Harmony Gold, backed by Motsepe, finalizes $1b copper deal

Harmony Gold, South Africa’s largest gold producer, backed by Patrice Motsepe, Africa’s first Black billionaire, has completed its $1.01 billion purchase of MAC Copper Limited, owner of the high-grade CSA Copper Mine in New South Wales, Australia.

The deal, carried out through its wholly owned Australian subsidiary, Harmony Gold (Australia), marks a significant step for the Johannesburg-based mining group as it extends its reach beyond gold and deepens its position in the copper market, a metal increasingly central to the global shift toward renewable energy.

Expanding beyond gold: Harmony’s copper frontier

First announced in May 2025, the acquisition was finalized on Oct. 24 through a Jersey law Scheme of Arrangement, under which Harmony acquired all of MAC Copper’s shares at $12.25 per MAC share, valuing MAC at R18.4 billion ($1.01 billion)

The transaction, which was announced on May 27, 2025, was financed through a combination of internal cash and a $1.25 billion bridge facility, reflecting Harmony’s steady balance sheet and measured approach to funding major deals.

By securing the CSA mine, one of the highest-grade copper operations in a stable jurisdiction, Harmony gains a foothold in a commodity that underpins electrification, grid expansion, and green technologies.

Strengthening the copper-gold strategy

Chief Executive Officer Beyers Nel said the acquisition supports Harmony’s plan to become a leading gold and copper producer. “CSA is a high-quality, long-life asset that adds strength and stability to our business,” Nel said. “It also supports the kind of sustainable growth we want for our people and shareholders.”

For Harmony, now in its 75th year, the deal marks another milestone in its evolution from a single South African gold mine in 1950 into a multinational producer with assets across Africa and the Asia-Pacific.

With copper demand projected to outpace supply from 2026, Harmony is positioned to benefit from tighter markets and higher prices. The company plans to include CSA’s output in its fiscal 2026 production guidance, with a life-of-mine plan due in August 2026.

Motsepe’s stake and role in Harmony’s next chapter

Founded in 1950, Harmony Gold operates mines in South Africa, Papua New Guinea, and Australia. The acquisition of MAC Copper adds to its Australian presence, complementing the Eva Copper Project, which targets annual production of up to 60,000 tonnes of copper.

Motsepe, through his African Rainbow Minerals investment vehicle, holds an 11.8 percent stake in Harmony. His support has been pivotal since the company’s merger with Avmin in 2003, and the MAC Copper acquisition marks another milestone in expanding Harmony’s international footprint across South Africa, Papua New Guinea, and Australia.

As copper cements its role as a cornerstone of the clean energy economy, Harmony’s entry into the sector signals a deliberate shift toward metals essential to modern infrastructure.

For Motsepe and Harmony alike, the move reflects a broader vision: building African mining companies capable of competing globally while creating enduring value at home.