South African billionaire Patrice Motsepe’s Harmony Gold has completed its $1.01 billion acquisition of MAC Copper Limited, owner of the high-grade CSA Copper Mine in New South Wales, Australia. Funded through cash reserves and a $1.25 billion bridging facility, the deal solidifies Harmony’s bold expansion into the global copper market. CEO Beyers Nel said the acquisition strengthens the company’s long-term growth strategy, with copper expected to make up 40% of total production by 2035. Harmony Gold, in which Motsepe has an almost 12% stake, is one of Africa’s leading mining giants. However, the firm’s shares have recently dipped amid global declines in gold and silver prices, highlighting the market volatility prompting its diversification into copper.
The New York Times
