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Investing.com -- Harmony (JO:HARJ) Gold, a mining company, has announced its plans to acquire MAC Copper, a New York-listed company, in a $1.03 billion cash deal. This acquisition will increase Harmony Gold’s exposure to copper, a commodity that is crucial to the energy transition.
The mining company stated on Tuesday that it has agreed to purchase 100% of MAC Copper’s shares at $12.25 each. This price values the copper mining company at a total equity value of $1.03 billion, which is 20.7% above MAC Copper’s closing share price of $10.15 last Friday.
MAC Copper’s primary asset is the CSA Copper Mine. The mine is situated approximately 700 kilometers north-west of Sydney, Australia. Harmony Gold reported that the mine produced roughly 41,000 metric tons of copper in 2024. The mine’s current reserve life is over 12 years.
Harmony Gold also mentioned that MAC Copper’s board is unanimously recommending its shareholders to vote in favor of the offer.
The completion of this transaction is anticipated to occur around the end of this year.
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