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Harmony Gold Mining Company (NYSE:HMY) shares are trading lower in the premarket session on Tuesday after it announced plans to solidify its presence in the Australian copper mining space.
The South African miner has entered into a definitive agreement with MAC Copper Ltd (NYSE:MTAL) to purchase the company’s entire share capital under a court-sanctioned scheme of arrangement in Jersey.
MAC Copper shares are trading higher in the premarket session following the announcement.
The transaction values MAC Copper at approximately $1.03 billion, offering shareholders $12.25 per share in cash. The deal represents a primium of 20.7% to the last closing share price of $10.15 per MAC Copper share trading on the NYSE on Friday, 23 May.
Under the terms of the agreement, Harmony’s Australian subsidiary will oversee the purchase, funded through a combination of cash reserves and committed debt.
The offer has already garnered strong support from MAC Copper’s leadership and influential stakeholders, including Fourth Sail, Osisko, Sprott, Victor Smorgon, and Bluescape, who collectively hold over 20% of outstanding shares.
The MAC Copper board unanimously supports the deal, emphasizing that it provides shareholders with an opportunity to exit at an attractive valuation while mitigating future risks.
CEO Mick McMullen praised the company’s operational turnaround and highlighted the strategic alignment with Harmony’s ambitions to scale up its Australian copper portfolio.
McMullen added that Harmony’s stewardship could benefit not only the CSA Copper Mine but also the broader Cobar community.
The deal is contingent on regulatory approvals from both Australian and South African authorities, along with certain contract amendments involving existing streaming and royalty agreements with Osisko and Glencore.
A shareholder vote is expected in the fourth quarter of 2025, followed by court approval in Jersey.
Price Action: Harmony Gold Mining shares are trading down by 8.96% to $14.42 at last check Tuesday. MAC Copper Ltd (NYSE:MTAL) are up 20.49% at $12.23.
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