Harmony Gold Expands Internationally with $1.08 Billion Acquisition of MAC Copper
Harmony Gold Acquires Australia’s MAC Copper Mine for $1.08 Billion to Boost Global Copper Portfolio
South Africa’s Harmony Gold has taken a major step in its international expansion strategy with the proposed $1.08 billion (R19 billion) acquisition of Australia’s MAC Copper.
The transaction, first announced in May 2025, moved closer to completion after MAC Copper shareholders overwhelmingly approved the deal.
Headquartered in Randfontein, Harmony Gold is South Africa’s largest gold producer by volume, operating a mix of underground and open-pit mines in the Free State and Gauteng provinces, alongside surface retreatment projects.
The company has been strategically diversifying beyond gold, viewing copper and other base metals as critical to long-term growth.
If finalized, the acquisition will give Harmony ownership of the high-grade CSA copper mine near Cobar, New South Wales, one of Australia’s most significant underground copper operations. MAC Copper wholly owns and operates the mine.
The acquisition has cleared several key hurdles, including approval from the South African Reserve Bank in August 2025.
Only one regulatory requirement remains. The Reserve Bank’s approval was seen as a critical milestone, given Harmony’s South African incorporation and the cross-border nature of the deal.
For Harmony Gold, the takeover not only broadens its portfolio beyond gold but also strengthens its position in the global copper market, which is expected to expand alongside rising demand from renewable energy projects and electric vehicle production.
South Africa’s copper industry continues to contribute steadily to the country’s mineral export earnings. Copper ores and concentrates generated US $226.2 million in 2024, up from US $221.6 million in 2023, according to World Bank data.
Including refined copper products and alloys, total exports reached approximately US $795.6 million in 2023, highlighting copper as a secondary yet stable revenue source compared to gold and platinum.
Analysts project modest annual growth of around 2% in copper revenues, driven by global demand for renewable energy and electric vehicles.
While South Africa remains a relatively small player in Africa’s copper sector—behind the Democratic Republic of Congo and Zambia—Harmony Gold is seeking international assets to diversify and add about 40,000 tons of copper annually to its production.
Harmony Gold CEO Beyers Nel described the acquisition as a strategic move to accelerate the company’s portfolio diversification:
“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. With our proven expertise in underground mining and exploration, we will unlock further value from CSA.”
The deal also provides a natural hedge against gold price volatility and positions Harmony to benefit from the long-term growth trajectory of the global copper market, especially as demand from renewable energy and electric vehicles continues to rise.
