MAC Copper to Acquire Harmony Gold for $12.25 per Share in Cash Deal Gets Green Light

MAC Copper Limited has agreed to be acquired by Harmony Gold for $12.25 per share in cash. The deal is expected to complete by Q3 2023, subject to regulatory approvals and other customary conditions. The acquisition is expected to result in synergies and cost savings for Harmony Gold, while providing liquidity to MAC Copper shareholders.

MAC Copper Limited (NYSE: MTAL) has agreed to be acquired by Harmony Gold Mining Company Limited (NYSE: HMY) for $12.25 per share in cash. The deal is expected to complete by the end of Q3 2023, subject to regulatory approvals and other customary conditions. This acquisition aims to create synergies and cost savings for Harmony Gold while providing liquidity to MAC Copper shareholders.

The acquisition was originally announced on May 27, 2025, with Harmony Gold offering $12.25 per share, a 20.7% premium to MAC Copper's closing price in New York on Friday. As of September 30, 2025, NYSE-listed MTAL shares were trading at $12.21 per share, with a market capitalization of $1.01 billion. This price reflects a significant increase from the $12.15 per share at the time of the last article on May 30, 2025, where MTAL shares outperformed the S&P 500's change of 12.68% MAC Copper To Harmony Gold For $12.25 Per Share In Cash, Completely Green Light^[1].

The acquisition is part of Harmony Gold's growth and diversification strategy. Harmony Gold, with its diversified gold-copper portfolio, aims to benefit from the expected rise in copper prices due to a severe deficit in the copper market. The acquisition of MAC Copper Limited, which owns the CSA copper mine in New South Wales, Australia, will expand Harmony Gold's copper portfolio and reduce its reliance on a single commodity.

MAC Copper Limited's single asset, the CSA copper mine, has a current reserve life of more than 12 years. The mine produced 10,587 tonnes of copper in Q2 2025, with a Cu grade of 4.4% and C1 costs of US$1.48/lb. MAC Copper aims to increase copper production to 50,000 tonnes per annum by 2026 through continued underground capital development MAC Copper To Harmony Gold For $12.25 Per Share In Cash, Completely Green Light^[1].

The acquisition is financially backed by major lenders and will provide MAC Copper shareholders with cash. The deal is expected to be completed in October 2025, with MTAL shares suspended from trading on the NYSE from October 10 (close of trading). Regulatory and shareholder approvals have been received, paving the way for a positive outcome for the transaction MAC Copper To Harmony Gold For $12.25 Per Share In Cash, Completely Green Light^[1].