Harmony Gold Mining Company Limited announced on October 24, 2025, the successful completion of its acquisition of MAC Copper Limited, gaining full ownership of the premium CSA copper mine in New South Wales, Australia. The transaction was executed through Harmony’s wholly owned subsidiary, Harmony Gold (Australia) Pty Limited, following a Scheme of Arrangement governed by Jersey law.
Beyers Nel, CEO of Harmony said earlier in an interview describing the strategic rationale behind the acquisition of MAC Copper and its flagship CSA mine in Australia.
“Copper assets are hard to come by — there’s got some scarcity value to them. Given the longer-term fundamentals of copper, it’s difficult to find copper assets to buy. The CSA mine is an underground mine, which in Australian terms is deep, and Harmony brings expertise in managing some of the deepest underground mines globally. We see opportunities to add value through our expertise in geotechnical engineering, rock mechanics, and ventilation, which are key challenges at CSA. This acquisition fits within our intentional strategy to have copper and gold as a combined mix in our production portfolio,” Nel explained.
He also emphasized the significance of diversification in the company’s future: “Copper brings commodity diversification, which balances the volatility of gold. It also provides geographic diversification — operating in a Tier-1 jurisdiction like New South Wales, Australia reduces jurisdictional risk. By FY25, a significant part of our production will come from outside South Africa, which is a key element in our strategy.”
Regarding the valuation, Nel noted, “We offered a 20% premium in an all-cash deal because we believe in the long-term value and potential of the CSA asset and MAC Copper.”
This acquisition marks Harmony Gold’s biggest move in copper to date, reflecting its strategic pivot toward critical metals for future growth
Harmony Gold Mine purchased all shares of MAC Copper at $12.25 per share, resulting in a total equity valuation of approximately US$1.01 billion (around R18.4 billion). The deal was financed with a combination of cash reserves and a $1.25 billion bridge facility.
Harmony CEO Beyers Nel noted the acquisition as a key milestone in the company’s growth strategy to expand as a global gold and copper producer. He highlighted the CSA mine as a high-grade, long-life copper asset situated in a Tier-1 jurisdiction, which will significantly bolster Harmony’s business and support sustainable long-term growth. Nel added that Harmony has a 75-year operating history and over 20 years of experience across Australia and Papua New Guinea, with a proven operating model focused on extending mine lives through disciplined investments in resources and workforce.
The integration of the CSA mine into Harmony’s portfolio will begin immediately. Over the next three months, Harmony plans to embed the mine’s operations into its broader group, aligning processes with its well-established planning and performance frameworks. This integration aims to unlock operational synergies and enhance efficiency to maximize value creation.
Harmony will provide detailed updates on the CSA mine’s operational performance and development milestones—including a ventilation project, development of the upper Merrin mine, and ongoing exploration activities—at its half-year results presentation scheduled for late February or early March 2026. At that time, the company will also revise its FY26 production guidance to incorporate volumes from the CSA mine.
For the 2027 financial year, Harmony will embed its planning parameters into CSA’s life-of-mine plan, maintaining consistency with planning strategies used across its other operations. The finalized life-of-mine plan for CSA will be released alongside Harmony’s FY26 results expected in August 2026.
Harmony Gold Mining Company Limited is a leading gold and copper producer with mining operations and development projects in South Africa, Australia, and Papua New Guinea. It is South Africa’s largest gold producer by volume and is publicly traded on both the Johannesburg and New York Stock Exchanges.
The stock currently holds a Buy rating with a $20.50 price target, supported by strong financial performance and strategic expansion in copper production, although some technical indicators suggest caution in the short term.
Average Trading Volume: 5,764,188
Current Market Capitalization: $10.98 billion
This acquisition further solidifies Harmony Gold’s position among the world’s top producers and reflects its commitment to sustainable growth through targeted investments in quality assets.
