Harmony Gold receives South African Reserve Bank approval for MAC Copper deal

JERSEY - MAC Copper Limited (NYSE:MTAL, ASX:MAC) announced Friday that Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY), a $2.9 billion market cap mining company, has received regulatory approval from the Financial Surveillance Department of the South African Reserve Bank for its proposed acquisition of MAC. According to InvestingPro data, Harmony Gold currently trades at $24.08 per share and maintains a FAIR financial health rating.

The approval satisfies one of the key regulatory conditions precedent for the transaction, which is being conducted through a Jersey law scheme of arrangement. Harmony Gold’s Australian subsidiary is seeking to acquire 100% of MAC Copper’s issued share capital.

MAC Copper CEO Mick McMullen called the regulatory approval "another significant step towards implementation of the Transaction" in a press release statement.

The acquisition still requires approval from MAC shareholders at upcoming meetings scheduled for August 29, 2025, in Jersey. The Court Meeting will be held at 12:30 pm Jersey time, followed by the General Meeting at 1:00 pm Jersey time. Both meetings will be available online via a Virtual Meeting Platform.

Additional pending conditions include approval from Australia’s Foreign Investment Review Board, satisfaction of conditions related to the Streams Restructure Deed, court sanction of the scheme, and other customary conditions outlined in the scheme circular.

MAC Copper shareholders whose names appear on the share register as of July 29, 2025, will be eligible to vote at the meetings. The company’s directors unanimously recommend that shareholders vote in favor of the scheme in the absence of a superior proposal.

The scheme circular with complete details of the transaction was dispatched to shareholders earlier this week. MAC Copper is focused on operating and acquiring metals and mining businesses in stable jurisdictions that support the global electrification and decarbonization economy. InvestingPro analysis reveals several additional insights about Harmony Gold’s financial position and market performance, with subscribers having access to over 10 exclusive ProTips and detailed valuation metrics.

In other recent news, MAC Copper Limited has announced significant developments regarding its proposed acquisition by Harmony Gold Mining Company Limited. The Royal Court of Jersey has mandated that MAC Copper hold shareholder meetings to discuss and vote on the acquisition. This transaction is planned to occur through Harmony’s subsidiary, Harmony Gold (Australia) Pty Ltd, under a Jersey law scheme of arrangement. Additionally, the first court hearing for this acquisition is set for July 30, 2025. The purpose of this hearing is to secure court approval to distribute scheme documents and organize the necessary shareholder meetings. These updates are crucial for investors tracking the progress of the acquisition process.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.