Table of Contents
Key Points
- Harmony cleared regulatory approvals for its $1.03 billion acquisition of MAC Copper, owner of the CSA mine in New South Wales.
- The CSA mine produced 41,000 tonnes of copper in 2024 and underpins Harmony’s diversification beyond gold into copper.
- Shareholder and court approvals remain before completion, with progress on restructuring documents and outstanding consents well underway.
Harmony Gold, South Africa’s largest gold producer, backed by Patrice Motsepe, Africa’s first Black billionaire, has cleared the final regulatory hurdle in its planned $1.03 billion acquisition of MAC Copper Limited, owner of the high-grade CSA Copper Mine in New South Wales, Australia.
The Johannesburg-based miner said its wholly owned Australian subsidiary, Harmony Gold, received approval under the Foreign Acquisitions and Takeovers Act from the Australian Federal Treasurer, following earlier consent from the South African Reserve Bank. With all regulatory conditions now satisfied, the deal moves closer to completion.
CSA mine to anchor copper-gold expansion
The CSA Copper Mine, which delivered about 41,000 tonnes of copper in 2024, will serve as a cornerstone in Harmony’s push to diversify beyond gold.
The transaction, which was announced on May 27, 2025, was priced at $12.25 per MAC share, valuing MAC at R18.4 billion ($1.03 billion). It is expected to accelerate Harmony’s transformation into a global gold and copper producer, positioning the company to capture rising demand for metals critical to the energy transition.
“This approval marks a key milestone in our acquisition of MAC Copper,” said CEO Beyers Nel. “The CSA mine strengthens our portfolio and offers compelling value for shareholders and stakeholders.”
The deal is still subject to shareholder approval at the Jersey-registered company, MAC Copper’s meetings scheduled for Aug. 29, 2025, sanctioning by the Jersey court, and fulfillment of other customary closing conditions. Harmony said the execution of restructuring documents and progress on outstanding consents are well advanced.
Motsepe’s role in Harmony’s expansion
Founded in 1950, Harmony Gold operates mines in South Africa, Papua New Guinea, and Australia. The acquisition of MAC Copper adds to its Australian presence, complementing the Eva Copper Project, which targets annual production of up to 60,000 tonnes of copper.
Motsepe, through his African Rainbow Minerals investment vehicle, holds an 11.8 percent stake in Harmony. His support has been pivotal since the company’s merger with Avmin in 2003, and the MAC Copper acquisition marks another milestone in expanding Harmony’s international footprint across South Africa, Papua New Guinea, and Australia.
The deal remains conditional on MAC Copper shareholder approval at meetings on Aug. 29, 2025, sanctioning by a Jersey court, and satisfaction of customary closing conditions. Harmony said the execution of restructuring documents and progress on outstanding consents are well advanced.
