>\n\n\n\n<p>The group said that the rationale for acquiring MAC Copper includes receiving an immediately cash flow positive business.&nbsp;<\/p>\n\n\n\n<p>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\u2019s portfolio.&nbsp;<\/p>\n\n\n\n<p>The transaction is being funded by a mix of cash, debt facilities and debt instruments.<\/p>\n\n\n\n<p>Harmony has benefitted from a sky-high gold price in recent months, but notes that copper provides a natural hedge against gold price volatility.&nbsp;<\/p>\n\n\n\n<p>The sale remains subject to the satisfaction of the remaining conditions outlined in the Scheme Circular, including:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fulfilment or waiver of certain specified conditions precedent to the Streams Restructure Deed;<\/li>\n\n\n\n<li>Sanctioning of the Scheme by the Court at the Court Sanction Hearing, scheduled from 9 October 2025; and<\/li>\n\n\n\n<li>Satisfaction of other customary conditions detailed in the Scheme Circular.<\/li>\n<\/ul>\n\n\n\n<p>After finalising the remaining conditions, Harmony expects to take complete control of MAC Copper&#8217;s asset towards the end of October 2025.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Harmony Gold is making progress in its takeover of MAC Cooper, with the deal expected to be completed next month. <\/p>\n","protected":false},"author":95,"featured_media":836489,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[21850,23402],"class_list":["post-836488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-harmony-gold","tag-mac-cooper"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836488","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=836488"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836488\/revisions"}],"predecessor-version":[{"id":836504,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836488\/revisions\/836504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/836489"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=836488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=836488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=836488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}