HARMONY Gold has cleared the final regulatory hurdle required to finalise the acquisition of Australian copper producer MAC Copper which is a key step in the gold producer’s diversification strategy.
That hurdle involved clearance from the Australian government that it would not object to the acquisition. MAC Copper owns the CSA copper mine in New South Wales which produced 41,000t of copper in 2024.
Harmony CEO Beyers Nel commented “the approval by the Australian Foreign Investment Review Board (FIRB) marks a key milestone in our acquisition of MAC Copper with all regulatory approvals now secured.
“The CSA mine aligns with our clear gold-copper growth strategy and strengthens our portfolio. This transaction accelerates Harmony’s transformation into a global gold and copper producer and offers compelling value for shareholders and stakeholders.”
Harmony agreed to buy MAC Copper in May for $1.08bn in cash and the deal followed the group’s earlier move into copper in Australia which was to buy Eva Copper in 2023.
The CSA mine is in full operation meaning the acquisition will be cash-generative for Harmony with immediate effect. An investment decision is pending on the development of Eva Copper and should be announced by the end of August.
If Harmony goes ahead with the Eva project then the group will be producing some 100,000t of copper annually from Australia within about three years.
