MAC Copper Receives SARB Approval for Acquisition by Harmony Gold: What It Means for Investors

MAC Copper Limited has received approval from the South African Reserve Bank for its acquisition by Harmony Gold. The acquisition, structured as a Jersey law scheme of arrangement, remains subject to shareholder approval and court sanctioning. The company urges shareholders to vote in favor of the scheme at the upcoming Court Meeting and General Meeting on August 29, 2025.

MAC Copper Limited has received regulatory approval from the South African Reserve Bank for its acquisition by Harmony Gold Mining Company Limited. The approval, which was announced on July 29, 2025, marks a significant step forward in the proposed transaction, which is structured as a Jersey law scheme of arrangement [1].

The acquisition, led by Harmony Gold's Australian subsidiary, aims to acquire 100% of MAC Copper's issued share capital. The regulatory approval from the South African Reserve Bank satisfies one of the key conditions precedent for the transaction. The approval was hailed by MAC Copper CEO Mick McMullen as "another significant step towards implementation of the Transaction" [1].

The acquisition still requires approval from MAC shareholders at upcoming meetings scheduled for August 29, 2025, in Jersey. The Court Meeting will be held at 12:30 pm Jersey time, followed by the General Meeting at 1:00 pm Jersey time. Both meetings will be available online via a Virtual Meeting Platform [1].

Additional pending conditions include approval from Australia's Foreign Investment Review Board, satisfaction of conditions related to the Streams Restructure Deed, court sanction of the scheme, and other customary conditions outlined in the scheme circular [1].

MAC Copper shareholders whose names appear on the share register as of July 29, 2025, will be eligible to vote at the meetings. The company's directors unanimously recommend that shareholders vote in favor of the scheme in the absence of a superior proposal [1].

The scheme circular, which contains complete details of the transaction, was dispatched to shareholders earlier this week. MAC Copper is focused on operating and acquiring metals and mining businesses in stable jurisdictions that support the global electrification and decarbonization economy [1].

The acquisition process is crucial for investors tracking the progress of the transaction. The first court hearing for this acquisition is set for July 30, 2025, with the purpose of securing court approval to distribute scheme documents and organize the necessary shareholder meetings [2].

References:
[1] https://www.investing.com/news/company-news/harmony-gold-receives-south-african-reserve-bank-approval-for-mac-copper-deal-93CH-4180023
[2] https://ca.investing.com/news/company-news/harmony-gold-receives-south-african-reserve-bank-approval-for-mac-copper-deal-93CH-4146934