South Africa’s richest black billionaire, Patrice Motsepe, has completed another major deal through Harmony Gold, South Africa’s largest gold producer, as the company finalized the $1.01 billion acquisition of MAC Copper Limited, the owner of the CSA Copper Mine in New South Wales, Australia.
The transaction, which was first initiated on May 25, 2025, was finalized on Friday through a Jersey law Scheme of Arrangement.
According to a report, Harmony Gold purchased all of MAC Copper’s securities at $12.25 per share, giving the company an overall equity value of $1.01 billion, or about R18.4 billion.
The deal was financed through the company’s cash reserves and a $1.25 billion bridging facility.
Harmony Gold’s acquisition of MAC Copper strengthens its growing interest in the copper sector, two years after its first strategic entry in 2022 through the purchase of the Eva Copper Project, also located in Australia.
The mining firm noted that the latest deal supports its long-term diversification plan aimed at balancing gold and copper production. By 2035, Harmony expects copper to contribute around 40% of its total output, a move it says aligns with global decarbonization efforts and the growing demand for base metals essential to energy transition technologies.
Harmony Gold’s Chief Executive Officer, Beyers Nel, described the deal as a milestone in the company’s global expansion strategy.
“The completion of this acquisition marks a significant milestone in our strategy to grow into a global gold and copper producer.
“CSA is a high-grade, long-life copper asset located in a Tier-1 jurisdiction. This asset will meaningfully enhance our business and support our long-term growth,” Nel said.
He added that Harmony’s approach to growth remains focused on operational discipline and long-term value creation.
“Our proven operating model, extending the life of mines through disciplined investment in our orebodies and our people, has consistently delivered long-term value for all stakeholders, making us the partner of choice wherever we operate,” he added.
Source: Nairametrics
