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Mining industry

Harmony Gold Acquires MAC Copper's CSA Copper Mine in Landmark Deal

Strategic Insights

— 2 min read

Harmony Gold, a South African-based mining company, has made a significant move towards diversifying its portfolio by acquiring the CSA Copper mine from MAC Copper Limited. This acquisition marks a major step towards Harmony's strategy of adding high-margin, long-life ore bodies to its portfolio. The CSA Copper mine, located in Cobar, New South Wales, Australia, is a high-grade, long-life asset that will contribute positively to Harmony's cash flow from day one.

The acquisition of MAC Copper is a strategic lever for Harmony, moving the company towards a more resilient and geographically diverse asset portfolio. With its proven expertise in underground mining and exploration, Harmony aims to unlock further value from the CSA Copper mine. The deal is expected to strengthen Harmony's exposure to future-facing metals within a Tier 1 mining jurisdiction and support global decarbonisation and energy transition trends.

Key Takeaways:

  • The CSA Copper mine is a high-grade, long-life asset that will contribute positively to Harmony's cash flow from day one.
  • The acquisition adds approximately 40,000 tonnes per annum in high-quality copper to Harmony's portfolio.
  • The transaction will be funded through a mix of cash, debt facilities, or debt instruments.
  • Harmony's strong balance sheet will be leveraged to maintain financial flexibility and shareholder returns.
  • Copper provides a natural hedge against gold price volatility, strengthening Harmony's exposure to future-facing metals.
  • The Scheme Circular outlines the satisfaction of conditions precedent to the Streams Restructure Deed, Court sanctioning, and customary conditions.
  • Harmony will take control of the asset towards the end of October 2025, subject to the satisfaction of remaining conditions.

Statistics:

  • 40,000 tonnes per annum: The expected increase in high-quality copper production from the CSA Copper mine.
  • ZAE000015228: The ISIN for Harmony Gold Mining Company Limited.
  • HAR: The JSE share code for Harmony Gold.
  • 100%: The percentage of MAC Copper's issued share capital acquired by Harmony Gold (Australia) Pty Ltd.
  • 5 August 2025: The date of approval obtained from The South African Reserve Bank (SARB).
  • 19 August 2025: The date of approval obtained from the Australian Foreign Investment Review Board.

Sources:

  • Harmony Gold Mining Company Limited ("Harmony" and/or "the Company")-M.A.C. COPPER LIMITED IMP MESCE, available on the Johannesburg Stock Exchange (JSE) website.
  • MAC Copper's announcement released on 31 July 2025, available on MAC's website at www.maccopperlimited.com.
  • SENS announcement released on 27 May 2025, available on Harmony's website at www.harmony.co.za.
  • Scheme Circular, a copy of which is attached to MAC Copper's announcement released on 31 July 2025.

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