Harmony Gold to acquire Mac Copper for US$1.03bn

Harmony Gold Mining Company Limited (JSE: HAR) announced it has entered into a binding agreement to acquire 100% of MAC Copper Limited ("MAC") for US$1.03 billion. The transaction, to be implemented through a Jersey law scheme of arrangement, will see Harmony acquire the CSA Copper Mine in New South Wales, Australia, MAC’s sole asset. Harmony plans to fund the acquisition using a US$1.25 billion bridge facility and existing cash reserves. The acquisition of CSA, producing around 41kt of copper in 2024, is expected to deliver immediate cash flow and margin expansion, while also increasing Harmony's presence in Australasia alongside its Hidden Valley operation in PNG. The MAC board unanimously recommends that MAC shareholders vote in favor of the deal. The transaction is expected to close in the December Quarter of 2025.