Harmony Gold to buy MAC Copper in $1B deal

MAC Copper (MTAL) +17.3% pre-market Tuesday after Harmony Gold (NYSE:HMY) said it agreed to acquire the company for $1.03B in cash, as it seeks to increase its exposure to copper; Harmony -9.3% pre-market.

Harmony (NYSE:HMY) said it will pay $12.25/share, a 20.7% premium to MAC Copper's  (MTAL) closing price in New York on Friday.

MAC Copper's only asset is the CSA copper mine, located in Ausatralia's New South Wales, which produced 41K metric tons of copper in 2024 and has a current reserve life of more than 12 years.

The deal marks a significant step for Harmony (HMY) to grow into a global gold and copper producer, CEO Beyers Nel said; the company bought the Eva Copper project in Queensland in 2022, a mine that could produce 55K-60K metric tons/year of metal starting in 2029.