Harmony Gold Receives Regulatory Approval for MAC Copper Acquisition.

MAC Copper Ltd (MTAL) has received regulatory approval from the Australian Federal Treasurer for its acquisition by Harmony Gold, marking a significant step forward in the process. The acquisition is still subject to approval by Scheme Shareholders and MAC Shareholders, as well as court sanctioning. The transaction represents a strategic move to consolidate resources and expand operations in stable jurisdictions, aligning with the broader industry trend of consolidation in the metals and mining sector.

MAC Copper Ltd (MTAL) has received regulatory approval from the Australian Federal Treasurer for its acquisition by Harmony Gold, marking a significant step forward in the process. The acquisition is still subject to approval by Scheme Shareholders and MAC Shareholders, as well as court sanctioning.

The approval by the Australian Federal Treasurer follows the previous regulatory clearance from the South African Reserve Bank. This approval is a crucial milestone for the acquisition, as it clears one of the final regulatory hurdles. The transaction, valued at $1.03 billion, involves Harmony Gold paying $12.25 per share for MAC's common shares, representing a 20% premium at the time of announcement [1].

The acquisition represents a strategic shift for Harmony Gold, which is South Africa's leading gold producer. By acquiring MAC, Harmony Gold aims to diversify its portfolio with critical minerals such as copper. MAC's main asset, the CSA mine in New South Wales, is one of the highest-grade copper mines in Australia and is one of the country's oldest copper operations, with a history stretching back nearly 150 years. The mine is also one of the deepest underground operations, located at 1.9 kilometers deep [2].

The acquisition expands Harmony Gold's existing copper footprint in Australia, where it entered in 2022 with the Eva copper project in Queensland. The Johannesburg-based miner expects to begin production at Eva by 2028. With CSA and Eva combined, Harmony Gold aims to produce 100,000 tonnes of copper annually within five years [1].

MAC's CEO, Mick McMullen, commented on the approval, stating, "The receipt of regulatory approval from FIRB following the previously announced approval from SARB is another significant step towards implementation of the Transaction as all requisite regulatory approvals have now been obtained" [2].

The acquisition is subject to several conditions, including shareholder approval and court sanctioning. Shareholders of MAC are expected to cast their votes at meetings scheduled for August 29 in Jersey and online [2].

The transaction aligns with the broader industry trend of consolidation in the metals and mining sector, as companies seek to diversify their portfolios and expand operations in stable jurisdictions [3].

References:
[1] https://www.mining.com/harmony-golds-mac-copper-takeover-gets-regulatory-nod/
[2] https://www.morningstar.com/news/business-wire/20250818660821/mac-copper-limited-announces-firb-approval-received-regulatory-conditions-precedent-now-satisfied
[3] https://www.marketscreener.com/news/harmony-gold-mining-says-australian-firb-approves-acquisition-of-mac-copper-ce7c51ddd980f72c