MAC Copper has secured Foreign Investment Review Board approval, satisfying all regulatory conditions for its acquisition by Harmony Gold’s Australian subsidiary. The deal now awaits shareholder votes and court sanction to proceed.
- FIRB approval obtained, completing regulatory requirements
- Harmony Gold’s subsidiary to acquire 100% of MAC Copper
- Shareholder meetings scheduled for 29 August 2025
- MAC directors unanimously recommend voting in favor
- Transaction still subject to court sanction and shareholder approval
Regulatory Green Light Achieved
MAC Copper Limited has announced a significant milestone in its proposed acquisition by Harmony Gold’s Australian subsidiary, with the Foreign Investment Review Board (FIRB) granting formal approval. This development marks the satisfaction of all regulatory conditions precedent, following earlier clearance from the South African Reserve Bank (SARB).
The FIRB’s approval is a crucial step in the cross-border transaction, signaling the Australian government’s non-objection to the scheme of arrangement under Jersey law. This regulatory endorsement removes a major hurdle, allowing the deal to advance toward finalisation.
Next Steps – Shareholder and Court Approvals
Despite clearing regulatory requirements, the acquisition remains contingent on several key approvals. MAC Copper shareholders are set to vote on the scheme and related resolutions at meetings scheduled for 29 August 2025. The company’s board, led by CEO Mick McMullen, has unanimously recommended shareholders vote in favor, barring any superior proposal emerging.
Following shareholder approval, the scheme must also receive sanction from the Jersey court. The court’s endorsement will legally bind the transaction, paving the way for Harmony Gold to complete its acquisition of MAC Copper.
Strategic Implications for MAC Copper
The acquisition by Harmony Gold, a major player in the mining sector, aligns with MAC Copper’s focus on metals critical to electrification and decarbonization. Harmony’s entry could provide MAC with enhanced resources and market reach, potentially accelerating growth and operational synergies.
However, investors should remain attentive to the final shareholder votes and court outcomes, as well as any last-minute developments that could influence the transaction’s trajectory.
Bottom Line?
With regulatory approvals secured, all eyes now turn to shareholder votes and court sanction to seal the Harmony Gold takeover.
Questions in the middle?
- Will any superior proposal emerge before the shareholder vote deadline?
- How might Harmony Gold integrate MAC Copper’s assets post-acquisition?
- What are the potential risks if the court does not sanction the scheme?