South Africa’s Harmony Gold has received final regulatory approval for its planned US$1 billion takeover of MAC Copper, clearing the way for the company to expand its portfolio into critical minerals. Australia’s Foreign Investment Review Board (FIRB) gave the green light this week, following earlier clearance from the South African Reserve Bank. The transaction, announced in May, values MAC Copper at US$12.25 per share, representing a 20% premium at the time, and now awaits shareholder approval at meetings scheduled for August 29, 2025.
The deal represents a strategic shift for Harmony, the country’s largest gold producer, as it diversifies into copper at a time when demand for metal is soaring due to its role in electrification and renewable energy infrastructure. MAC Copper’s flagship asset is the CSA mine in New South Wales, one of Australia’s oldest and deepest copper operations, known for its high grades and a production history spanning nearly 150 years. Harmony also holds the Eva copper project in Queensland, where it plans to start production by 2028.
By combining CSA and Eva, Harmony aims to build an annual copper production capacity of around 100,000 tons within five years, marking a significant pivot from its historic reliance on gold. The acquisition underscores how South African miners are repositioning themselves in the global critical minerals landscape, leveraging high-value assets abroad to capture growth in copper markets. With regulatory hurdles cleared, Harmony’s expansion signals both geographic diversification and alignment with long- term global energy transition trends.