By Adam Whittaker
Harmony Gold said it would acquire New York-listed MAC Copper in a $1.03 billion cash deal that increases its exposure to copper, a commodity central to the energy transition.
The miner said Tuesday that it has agreed to buy 100% of Mac Copper's shares for $12.25 each, giving the copper miner a total equity value of $1.03 billion. The offer price is 20.7% above MAC Copper's closing price of $10.15 a share on Friday.
MAC Copper's sole asset is the CSA Copper Mine--which is located around 700 kilometers north-west of Sydney, Australia--and produced around 41,000 metric tons of copper in 2024, Harmony Gold said. The mine has a current reserve life of more than 12 years, it added.
MAC Copper's board unanimously recommends that its shareholders vote in favour of the offer, Harmony Gold said.
The transaction is expected to be completed around the end of the year.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
05-27-25 0238ET
