Harmony to Acquire MAC Copper for $1.03B, Expanding Australian High-Grade Copper Portfolio

Published: May 27, 2025 17:42

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[Harmony to Acquire MAC Copper for $1.03 Billion, Expands High-Grade Copper Portfolio in Australia]

On May 27, JSE-listed Harmony Gold Mining announced that its Australian subsidiary will acquire 100% of MAC Copper in a deal valued at approximately $1.03 billion, or $12.15 per share. MAC, registered in Jersey and listed on the NYSE, holds full ownership of the CSA copper mine in the Cobar region of New South Wales, Australia.

The CSA mine produced 41,000 tonnes of copper in concentrate in 2023 and is one of the highest-grade underground copper mines in Australia. It has a current mine life of 12 years, a C1 cash cost of $1.93/lb, and an all-in sustaining cost of $2.92/lb, delivering a 36% operating free cash flow margin. MAC is also advancing the nearby Merrin copper-zinc project, targeting first ore production by year-end.

Harmony CEO Beyers Nel said the acquisition adds a high-quality, established underground copper asset to the group’s portfolio, enhancing free cash flow and margins in line with Harmony’s long-term capital allocation strategy.

The transaction will be implemented via a scheme of arrangement under Jersey law and requires approval by MAC shareholders (at least 75% of voting rights) and regulatory clearance in South Africa and Australia. The MAC board and key shareholders, including Osisko, Sprott, and the Victor Smorgon Group, have expressed support for the deal.

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