Motsepe-backed Harmony Gold wins shareholder approval for $1.03 billion Australian copper deal

Harmony Gold, South Africa’s biggest gold producer and backed by billionaire Patrice Motsepe, has cleared another hurdle in its $1.03 billion bid for Australia’s MAC Copper. If completed, the deal would bring significant copper assets under its control and extend its business portfolio.

MAC Copper said a majority of its shareholders voted in favor of the takeover by Harmony Gold (Australia) Pty Ltd, a wholly owned subsidiary of the Johannesburg-based miner.

The transaction will proceed under a Jersey law scheme of arrangement, allowing Harmony to acquire all of MAC’s issued share capital. Shareholders also approved related amendments to MAC’s Articles of Association, according to a circular published on July 31, 2025.

Harmony sees strong position for acquisition

For Harmony Gold, founded in 1950, the acquisition is part of a steady effort to deepen its presence in Australia. The company already has operations in South Africa, Papua New Guinea, and Australia, and MAC’s portfolio would complement the Eva Copper Project, which is targeting annual output of up to 60,000 tonnes.

Motsepe, who owns 11.8 percent of Harmony through his African Rainbow Minerals investment firm, has been closely tied to the miner’s growth for decades. He supported its 2003 merger with Avmin and remains an influential backer as Harmony seeks to broaden its footprint overseas.

Although the deal still requires regulatory approvals and the fulfillment of closing conditions, Harmony said it has prepared restructuring documents and is working to secure the necessary consents. The company approaches this next stage from a strong financial position.

Revenue, profit climb on gold gains

Revenue for the year rose to R73.9 billion ($4.07 billion) from R61.4 billion, helped by a 27 percent increase in the average gold price to R1.53 million a kilogram ($2,620 an ounce). Net profit jumped 67 percent to R14.55 billion ($824 million).

The Total assets grew 28 percent to R77.5 billion ($4.36 billion), and retained earnings climbed to R14.58 billion ($826 million) in the first half of 2025 from R2.24 billion ($127 million) a year earlier.