MAC Copper Limited Obtains Approval from the South African Reserve Bank
The proposed acquisition of MAC Copper Limited by Harmony Gold Mining Company Limited is progressing well. Harmony Gold has received key regulatory approval from the South African Reserve Bank, a critical milestone for the cross-border transaction.
The acquisition, valued at US$1.03 billion, is structured as a Jersey law scheme of arrangement and requires both shareholder approval and court sanctioning to proceed. If approved, the transaction is expected to be implemented in the fourth quarter of 2025, subject to remaining regulatory approvals, including from the Australian Foreign Investment Review Board.
MAC Copper shareholders have until August 27, 2025, to cast their votes on the acquisition. The results of this vote will be announced at a court and general meeting scheduled for August 29, 2025, in Jersey. Both meetings will be conducted online via a virtual platform.
The acquisition will transfer ownership of MAC's primary asset, the CSA copper mine in New South Wales, Australia, to Harmony Gold. Both the MAC CEO, Mick McMullen, and the directors of MAC have unanimously recommended shareholders vote in favor of the transaction.
The agreement depends on the satisfaction of several conditions, including consents from counterparties to related silver and copper stream and royalty agreements, which MAC has been working to finalize. The shareholders’ meetings and court sanction are the final major procedural steps before implementation.
For any questions about the Scheme or the Scheme Circular, MAC shareholders can contact MAC's proxy solicitation firm, Sodali & Co, at the provided toll-free and international numbers. The Scheme Circular, which contains information about the scheme, has been dispatched to shareholders.
Each MAC Shareholder whose name appears on the Share Register at 4:00 pm (New York time) on Tuesday, 29 July 2025 is entitled to attend and vote on all resolutions at the Court Meeting and the General Meeting.
Investors can find more information about the acquisition on businesswire.com. Mick McMullen, CEO and Director of MAC Copper Limited, has encouraged shareholders to vote in favor of the scheme. The Scheme remains subject to the Court sanctioning the Scheme at the Court Sanction Hearing.
[1] Business Wire: [Link to the source] [2] ASX: [Link to the source] [3] NYSE: [Link to the source] [4] Additional information: [Link to the source]
- The acquisition of MAC Copper Limited by Harmony Gold Mining Company Limited, valued at US$1.03 billion, is progressing in the finance sector, with industry participants closely watching the approval from regulatory bodies such as the South African Reserve Bank and the Australian Foreign Investment Review Board.
- If approved, the business acquisition, expected to be implemented in the fourth quarter of 2025, will alter the ownership structure of MAC's primary asset, the CSA copper mine, and will impact the industry's competitive landscape significantly.
