KEY POINTS
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Harmony Gold completes $1.01 billion acquisition of MAC Copper Limited.
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The deal strengthens Harmony’s copper-gold growth strategy.
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Harmony Gold’s expansion aligns with the global energy shift.
Harmony Gold, South Africa’s largest gold producer backed by billionaire investor Patrice Motsepe, has completed its $1.01 billion acquisition of MAC Copper Limited, the owner of the CSA Copper Mine in New South Wales, Australia.
The deal, executed through Harmony Gold (Australia), its wholly owned subsidiary, signals a decisive step in the Johannesburg-based miner’s expansion into copper, a metal central to the global energy transition.
Expanding the Harmony Gold copper acquisition
First announced in May 2025, the acquisition was finalised on October 24 through a Jersey law Scheme of Arrangement. Under the terms, Harmony purchased all shares of MAC Copper at $12.25 per share, valuing the Australian company at R18.4 billion ($1.01 billion). The transaction was financed through a mix of internal funds and a $1.25 billion bridge facility, underscoring Harmony’s disciplined approach to funding large-scale deals.
The move grants Harmony control of one of the world’s highest-grade copper mines situated in a stable jurisdiction. With copper’s role growing across electrification, grid expansion, and renewable technologies, the acquisition firmly positions Harmony within a sector forecasted for long-term growth.
Strengthening Harmony Gold copper acquisition strategy
Chief Executive Officer Beyers Nel described the purchase as a milestone in Harmony’s ambition to evolve into a leading gold and copper producer. “CSA is a high-quality, long-life asset that adds strength and stability to our business,” Nel said. “It also supports the kind of sustainable growth we want for our people and shareholders.”
Now marking its 75th anniversary, Harmony has grown from a single South African gold mine established in 1950 into a multinational operation with assets spanning Africa and the Asia-Pacific, according to Billionaire Africa. The company intends to integrate CSA’s production into its fiscal 2026 guidance, with a detailed life-of-mine plan expected by August 2026.
Motsepe, who holds an 11.8 percent stake in Harmony through his African Rainbow Minerals investment firm, has been instrumental in guiding the company’s expansion since its 2003 merger with Avmin. The MAC Copper acquisition complements Harmony’s Eva Copper Project in Australia, which targets annual production of up to 60,000 tonnes.
As global copper demand continues to outpace supply, Harmony’s pivot into the red metal signals more than diversification. It represents a long-term bet on the materials driving modern infrastructure, renewable power, and electric mobility — a vision shared by Motsepe and Harmony’s leadership to cement Africa’s role in the future of sustainable mining.
