Harmony Gold’s Acquisition of MAC Copper Moves Forward
The acquisition of MAC Copper by Harmony Gold, first announced in May, has taken a significant step forward as MAC Copper shareholders voted overwhelmingly in favor of the deal. Harmony Gold, the largest gold producer in South Africa, is headquartered in Randfontein and operates a portfolio of underground and open-pit mines in the Free State and Gauteng provinces, along with surface retreatment projects.
Harmony Gold has been expanding its focus beyond gold, with copper and other base metals playing a crucial role in its diversification strategy. The acquisition of MAC Copper will give Harmony Gold ownership of the high-grade CSA copper mine near Cobar, New South Wales, which is one of Australia’s most significant underground copper operations. MAC Copper, the Australia-based producer, wholly owns and operates the mine.
The acquisition has already cleared key hurdles, including approval from the South African Reserve Bank in August 2025. With only one regulatory requirement remaining, the Reserve Bank’s sign-off was seen as a critical milestone given Harmony’s South African incorporation and the cross-border nature of the deal.
By diversifying into copper, Harmony Gold aims to strengthen its position in the global copper market, which is expected to expand due to rising demand from renewable energy projects and electric vehicle production. South Africa’s copper industry contributes steadily to the country’s mineral export earnings, with copper ores and concentrates generating US $226.2 million in 2024. Analysts anticipate modest growth in copper revenues as global demand rises in renewable energy and electric vehicles.
Harmony Gold’s CEO, Beyers Nel, sees the acquisition as a strategic move to fast-track the company’s strategy of building a portfolio of long-life, high-margin assets. Nel stated, “This acquisition accelerates Harmony’s strategy of adding to our portfolio of high-margin, long-life ore bodies. MAC Copper serves as a strategic lever, moving us towards a more resilient, geographically diverse asset portfolio, with copper enhancing cash flow resilience.”
The acquisition not only provides a hedge against gold price volatility but also positions Harmony Gold within the long-term growth trajectory of the global copper market. With expertise in underground mining and exploration, Harmony Gold aims to unlock further value from the CSA mine and capitalize on the growing demand for copper in the renewable energy and electric vehicle sectors.
