MAC Copper Limited Announces Closing Timetable for Acquisition by Harmony Gold

What's Happening?

MAC Copper Limited has announced the closing timetable for its acquisition by Harmony Gold (Australia) Pty Ltd, a subsidiary of Harmony Gold Mining Company Limited. The acquisition will be executed through a Jersey law scheme of arrangement. The Court Sanction Hearing is scheduled for October 9, 2025, with the effective date set for October 10, 2025. Trading of MAC CDIs on the ASX and MAC Shares on the NYSE will cease on October 10, 2025, followed by the suspension of MAC CDIs on the ASX on October 13, 2025, and the initiation of delisting of MAC Shares from the NYSE on October 14, 2025. The complete delisting from the NYSE is expected by October 24, 2025, with the implementation date set for the same day. Payments to shareholders will be made between October 27 and November 3, 2025.

Why It's Important?

This acquisition is significant as it represents a strategic move by Harmony Gold to expand its operations in stable jurisdictions critical to the electrification and decarbonization of the global economy. The transaction will affect shareholders and CDI holders, who will receive payments in U.S. dollars or Australian dollars, depending on their location and prior arrangements. The delisting from major exchanges like the NYSE and ASX marks a pivotal shift in MAC Copper's operational strategy, potentially impacting its market presence and investor base.

What's Next?

Following the acquisition, MAC Copper Limited will undergo a delisting process from the NYSE and ASX, with trading ceasing on October 10, 2025. Shareholders and CDI holders will receive their payments according to the outlined schedule. The acquisition is expected to be completed by November 3, 2025, after which Harmony Gold will fully integrate MAC Copper's operations into its portfolio. Stakeholders will need to monitor announcements for any changes to the timetable.

Beyond the Headlines

The acquisition highlights the growing trend of consolidation in the mining industry, driven by the need for resources essential to renewable energy and electrification. This move may influence other companies in the sector to pursue similar strategies, potentially reshaping the competitive landscape. The focus on stable jurisdictions underscores the importance of geopolitical stability in resource acquisition.