MAC Copper Trading Suspended as Harmony Gold Deal Becomes Effective

Scheme Sanctioned and Effective

MAC Copper Limited has reached a significant milestone in its acquisition by Harmony Gold (Australia) Pty Ltd, a subsidiary of Harmony Gold Mining Company Limited. The Royal Court of Jersey has officially sanctioned the scheme of arrangement, making the takeover legally effective as of 10 October 2025. This approval marks the culmination of a months-long process and sets the stage for the final steps in the acquisition.

Trading Suspended and Delisting Process

Following the court’s order, trading of MAC Copper Depositary Interests (CDIs) on the Australian Securities Exchange (ASX) and MAC shares on the New York Stock Exchange (NYSE) has been suspended from the close of trading on 10 October 2025. This suspension is a standard procedure ahead of the scheme’s implementation and delisting. The ASX is expected to halt trading before market opens on 13 October, while the NYSE will initiate delisting procedures shortly after suspension.

Key Dates for Shareholders

Shareholders and CDI holders registered at the Scheme Record Date, set for 17 October 2025, will be entitled to receive the scheme consideration as outlined in the takeover terms. The scheme is anticipated to be implemented on 24 October, with payments to shareholders scheduled to follow by the end of October and early November, depending on the nature of their holdings. This timeline provides clarity for investors on when they can expect to realise value from their MAC securities.

Strategic Implications

The acquisition aligns with Harmony Gold’s strategic focus on expanding its portfolio in metals critical to electrification and decarbonisation. MAC Copper’s assets and operations in stable jurisdictions complement Harmony’s existing footprint, potentially enhancing its position in the global mining sector. While financial details of the scheme consideration remain undisclosed in this announcement, the completion of the scheme signals a new chapter for both companies.

Looking Ahead

With the legal hurdles cleared and trading suspended, attention now turns to the smooth execution of the scheme and integration of MAC Copper into Harmony Gold’s operations. Investors will be watching closely for updates on payment distributions and any strategic moves post-acquisition that could impact market dynamics.