South African billionaire Patrice Motsepe has added another major milestone to his business empire following the completion of a $1.01 billion acquisition of an Australian copper mine through Harmony Gold.
Harmony Gold, South Africa’s largest gold producer, confirmed on Friday that it had finalized the purchase of MAC Copper Limited, owner of the CSA Copper Mine in New South Wales, Australia.
The transaction was completed through a Jersey law Scheme of Arrangement, marking one of the largest foreign acquisitions ever made by a South African mining company.
The deal, which was first initiated on May 25, 2025, saw Harmony Gold purchase all of MAC Copper’s securities at $12.25 per share.
This values MAC Copper at approximately $1.01 billion, equivalent to about R18.4 billion, according to The Africa Standard’s report.
The acquisition was financed through a combination of Harmony’s cash reserves and a $1.25 billion bridging facility, showing the company’s financial strength and confidence in global expansion.
The move deepens Harmony Gold’s footprint in the global copper industry, a market the company has increasingly targeted as part of its diversification strategy.
Two years earlier, Harmony made its first strategic move into copper with the acquisition of the Eva Copper Project, also located in Australia.
The company stated that the MAC Copper acquisition aligns with its long-term plan to balance gold and copper production, ensuring sustainable growth across its portfolio.
By 2035, Harmony Gold expects copper to contribute nearly 40 percent of its total production, helping the company adapt to global shifts in demand driven by clean energy technologies.
Harmony’s Chief Executive Officer, Beyers Nel, described the deal as a milestone that positions the company for sustained growth and international competitiveness.
“The completion of this acquisition marks a significant milestone in our strategy to grow into a global gold and copper producer,” Nel said.
He noted that the CSA Copper Mine is a high-grade, long-life asset in a Tier-1 mining jurisdiction, offering stability and long-term profitability.
“This asset will meaningfully enhance our business and support our long-term growth strategy,” Nel added, emphasizing the company’s disciplined approach to expansion.
Harmony’s leadership said its focus remains on operational excellence, extending mine life, and maximizing value creation for stakeholders.
“Our proven operating model has consistently delivered value through disciplined investment in both our orebodies and our people,” Nel said. “This makes us the partner of choice wherever we operate.”
Dr. Patrice Motsepe, who founded Future Mining in 1994, has been the driving force behind Harmony Gold’s transformation into a multinational player.
Motsepe later founded ARMgold in 1997, which went public on the Johannesburg Stock Exchange (JSE) in 2002, setting the stage for the merger that created African Rainbow Minerals (ARM).
The following year, ARMgold merged with Avmin and Harmony Gold, forming one of South Africa’s most influential mining conglomerates. Motsepe currently serves as founder and executive chairman of ARM and non-independent non-executive chairman of Harmony Gold.
Founded in 1950, Harmony Gold operates a global mining portfolio across South Africa, Papua New Guinea, and Australia.
Motsepe holds an 11.8 percent stake in Harmony Gold, solidifying his position as one of the most powerful figures in the global mining industry.
Despite the positive momentum from the acquisition, Harmony Gold’s share price recently came under pressure amid a global downturn in precious metal prices.
According to The Africa Standard’s market report, Harmony’s shares dropped 10.99 percent to close at $17.98, reflecting broader volatility in gold and silver markets.
However, the company remains financially robust, with strong cash reserves to support its operations and future growth plans.
Motsepe said Harmony ended its last fiscal year with a net cash position of R11.1 billion ($645 million) and total liquidity of R20.9 billion ($1.21 billion), ensuring financial stability for upcoming projects.
Industry experts believe the acquisition will position Harmony Gold as a global leader in both gold and copper production while aligning with the global energy transition.
With the deal finalized, Harmony Gold and Patrice Motsepe are now set to play a key role in shaping the future of sustainable mining on a global scale.
