Harmony Gold acquires MAC Copper for US$1.01 billion

South Africa’s Harmony Gold has completed the US$1.01 billion acquisition of Australia-based MAC Copper Limited. The deal gives the Randfontein-based miner ownership of the CSA copper mine, officially making it a copper producer.

While Harmony Gold has traditionally focused on gold, the company began diversifying into copper several years ago. This strategy was initially supported by the Wafi-Golpu project in Papua New Guinea and the Eva project in Australia, both still under development. The acquisition of the producing CSA mine, however, gives Harmony Gold immediate copper output.

According to MAC Copper’s website, the CSA mine produces about 40,000 tons of copper a year. Harmony Gold said it will integrate the mine’s operations into its broader production plan over the next three months, adding CSA’s output to its current fiscal-year forecasts.

The move reflects a broader trend among gold producers diversifying into copper, a key metal for the global energy transition. The same shift can be seen at Newmont Corp, the world’s largest gold producer, and Barrick Gold of Canada, which operates the Lumwana mine in Zambia.