Harmony Gold receives FIRB approval for MAC Copper acquisition

JERSEY - MAC Copper Limited (NYSE:MTAL, ASX:MAC) announced Monday that Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY), a $3.3 billion market cap mining company, has received approval from Australia’s Foreign Investment Review Board (FIRB) for its proposed acquisition of MAC. According to InvestingPro analysis, Harmony Gold is currently trading below its Fair Value, suggesting potential upside for investors watching this deal.

The FIRB approval satisfies a key regulatory condition for the transaction, which is structured as a Jersey law scheme of arrangement. This follows previous approval from the South African Reserve Bank (SARB), meaning all required regulatory approvals for the deal have now been obtained. InvestingPro data shows Harmony Gold maintains a FAIR overall financial health score, with a moderate debt-to-equity ratio of 2.08.

"The receipt of regulatory approval from FIRB following the previously announced approval from SARB is another significant step towards implementation of the Transaction," said MAC CEO Mick McMullen in a press release statement.

The acquisition still requires approval from MAC shareholders at upcoming meetings scheduled for August 29, 2025. MAC CDI holders must vote by August 26, while MAC shareholders and scheme shareholders have until August 27 to cast their votes.

The scheme remains subject to several conditions, including shareholder approval by the required majorities, satisfaction of specified conditions related to the Streams Restructure Deed, and court sanction at the Court Sanction Hearing.

MAC’s board of directors unanimously recommends that shareholders vote in favor of the scheme in the absence of a superior proposal.

MAC Copper Limited describes itself as a company focused on operating and acquiring metals and mining businesses in stable jurisdictions that are critical to global electrification and decarbonization efforts. Want deeper insights into mining companies’ valuations and financial health? InvestingPro offers exclusive access to over 30 key metrics and additional ProTips that can help inform your investment decisions.

In other recent news, Harmony Gold Mining Company Limited has received regulatory approval from the Financial Surveillance Department of the South African Reserve Bank for its proposed acquisition of MAC Copper Limited. This approval is a significant step forward, fulfilling a key regulatory condition for the transaction. The acquisition is planned to occur through a Jersey law scheme of arrangement, with Harmony Gold’s Australian subsidiary aiming to acquire 100% of MAC Copper’s issued share capital. Furthermore, the Royal Court of Jersey has ordered MAC Copper to hold shareholder meetings to consider this acquisition. These meetings will include a Court Meeting for scheme shareholders and a General Meeting to address transaction-related matters. Additionally, MAC Copper has announced that the first court hearing for the acquisition is scheduled for July 30, 2025. This hearing is intended to secure court approval for dispatching scheme documents and convening shareholder meetings. These developments mark important milestones in the acquisition process.

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