Johannesburg — Harmony Gold Mining Company Limited announced on October 24, 2025, the completion of its long-anticipated acquisition of MAC Copper Limited, the owner of the high-grade CSA copper mine in New South Wales, Australia — marking a pivotal step in the company’s evolution from a pure gold producer into a diversified gold-and-copper powerhouse.
The transaction, first announced in May 2025, was executed through Harmony’s wholly owned subsidiary, Harmony Gold (Australia) Pty Limited, under a Jersey law Scheme of Arrangement. Harmony purchased all outstanding MAC Copper securities for US $12.25 per share, giving the deal an equity value of approximately US $1.01 billion (R18.4 billion). Funding was drawn from the company’s cash reserves and a US $1.25 billion bridge facility, leaving Harmony’s balance sheet comfortably within its targeted debt-to-EBITDA ratio below 1.0×.
Expanding into a Tier-1 Copper Asset
Chief Executive Officer Beyers Nel said the completion represents a landmark for Harmony’s global growth strategy:
“We are delighted to welcome the CSA mine employees to the Harmony family. The completion of this acquisition marks a significant milestone in our strategy to grow into a global gold and copper producer, reinforcing our commitment to sustainable value creation. 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 noted that the company’s decades of underground-mining expertise uniquely position Harmony to unlock value at CSA, one of Australia’s deeper operating copper mines. “This acquisition fits within our intentional strategy to maintain a balanced mix of copper and gold in our production portfolio,” he added.
Integration and Next Steps
Harmony will begin integrating CSA into its group structure immediately, embedding the mine into its corporate planning, safety, and performance frameworks over the next three months. The company expects to unlock synergies, improve operational discipline, and enhance efficiency across the operation.
A detailed progress update — including results from the ventilation-shaft upgrade, upper Merrin mine development, and ongoing exploration programs — will be provided in Harmony’s H1 FY26 results, scheduled for late February or early March 2026. The CSA life-of-mine plan will be fully aligned with Harmony’s corporate planning cycle by FY27, to be released with FY26 financials in August 2026.
Strengthening a Global Portfolio
The CSA acquisition represents Harmony’s largest copper investment to date and a major step toward its goal of becoming a top-tier multi-metal producer. Together with the forthcoming Eva Copper project, Harmony aims to reach annual output of up to 100,000 tons of copper concentrate within five years.
Harmony remains South Africa’s largest gold producer with assets spanning South Africa, Australia, and Papua New Guinea, supported by a 75-year track record of operational excellence. The company’s stock continues to attract investor confidence, with analysts maintaining a Buy rating and a US $20.50 price target.
Outlook
As global demand for copper intensifies, Harmony’s entry into the red-metal sector signals a strategic pivot toward the electrification economy. With CSA now in its portfolio, the company is positioned as a next-generation gold-and-copper leader, blending proven underground-mining capability with exposure to one of the world’s most critical energy-transition metals.
