KEY POINTS
- Harmony Gold wins shareholder approval for MAC Copper deal.
- The $1.03 billion takeover boosts copper portfolio.
- Strong gold prices lifted revenue and profit.
Harmony Gold Mining Co., South Africa’s largest gold producer backed by billionaire Patrice Motsepe, has cleared another hurdle in its $1.03 billion acquisition of Australia’s MAC Copper.
MAC Copper said a majority of shareholders voted in favor of the takeover by Harmony Gold (Australia) Pty Ltd, a wholly owned unit of the Johannesburg-based miner. The deal will proceed under a Jersey law scheme of arrangement, allowing Harmony to acquire all of MAC’s issued share capital. Shareholders also approved amendments to MAC’s Articles of Association, according to a circular dated July 31.
Harmony Gold eyes copper expansion
For Harmony, founded in 1950, the acquisition fits into a broader push to expand its Australian presence. The miner already operates in South Africa, Papua New Guinea, and Australia, and MAC’s assets will complement its Eva Copper Project, which targets annual output of up to 60,000 tonnes.
Motsepe, who owns 11.8 percent of Harmony through African Rainbow Minerals, has long shaped the company’s growth strategy. He backed its 2003 merger with Avmin and also continues to be an influential supporter as Harmony diversifies beyond gold.
Shareholder approval strengthens deal momentum
While the acquisition still requires regulatory approvals and other closing conditions, Harmony said restructuring documents have been prepared and necessary consents are being secured. Executives point to a strong balance sheet as the company enters this next stage.
Gold rally further lifts Harmony’s earnings
Billionaires Africa reported that financially, Harmony’s latest results reflect tailwinds from higher bullion prices. Revenue also rose to R73.9 billion ($4.07 billion) from R61.4 billion, with average gold prices up 27 percent to R1.53 million per kilogram ($2,620 an ounce). Net profit surged 67 percent to R14.55 billion ($824 million).
Assets climbed 28 percent to R77.5 billion ($4.36 billion), while retained earnings jumped to R14.58 billion ($826 million) in the first half of 2025, compared with R2.24 billion ($127 million) a year earlier.
