South Africa’s richest black billionaire, Patrice Motsepe, has completed another major deal through Harmony Gold, South Africa’s largest gold producer, as the company finalized the $1.01 billion acquisition of MAC Copper Limited, the owner of the CSA Copper Mine in New South Wales, Australia.
The transaction, which was first initiated on May 25, 2025, was finalized on Friday through a Jersey law Scheme of Arrangement.
According to a report, Harmony Gold purchased all of MAC Copper’s securities at $12.25 per share, giving the company an overall equity value of $1.01 billion, or about R18.4 billion.
The deal was financed through the company’s cash reserves and a $1.25 billion bridging facility.
Expanding into the copper market
Harmony Gold’s acquisition of MAC Copper strengthens its growing interest in the copper sector, two years after its first strategic entry in 2022 through the purchase of the Eva Copper Project, also located in Australia.
The mining firm noted that the latest deal supports its long-term diversification plan aimed at balancing gold and copper production. By 2035, Harmony expects copper to contribute around 40% of its total output, a move it says aligns with global decarbonization efforts and the growing demand for base metals essential to energy transition technologies.
Harmony Gold’s Chief Executive Officer, Beyers Nel, described the deal as a milestone in the company’s global expansion strategy.
“The completion of this acquisition marks a significant milestone in our strategy to grow into a global gold and copper producer.
“CSA is a high-grade, long-life copper asset located in a Tier-1 jurisdiction. This asset will meaningfully enhance our business and support our long-term growth,” Nel said.
He added that Harmony’s approach to growth remains focused on operational discipline and long-term value creation.
“Our proven operating model, extending the life of mines through disciplined investment in our orebodies and our people, has consistently delivered long-term value for all stakeholders, making us the partner of choice wherever we operate,” he added.
What you should know
Dr. Patrice Motsepe, one of Africa’s most influential businessmen, founded Future Mining in 1994 and quickly grew it into a successful contract mining company. In 1997, he established ARMgold, which was later listed on the Johannesburg Stock Exchange (JSE) in 2002.
The following year, ARMgold merged with Avmin and Harmony Gold, leading to the formation of African Rainbow Minerals (ARM), where Motsepe currently serves as founder and executive chairman. He was appointed non-independent non-executive chairman of Harmony Gold on September 23, 2003.
Founded in 1950, Harmony Gold operates mines in South Africa, Papua New Guinea, and Australia. Motsepe currently holds an 11.8% stake in the company.
Despite the positive strategic move, Harmony Gold’s shares have come under pressure amid a broader slump in gold and silver prices. According to Yahoo Finance, the company’s shares fell 10.99% to close at $17.98, marking one of its steepest drops in recent months.
Harmony Gold’s strong liquidity position places it in a solid position to weather short-term market pressures. Patrice Motsepe said the company 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).
