Harmony Gold Mining Company Limited has completed its acquisition of MAC Copper Limited, marking a significant milestone in its strategic transformation. The all-cash deal, valued at $1.03 billion, was given a "completely green light" as of October 1, 2025. This finalization positions Harmony as a more diversified gold and copper producer.
The acquisition of MAC Copper, which owns the high-grade CSA Copper mine in Australia, is immediately cash flow positive for Harmony. It adds approximately 40,000 tonnes per annum of high-quality copper production and over 12 years of reserve life. This move is central to Harmony's goal of having copper constitute approximately 40% of its production by FY 2035.
This strategic expansion into copper is expected to enhance Harmony's margins and provide a natural hedge against gold price volatility. The successful integration of MAC Copper is a critical indicator for investors, as Harmony aims to solidify its position as a gold-copper powerhouse. The company anticipates taking control of the asset towards the end of October 2025.
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