Why Did MAC Copper Soar 13.3%? Harmony Gold's $1.03B Acquisition

On May 27, 2025, MAC Copper surged 13.3% in pre-market trading, marking a significant rise in its stock price.

Harmony Gold, a Johannesburg-based mining company, has agreed to acquire Australian copper producer MAC Copper in a cash deal valued at $1.03 billion. The offer of $12.25 per share represents a 20.7% premium over the stock's closing price in New York on Friday. This acquisition is part of Harmony Gold's strategy to diversify its portfolio and enhance its copper production capabilities.

The deal is expected to provide Harmony Gold with immediate cash flow from copper operations, further strengthening its financial position. The acquisition is seen as a strategic move by Harmony Gold to expand its presence in the copper market, which has been experiencing increased demand due to its use in renewable energy technologies and electric vehicles.