Harmony Gold ups renewable energy play with R1bn copper deal
JSE-listed Harmony Gold has bought an Australian copper mine at a time when the metal, a crucial material as the world moves to renewable energy, is closing in on a five-year high.
JSE-listed Harmony Gold has bought an Australian copper mine at a time when the metal, a crucial material as the world moves to renewable energy, is closing in on a five-year high.
The gold-copper producer, with assets in Australia, Papua New Guinea, and South Africa, acquired MAC Copper for $1.03 billion (or about R18.4bn at the time of the deal).
MAC Copper, headquartered in Jersey, owns CSA Mine in regional New South Wales, which it says is one of Australia's highest grade copper mines. CSA Mine produces about 40,000 tonnes of copper each year and is MAC's only asset.
The Jersey-based miner is developing the Merrin Mine, which is located in the upper parts of CSA and is expected to provide additional copper and zinc production.
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