Harmony Gold diversifies into copper with R18bn deal to acquire Australian miner

The Money Show's Stephen Grootes interviews Beyers Nel, Group CEO of Harmony Gold Mining Company.

South African mining giant Harmony Gold has announced an agreement to acquire 100% of the securities in Australian miner MAC Copper, through  Harmony's Australian subsidiary.

The deal is worth close to R18.5 billion ($1.03 billion).

It includes the CSA Copper Mine, located in the Cobar Region of New South Wales.

Harmony hails the acquisition of the CSA Mine as significant as this introduces a high-quality, established underground producing copper asset to its portfolio. 

CSA is one of the highest-grade copper mines in Australia, producing 41 kilotons of copper in the 2024 calendar year.

Stephen Grootes interviews Beyers Nel, Group CEO and executive director of Harmony Gold Mining Company.

Nel refers to Harmony's proven ability to extract extra value from mines it's acquired throughout its close to 75 years of existence.

"We have a unique skill set in Harmony with mining the deepest mines in the world... and CSA is a relatively deep mine. With Harmony's expertise and our ability to recapitalise mines and turn them into added value, this is one of the examples where we see a lot of additional value under our management."

Beyers Nel, Group CEO - Harmony Gold 

"In the last few years we've acquired the remaining AngloGold Ashanti assets in South Africa and extend the life of those assets, being the partner of choice in the areas we operate... so we look forward to doing the same in the Cobar region with the people of Cobar and the communities around the mines."

Beyers Nel, Group CEO - Harmony Gold 

Harmony also has a particular interest in an additional CSA mining area called the Merrin Mine, where development to extract the first ore is underway, Nel says.

Scroll up to the audio player to listen to the interview