Harmony (HMY) Acquires MAC Copper for AU$1.08B to Diversify Into Copper

Harmony Gold Mining Company Limited (NYSE:HMY) is one of the top stocks to buy as gold rallies. On October 6, the company acquired MAC Copper Limited via a Jersey law scheme of arrangement. The company’s Australian subsidiary (Harmony Gold (Australia) Pty Ltd) is the buyer. The transaction is valued at approximately AU$1.08 billion, a 20% premium to MAC’s recent share price. Harmony Gold will purchase 100% of MAC Copper’s issued share capital for AU$12.25 per share in cash.

MAC Copper’s principal asset is the high-grade, underground CSA Copper Mine in New South Wales, Australia. It produced about 41,000 metric tons of copper in 2024 and is considered one of Australia’s highest-grade copper mines.

The acquisition is a major step in Harmony’s diversification away from gold. The company’s analysis shows that copper is increasingly vital for global electrification, renewable energy, and decarbonization efforts. According to Harmony CEO Beyers Nel, copper brings a counter-cyclical diversification to the company’s portfolio. He stated that they know gold has got a cycle to it, so copper brings that counter-cyclical protection.

Harmony Gold Mining Company Limited (NYSE:HMY) is a South African mining company. It acquires, explores, develops, and operates gold and uranium properties, primarily through its underground and open-pit mines in South Africa, as well as its Hidden Valley open-pit mine in Papua New Guinea. Its main products are gold bullion and uranium concentrate, extracted from deep-level and surface mining operations.

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Disclosure: None. This article is originally published at Insider Monkey.