Will MAC Copper Shareholders Approve Harmony Gold’s $1 Billion Premium Deal?

Context of the Acquisition

On 29 August 2025, MAC Copper Limited (ASX, MAC, NYSE, MTAL) held crucial Court and General Meetings to consider a proposed acquisition by Harmony Gold (Australia) Pty Ltd, a subsidiary of Harmony Gold Mining Company Limited. The acquisition is structured as a Jersey law scheme of arrangement, offering MAC shareholders US$12.25 in cash per share, representing a 20.7% premium over the last trading price before the deal announcement. This values MAC’s equity at approximately US$1.03 billion and the enterprise at around US$1.52 billion.

Shareholder Engagement and Voting Process

MAC’s board, led by Chair Patrice Merrin, convened the meetings both in-person and virtually, ensuring broad shareholder participation. The meetings were conducted under the supervision of the Royal Court of Jersey, with strict procedural rules for voting and question submissions. Shareholders were given the opportunity to vote on the scheme resolution and a related general meeting resolution authorising the directors to implement the scheme and amend the company’s articles of association.

Notably, the MAC directors unanimously recommended shareholders vote in favour of the scheme, citing the attractive premium and the absence of any superior proposals. Directors and senior management, including CEO Mick McMullen and CFO Morné Engelbrecht, lodged proxies in support of the transaction, signalling strong internal confidence.

Conditions and Next Steps

The scheme’s implementation remains conditional on several key approvals, a majority vote by scheme shareholders at the Court Meeting, approval of the General Meeting resolution, and sanction by the Royal Court of Jersey at a hearing provisionally scheduled for 9 October 2025. If approved, the transaction is expected to complete by around 24 October 2025.

Following completion, MAC shares will be delisted from the New York Stock Exchange, and trading of MAC CHESS Depositary Interests (CDIs) on the ASX will be suspended. These steps mark a significant transition for MAC, shifting from a publicly traded entity to a wholly owned subsidiary of Harmony Gold.

Strategic Implications

MAC Copper’s focus on metals critical to electrification and decarbonisation aligns well with Harmony Gold’s broader mining portfolio. The acquisition could enhance Harmony’s exposure to copper, a key metal in the global energy transition. For MAC shareholders, the cash offer provides immediate value with a premium, though it ends their participation in MAC’s future growth as an independent company.

Market watchers will be keenly observing the final vote tallies and court sanction outcome, which will determine whether this transformative deal proceeds as planned.