South Africa’s Harmony Gold is moving forward with its international growth strategy through the proposed $1.08 billion (R19 billion) acquisition of Australia’s MAC Copper, a deal first announced in May and now closer to completion after MAC Copper shareholders overwhelmingly approved it.

Harmony Gold, headquartered in Randfontein, is South Africa’s largest gold producer by volume, operating a range of underground and open-pit mines across the Free State and Gauteng provinces, alongside extensive surface retreatment projects.

While rooted in gold, the company has been pursuing diversification, with copper and other base metals forming the centerpiece of its future growth plans.

If finalized, the transaction will transfer ownership of the CSA copper mine near Cobar, New South Wales, to Harmony.

The CSA mine, one of Australia’s most significant underground copper operations, is wholly owned and operated by MAC Copper.

The acquisition has already cleared several major hurdles, including approval from the South African Reserve Bank in August 2025, considered a crucial step because of Harmony’s South African incorporation and the cross-border structure of the deal.

Only one regulatory approval remains before the transaction can be completed, according to Business Insider.

For Harmony, the acquisition marks a pivotal shift in strategy, extending its portfolio beyond gold and embedding the company more firmly into the global copper market, where demand is expected to grow rapidly due to renewable energy expansion and electric vehicle production.

Don’t Miss This:

Junta-Led Burkina Faso Bets On Revived Gold Mines To Boost Production In 2025

Copper’s importance as a diversification asset is underscored by South Africa’s relatively modest copper industry.

While copper ores and concentrates generated US $226.2 million in 2024, a slight increase from US $221.6 million in 2023, the country lags far behind Africa’s copper giants, the Democratic Republic of Congo and Zambia.

Including refined copper and alloys, South Africa’s copper exports reached about US $795.6 million in 2023, still minor compared to its dominant gold and platinum industries.

Analysts project that copper revenues will grow around 2% annually as global demand accelerates.

By adding approximately 40,000 tons of copper production per year, Harmony is positioning itself for resilience.

Chief executive Beyers Nel emphasized the strategic value of the acquisition, saying: “This acquisition accelerates Harmony’s strategy of adding to our portfolio of high-margin, long-life ore bodies. MAC Copper serves as a strategic lever, moving us towards a more resilient, geographically diverse asset portfolio, with copper enhancing cash flow resilience. With our proven expertise in underground mining and exploration, we will unlock further value from CSA.”

Beyond reducing exposure to gold price volatility, the acquisition strengthens Harmony’s place in the long-term growth cycle of the global copper market, where the shift to cleaner energy and electric mobility continues to drive demand.

Don’t Miss This:

Mali Finishes Takeover Of Gold Mines Abandoned By Foreign Companies

Image Credit: Business Insider Africa