South Africa-based Harmony Gold Mining Company has announced a landmark deal to acquire MAC Copper, owner of Australia’s high-grade CSA Copper Mine, in a transaction valued at $1.03 billion (A$1.6 billion). The acquisition marks a major strategic expansion into copper and significantly strengthens Harmony’s global production portfolio.
The deal, subject to customary regulatory approvals and closing conditions, is expected to be finalised in the December quarter of 2025. Once completed, MAC will become a wholly owned subsidiary of Harmony, further solidifying the company’s position as a diversified, cash-generative global producer of gold and copper.
At the heart of the transaction is the CSA Copper Mine, MAC’s sole asset, located in the mineral-rich Cobar region of New South Wales, about 700 kilometres northwest of Sydney. The mine is recognised as one of Australia’s highest-grade copper operations, with 2024 production estimated at approximately 41,000 tonnes.
Harmony Gold (Australia), a wholly owned subsidiary of Harmony, will acquire 100% of MAC’s securities at $12.25 per share in cash. This offer represents a 20.7% premium to MAC’s most recent closing price on the New York Stock Exchange and a 32.1% premium to its 30-day volume-weighted average share price.
“This acquisition is transformational for Harmony,” said Harmony CEO Beyers Nel. “It brings a long-life, high-grade, and cash-generative underground copper asset into our portfolio, one that aligns with our strategic objectives of margin improvement, operational quality, and long-term sustainability. The CSA mine meets all our core investment criteria and enhances our exposure to copper at a time when the global energy transition is driving strong demand.”
To fund the acquisition, Harmony plans to use a $1.25 billion bridge facility alongside existing cash reserves. The facility, which has a 364-day term with an optional six-month extension, is jointly arranged and underwritten by Citibank, J.P. Morgan Securities, and Macquarie Bank.
According to Nel, the transaction reflects Harmony’s disciplined approach to capital allocation and its evolving identity as a global mining company focused on both precious and base metals.
“With our deep experience in underground mining and strong operational track record, we are well-positioned to unlock additional value from the CSA mine,” he added.
This move underscores Harmony’s broader transformation strategy, to evolve from a regional gold producer into a globally diversified, lower-cost, and lower-risk operator with a balanced portfolio of gold and copper assets. Copper, increasingly in demand due to its essential role in electric vehicles, renewable energy infrastructure, and global electrification efforts, represents a logical growth avenue.
The CSA mine acquisition also dovetails with Harmony’s environmental and economic goals, offering an asset that is already operational and capable of generating strong free cash flow under long-term commodity price assumptions.
The acquisition announcement follows a strong financial performance by Harmony. For the six months ended December 31, 2024, the company posted a 33% jump in net profit to R7.9 billion (approximately $440 million), buoyed by a 19% increase in gold revenues, which reached R35.4 billion. Harmony also reported a robust balance sheet with a net cash position of R7.3 billion.
As the mining industry continues to navigate global market volatility, rising costs, and shifting demand, Harmony’s move to acquire MAC Copper reflects both confidence and clarity in its growth strategy. The deal not only positions the company to capitalise on copper’s strong long-term fundamentals but also enhances operational diversity across jurisdictions.
Once completed, the acquisition will further Harmony’s ambition of becoming a global leader in sustainable, multi-commodity mining, combining strong gold production with strategic copper exposure.