KEY POINTS
- Harmony Gold wins approval for MAC Copper deal.
- CSA mine to anchor copper-gold growth strategy.
- Patrice Motsepe strengthens backing for global expansion.
Harmony Gold Mining Co. has cleared the last major regulatory barrier in its planned $1.03 billion takeover of MAC Copper Ltd., giving fresh momentum to its push into copper.
South Africa’s largest gold producer, backed by billionaire Patrice Motsepe, said its Australian subsidiary secured approval under the Foreign Acquisitions and Takeovers Act from the Australian Federal Treasurer. The decision follows earlier consent from the South African Reserve Bank, meaning all regulatory conditions are now satisfied.
Harmony Gold wins approval for MAC Copper deal
The acquisition, first announced in May, values MAC at R18.4 billion and is priced at $12.25 a share. The centerpiece of the deal is the CSA Copper Mine in New South Wales, which produced about 41,000 tonnes of copper in 2024. Harmony said the mine will be central to its strategy of diversifying beyond gold into metals critical for the energy transition.
CSA mine to anchor copper-gold expansion
“This approval marks a key milestone in our acquisition of MAC Copper,” said Chief Executive Officer Beyers Nel. “The CSA mine strengthens our portfolio and offers compelling value for shareholders and stakeholders.”
The Johannesburg-based miner added that the deal, which still requires shareholder approval at MAC Copper’s meetings on Aug. 29 in Jersey, will position the company as a significant copper-gold producer with global reach.
Patrice Motsepe strengthens backing for global expansion
Harmony, founded in 1950, already runs operations in South Africa, Papua New Guinea, and Australia. The CSA acquisition will complement its Eva Copper Project, targeting output of up to 60,000 tonnes of copper annually.
Motsepe, through African Rainbow Minerals, holds an 11.8 percent stake in Harmony. His influence has been instrumental since Harmony’s merger with Avmin in 2003, and the MAC deal underscores his role in the miner’s evolution from a South African producer into a diversified international group.
The transaction remains subject to shareholder approval, sanctioning by the Jersey court, and customary closing conditions. In a report by Billionaires Africa, Harmony said restructuring documents are advancing and outstanding consents are nearly complete.
