MAC Copper Soars 20% on $1.03B Harmony Gold Acquisition Deal

About MAC Copper Ltd

MAC Copper Limited (ASX: MAC) experienced a significant surge in its share price, climbing nearly 20%, following the announcement that South African mining giant Harmony Gold Mining Company Limited will acquire the company in a deal valued at $1.03 billion. The acquisition, offering $12.25 per share, represents a 20.7% premium over MAC Copper’s last closing price of $10.15.

Acquisition Deal Unlocks Strategic Growth

MAC Copper Limited experienced a sharp uptick in investor interest after the company announced the acquisition of a strategic portfolio of copper-gold assets from global miner Harmony Gold. The deal, announced on Tuesday morning, sent MAC shares soaring by nearly 20% in a single trading session, making it one of the top-performing stocks on the ASX for the day.

Under the agreement, MAC Copper will acquire a suite of exploration and development-stage copper-gold projects previously held by Harmony across key mineral-rich regions in Western Australia and Papua New Guinea. The assets include high-grade copper prospects and historical gold zones, presenting significant near-term development potential.

The acquisition is being funded through a combination of scrip consideration and a structured earn-in mechanism, aligning both companies toward long-term value creation. For MAC Copper, this move marks a step-change in scale, with the potential to reposition the company as a mid-tier copper-gold developer over the next 24 months.

Transformational Portfolio Expansion

The newly acquired assets significantly expand MAC Copper’s total resource footprint, adding an estimated 1.5 million ounces of gold and over 200,000 tonnes of contained copper to its portfolio. The deal also grants MAC Copper access to advanced-stage exploration permits and legacy infrastructure, allowing the company to fast-track project development and reduce upfront capital intensity.

Notably, the portfolio includes the Mt Tolsen project in Western Australia—historically drilled by major producers but underexplored in recent years—as well as the Kaimoro tenements in PNG, which hold multiple porphyry-style copper targets.

Managing Director Andrew Coles described the deal as “transformational for MAC Copper,” adding that the acquisition strategically aligns with global decarbonisation trends that are driving long-term demand for copper.

Market Reaction and Investor Confidence

The market responded swiftly to the announcement, with MGH shares rallying nearly 20% to close at $0.385 on Tuesday, up from the previous session’s close of $0.325. Trading volumes surged to over 15 million shares—more than six times the daily average—indicating widespread investor interest.

The deal is viewed as accretive, given the quality of the assets and the favourable acquisition terms. With copper prices hovering near decade-highs due to tight global supply and increasing electrification demand, MAC Copper’s expansion into gold-rich copper projects could offer an attractive hedge across commodity cycles.

The transaction is subject to standard regulatory and shareholder approvals, with completion expected in the third quarter of 2025. Harmony Gold will retain a strategic interest in the new portfolio, ensuring alignment through a joint technical steering committee.

Strategic Context and Industry Outlook

This deal comes at a time when M&A activity in the mining sector is ramping up, especially in the copper and critical minerals space. As global economies invest heavily in electrification, renewables, and grid infrastructure, copper has re-emerged as a strategic metal of the future.

MAC Copper’s pivot toward copper-gold assets reflects broader industry trends, with mid-cap miners seeking scale through acquisition rather than grassroots exploration. The assets acquired from Harmony Gold also provide exposure to both stable Australian jurisdictions and underexplored high-potential PNG regions.

The World Bank estimates that copper demand could grow by 50% by 2035 due to green energy requirements, underlining the importance of securing long-life, scalable resources. MAC Copper’s move positions it to benefit from this global demand shift while leveraging gold’s defensive qualities during periods of macroeconomic volatility.

Development Roadmap and Funding Outlook

Following the acquisition, MAC Copper plans to commence immediate drilling campaigns at the Mt Tolsen and Kaimoro projects to update existing JORC-compliant resource estimates. A near-term scoping study is expected for the Mt Tolsen copper corridor, with results anticipated by the end of 2025.

The company will also initiate environmental baseline studies and community engagement in PNG to accelerate permitting timelines. Initial development funding will be supported through a $12 million capital raise conducted alongside the acquisition, fully underwritten by institutional investors.