Harmony Gold acquires Australia’s Mac Copper for $1 billion

Australia

COBAR, May 27, 2025 – South Africa’s Harmony Gold will acquire Australian copper miner Mac Copper for USD 1.03 billion to diversify into copper and gain immediate cashflow from the CSA Copper Mine, the company said on Tuesday.

MAC Copper is an Australian copper producer listed on the NYSE and ASX, owning the CSA Copper Mine in New South Wales. The company also controls 756 square kilometres of tenements and is advancing development of the Merrin Mine, which is expected to add copper and zinc output starting in December 2025.

The deal, made through Harmony’s wholly owned Australian subsidiary, involves a cash offer of USD 12.25 per share – a 20.7% premium to Mac Copper’s closing price last Friday. Harmony will fund the acquisition using internal reserves and a USD 1.25 billion loan facility. The CSA Copper Mine in New South Wales produced 41,000 metric tons of copper in 2024 and offers a reserve life of more than 12 years with growth potential from the developing Merrin Mine.

“The acquisition of the CSA Copper Mine in Australia is significant as it introduces a high-quality, established underground producing copper asset to the Harmony portfolio,” Harmony Gold CEO Beyers Nel said.

“The transaction represents a significant step forward in transforming Harmony into an increasingly de-risked, higher-quality, global gold and copper producer through disciplined and effective capital allocation.”

This is Harmony’s second copper asset acquisition in Australia, following its 2022 purchase of the Eva Copper Project. The company expects to reach around 100,000 metric tons of annual copper production in Australia within five years.

Harmony Gold is a Johannesburg-based mining company with more than 75 years of experience in the sector. It is South Africa’s largest gold producer by volume and has expanded globally with operations in South Africa, Papua New Guinea and Australia. Harmony focuses on safe, profitable production and margin improvement through operational excellence and value-accretive acquisitions, including the Hidden Valley mine in PNG and the Eva Copper project in Queensland.

Photo courtesy of Harmony Gold