Harmony Gold to Acquire MAC Copper for $1.03 Billion

Harmony Gold Mining Company Limited (HMY) entered into an agreement on May 27, 2025, to acquire MAC Copper Ltd. (MTAL) in a cash deal valued at $1.03 billion.

Deal Structure:

Under the terms of the agreement, Harmony Gold (Australia) Pty Ltd, a wholly owned subsidiary of Harmony Gold Mining, will acquire all of the issued share capital in MAC for $12.25 cash per share, representing a premium of 20.69% from the stock’s last close.

Company Profile:

MAC Copper is a Jersey-based mining company that owns and operates the CSA Copper Mine in Cobar, New South Wales—one of Australia’s highest-grade underground copper mines. Formerly known as Metals Acquisition Limited, the company acquired the CSA mine from Glencore in 2023 and rebranded to MAC Copper in December 2024.

Harmony Gold is South Africa’s largest gold producer, with both underground and open-pit mines, as well as surface operations. It also owns gold and copper projects in Papua New Guinea and Australia, and is expanding its international copper portfolio.

Deal Details and Timeline:

The deal is expected to be completed around the end of the year.

The deal needs approval from Australia’s Foreign Investment Review Board and South Africa’s Reserve Bank. The deal also is subject to sanctions from Royal Court of Jersey. It also requires approvals from each counterparty in respect to certain contracts, including MAC’s silver and copper streams with Osisko and its royalty arrangements with Glencore. A Special Meeting is expected to be held in Q4 2025.

Barrenjoey is acting as MAC’s financial advisor. Gilbert + Tobin is serving as both its global lead and Australian legal advisor. Skadden, Arps, Slate, Meagher & Flom is advising on US and UK legal matters, Ogier (Jersey) is the Jersey legal advisor, and Webber Wentzel is the South African legal advisor.

Deal Metrics:

For more comprehensive information about this merger and acquisition transaction, please refer to the Deal Metrics page at:

Deal Metrics for the acquisition of MAC Copper Ltd. (MTAL) by Harmony Gold Mining Company Limited (HMY)

Each merger or acquisition Deal Metrics page includes:

• A detailed spread history chart from the announcement to completion or failure of the merger.
• Timeline of events as the merger progresses, including HSR period expiration, regulatory approvals, shareholder votes, etc.
• Links to related news and SEC filings.
• A history of deal updates.
• And much more detailed information.

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Editor’s Note: Baranjot Kaur contributed to this article