Harmony Gold Mining completes MAC Copper acquisition

Harmony Gold Mining has completed the acquisition of MAC Copper, the proprietor of the high-grade CSA copper mine in New South Wales, Australia.

The deal was completed through its wholly owned subsidiary, Harmony Gold (Australia).

This acquisition, first announced in May 2025, was executed on 24 October through a Jersey law Scheme of Arrangement.

Harmony purchased all of MAC’s securities at a price of $12.25 per share, resulting in a total equity valuation of $1.01bn (£756.7bn).

The transaction was financed using cash reserves and a $1.25bn bridge facility.

Harmony CEO Beyers Nel said: “Harmony is one of the world’s leading gold producers with a proud 75-year operating history and more than two decades of experience in Australia and Papua New Guinea. Our proven operating model – extending the life of mines through disciplined investment in our orebodies and our people – has consistently delivered long-term value for all stakeholders, making us the partner of choice wherever we operate.

“We are delighted to welcome the CSA mine employees to the Harmony family. The completion of this acquisition marks a significant milestone in our strategy to grow into a global gold and copper producer, reinforcing our commitment to sustainable value creation.

“CSA is a high-grade, long-life copper asset located in a Tier-1 jurisdiction. This asset will meaningfully enhance our business and support our long-term growth.”

Harmony is currently in the process of integrating the CSA mine into its portfolio.

Over the next three months, the company plans to integrate the mine into the larger Harmony group, aligning operations with its planning and performance frameworks.

This integration seeks to unlock synergies and improve operational efficiency, positioning the CSA mine to contribute to Harmony’s long-term value creation.

Harmony will provide a detailed update on the CSA mine’s operational performance and development milestones at its half-year results presentation scheduled for late February or early March 2026, as mentioned in the press release.

This will include information on the ventilation project, the development of the upper Merrin mine and exploration activities up until December 2025.

The company plans to update its 2026 financial year (FY26) production guidance to include figures from the CSA mine.

For FY27, Harmony will integrate its planning parameters into the CSA mine’s life-of-mine plan, maintaining consistency with the planning strategy across its other operations.

The CSA mine’s life-of-mine plan will be released alongside Harmony’s FY26 results in August 2026.

Harmony is a mining and development company specialising in gold and copper, with operations and assets in South Africa, Australia and Papua New Guinea.

“Harmony Gold Mining completes MAC Copper acquisition ” was originally created and published by Mining Technology, a GlobalData owned brand.

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