Harmony Gold Acquires MAC Copper and CSA Mine in $1.03B Strategic Deal

Harmony Gold Mining

High-Grade Copper Asset Strengthens Harmony’s Global Portfolio

Harmony Gold Mining will acquire MAC Copper, owner of Australia's CSA Copper Mine, for $1.03 billion. The deal gives Harmony full control of the high-grade underground CSA Copper Mine in New South Wales, 700 km from Sydney. CSA produced over 41,000 tonnes of copper in 2024 at a competitive C1 cash cost of $1.92 per pound. The acquisition aligns with Harmony's strategy to diversify into copper while leveraging its underground mining expertise.

Deal Structure Offers Premium and Strategic Expansion Potential

MAC Copper shareholders will receive $12.25 per share—a premium of over 30% to recent trading levels. Listed on both the NYSE and ASX, MAC Copper’s board unanimously endorsed the offer. Major shareholders controlling 20.1% of shares have committed to support the scheme. The offer also reflects strong confidence in MAC’s assets, including the developing Merrin Mine and 756 km² of exploration tenements aimed at extending CSA’s mine life.

Copper-Gold Synergy Reinforces Harmony’s Transformation

Harmony now gains a long-life, high-grade copper operation with upside from drilling and new project development. CSA Mine offers more than 12 years of reserves and potential grade improvements at depth. New discoveries around the Merrin Mine could further boost production by late 2025. Harmony CEO Beyers Nel stated that the move supports the company’s shift to a de-risked, cash-generative gold-copper portfolio in premier jurisdictions. Finalization depends on regulatory clearances and the restructuring of MAC’s streaming and royalty agreements with Osisko Bermuda and Glencore.

ScrapInsight Commentary

Harmony’s move into copper reflects a broader industry pivot toward multi-metal portfolios. As copper demand intensifies for electrification, control over stable, low-cost assets like CSA offers a strategic hedge. Traders and recyclers should monitor these shifts closely, as M&A momentum could tighten scrap supply and raise long-term copper floor prices.