Key Points
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Harmony completes $1.01 billion copper acquisition in Australia.
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Expansion boosts its position in global mining markets.
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Motsepe-backed growth strengthens Africa’s mining presence.
Harmony Gold, South Africa’s biggest gold producer, has finalized its $1.01 billion purchase of MAC Copper Limited in Australia.
The deal marks a bold move into the copper market and strengthens the company’s global presence in mining.
Expanding Into New Territory
The purchase, completed through Harmony Gold (Australia), gives the Johannesburg-based miner full control of MAC Copper. The company owns the high-grade CSA Copper Mine in New South Wales.
The deal was sealed through a Jersey law Scheme of Arrangement after months of talks.
Harmony paid $12.25 per MAC share, valuing the transaction at about R18.4 billion. It funded the acquisition with internal cash and a $1.25 billion bridge facility.
By securing the CSA mine, Harmony enters one of the richest copper-producing regions in the world.
The company sees copper as vital to renewable energy, electric vehicles, and sustainable industries.
Building A Stronger Future
Chief Executive Officer Beyers Nel said the purchase supports Harmony’s strategy to grow beyond gold.
“CSA is a long-life, high-quality asset that strengthens our portfolio,” Nel said. “It will deliver sustainable growth for our people and investors.”
Harmony, now in its 75th year, has evolved from a single South African mine into a multinational player with assets across Africa and the Asia-Pacific.
The acquisition adds to its Australian portfolio, alongside the Eva Copper Project, which targets 60,000 tonnes of copper production a year.
Global copper demand is expected to rise sharply from 2026. Harmony plans to include CSA’s production in its fiscal 2026 forecast, with a detailed life-of-mine plan due in August 2026.
Patrice Motsepe’s Role In The Expansion
Patrice Motsepe, through African Rainbow Minerals, owns 11.8 percent of Harmony Gold. His long-standing investment has helped the company grow into one of Africa’s strongest mining firms.
Motsepe’s support began with Harmony’s 2003 merger with Avmin. Since then, he has been part of the company’s transformation into a globally recognized mining group.
The MAC Copper deal continues that growth and positions Harmony to benefit from rising copper prices.
For Harmony and Motsepe, this acquisition is more than a business move. It reflects a vision to build African-owned companies that can compete globally while creating value at home.
