South African billionaire Patrice Motsepe, through his mining conglomerate Harmony Gold, has successfully completed the $1.01 billion acquisition of MAC Copper Limited, the owner of the CSA Copper Mine located in New South Wales, Australia.
The acquisition, finalized through a Jersey law Scheme of Arrangement initiated in May 2025, marks a major strategic milestone in Harmony Gold’s diversification drive — positioning the company for significant growth in the global copper market.
Strategic Expansion Beyond Gold
Harmony Gold, South Africa’s largest gold producer, said in a statement that the deal represents a “decisive step toward long-term sustainability”, as the global demand for copper continues to surge due to its central role in the renewable energy and electric vehicle industries.
The company outlined plans to make copper account for approximately 40% of its total production portfolio by 2035, underscoring a deliberate shift toward base metals with strong future demand prospects.
“The acquisition of MAC Copper Limited and the CSA Copper Mine strengthens our portfolio and supports Harmony’s strategy of building a multi-metal business with a focus on growth, value creation, and future relevance,” the company stated.
Deal Structure and Financing
Harmony Gold disclosed that the $1.01 billion transaction was financed through a combination of internal cash reserves and a $1.25 billion bridging facility arranged with a consortium of international lenders.
The CSA Copper Mine, located near Cobar in New South Wales, has been in continuous operation since 1967 and is known for its high-grade copper deposits. The acquisition provides Harmony with immediate access to established production infrastructure, skilled labor, and a strong regional mining ecosystem.
Positioning for the Energy Transition
Analysts say Harmony Gold’s move reflects a growing trend among major gold producers to diversify into “green economy” metals such as copper, lithium, and nickel — all of which are critical for renewable technologies and decarbonisation initiatives.
With global copper demand projected to double by 2035, Harmony Gold’s expansion is expected to enhance its long-term competitiveness while reducing dependence on gold revenues.
“This acquisition signals Harmony’s intent to become a key player in the metals powering the global energy transition,” said Sipho Mthethwa, a Johannesburg-based mining analyst. “It’s a bold step that aligns with Motsepe’s history of long-term, visionary investments.”
Motsepe’s Global Mining Footprint
Patrice Motsepe, Africa’s first Black billionaire and the founder of African Rainbow Minerals (ARM), has long been regarded as one of the continent’s most influential mining magnates. His leadership at Harmony Gold — in which ARM is a major shareholder — continues to strengthen South Africa’s representation in the global resource sector.
Industry observers view the CSA Copper Mine acquisition as a pivotal move that expands Motsepe’s international mining footprint and reinforces Africa’s participation in global resource supply chains.
Looking Ahead
Harmony Gold said integration planning is already underway, with a focus on operational synergies, sustainability practices, and community engagement in Australia.
The company also noted that the acquisition complements its long-term environmental, social, and governance (ESG) strategy by increasing exposure to metals essential for clean energy technologies.
“With this acquisition, Harmony is not just mining copper — we’re mining opportunity, innovation, and the future,” the company concluded.
