Harmony Gold Completes $1.01 Billion MAC Copper Acquisition: Patrice Motsepe’s Strategic Copper Play
South Africa’s largest gold producer, Harmony Gold, has finalized the acquisition of MAC Copper Limited, the owner of the high-grade CSA Copper Mine in New South Wales, Australia, for US$1.01 billion (approximately R18.4 billion). This landmark deal solidifies the company’s long-term diversification strategy, championed by its major shareholder, Dr. Patrice Motsepe.
Key Transaction Details
| Metric | Detail |
|---|---|
| Target Asset | MAC Copper Limited (Owner of the CSA Copper Mine, NSW, Australia) |
| Acquisition Price | US$1.01 billion equity value |
| Per Share Price | $12.25 per MAC Copper security |
| Financing | Harmony Gold’s cash reserves and a $1.25 billion bridge facility |
| Initial Announcement | May 25, 2025 |
| Completion Date | Friday, October 24, 2025 (Implemented via a Jersey law Scheme of Arrangement) |
| Strategic Goal | To balance gold and copper production, targeting copper to contribute 40% of total output by 2035. |
Why Copper? The Energy Transition Focus
This acquisition is the latest step in Harmony Gold’s calculated expansion into base metals, following its 2022 purchase of the Eva Copper Project, also in Australia.
Harmony Gold CEO, Beyers Nel, highlighted the significance of the move: “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.”
The strategy aligns with global decarbonization efforts, as copper is an essential metal for energy transition technologies, including electric vehicles, renewable energy infrastructure, and storage solutions.
Market Impact and Financial Position
Despite the strategic success, Harmony Gold’s shares faced immediate pressure amid a broader slump in gold and silver prices, falling by 10.99% to close at $17.98 on the day of the announcement.
However, the company’s strong financial health is expected to buffer short-term volatility. Harmony ended its last fiscal year with a net cash position of R11.1 billion ($645 million) and total liquidity of R20.9 billion ($1.21 billion), providing a solid foundation for the integration of the new asset.
SEO FOCUS: Who is Patrice Motsepe?
Dr. Patrice Tlhopane Motsepe is one of Africa’s most influential businessmen, widely recognized as South Africa’s richest black billionaire and a global leader in the mining sector.
Founder and Chairman of African Rainbow Minerals (ARM): Motsepe’s primary wealth source is his 45.9% stake in ARM, a diversified mining and minerals company with interests spanning iron ore, manganese, platinum group metals, coal, and base metals.
Role at Harmony Gold: He holds an 11.8% stake in Harmony Gold, serving as its non-independent non-executive chairman (appointed September 23, 2003). Harmony Gold is South Africa’s largest gold producer by volume.
Entrepreneurial Journey: Motsepe, who started his career as a lawyer, founded Future Mining in 1994, specializing in contract mining. In 1997, he established ARMgold, which merged with Avmin and Harmony Gold in 2003 to form the giant African Rainbow Minerals.
Global Influence: Beyond mining, Motsepe is the current president of the Confederation of African Football (CAF) and owns the South African Premier Division football club Mamelodi Sundowns.
Source of Information: The details regarding the acquisition and the financial figures were released by Harmony Gold Mining Company Limited in SENS announcements and corroborated by multiple major financial and mining news outlets on October 24, 2025.
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