Harmony Gold Completes $1B MAC Copper Acquisition in Australia

South African mining giant Harmony Gold, backed by billionaire Patrice Motsepe, completed a $1.01 billion acquisition of MAC Copper Limited, owner of the high-grade CSA copper mine in New South Wales, Australia. This strategic move marks a significant diversification for Harmony, traditionally a gold producer, as it aims to increase copper's share of production to 40% by 2035, aligning with global trends toward renewable energy and electric vehicle adoption. The acquisition was financed through cash reserves and a $1.25 billion bridging facility, reflecting a balanced capital allocation strategy without diluting shareholders. Harmony's CEO Beyers Nel highlighted the CSA mine's long-life, high-grade copper assets as critical to the company's growth and positioning as a global gold and copper producer. This deal exemplifies a broader industry shift where gold miners are pivoting toward copper, driven by rising demand for base metals essential for energy transition and decarbonization. The CSA mine's immediate copper output and robust cash flow profile position Harmony to benefit amid tightening copper markets and growing electrification needs worldwide.