Investing.com-- South Africa’s Harmony Gold Mining Company (JO: HARJ ) (NYSE: HMY ) has agreed to acquire Australian copper producer MAC Copper (NYSE: MTAL ) for $1.03 billion in cash, the acquirer announced on Tuesday.
The deal, priced at $12.25 per share, represents a 20.7% premium to Mac Copper’s last closing price on the New York Stock Exchange.
The acquisition of Mac Copper, which owns the high-grade CSA Copper Mine in New South Wales, marks Harmony’s strategic push to diversify into copper production and bolster cash flow.
The CSA mine, producing approximately 41,000 tonnes of copper in 2024, will complement Harmony’s existing gold operations in South Africa and Papua New Guinea, the company said.
The deal, funded via a $1.25 billion bridge facility and existing cash reserves, is expected to close in the December quarter of 2025, pending regulatory and shareholder approvals, Harmony said.
Mac Copper’s board unanimously recommended the offer, with key shareholders, including Osisko Bermuda and Sprott Resource Lending, backing the deal.