MAC Copper Advances Harmony Gold Deal with Court Hearing Set for July 30
MAC Copper Limited has scheduled a key court hearing on July 30 to progress Harmony Gold’s recommended acquisition, moving closer to shareholder votes and regulatory approvals.
- First court hearing set for July 30, 2025
- Scheme Circular dispatch planned for August 4
- Unanimous MAC board recommendation pending no superior proposal
- Consents from stream counterparties and regulatory approvals underway
- Shareholder meetings scheduled for August 29
Transaction Update and Court Hearing
MAC Copper Limited has announced a significant procedural milestone in its proposed acquisition by Harmony Gold. The first court hearing under Jersey law is scheduled for July 30, 2025, where the court will consider orders to dispatch the Scheme Circular and convene the necessary shareholder meetings. This hearing is a critical step in advancing the transaction, which aims to transfer 100% ownership of MAC to Harmony Gold.
Timetable and Shareholder Engagement
Following the court hearing, MAC plans to dispatch the Scheme Circular on August 4, providing shareholders with detailed information about the transaction. Voting record dates are set for July 29, with the Scheme Meeting and General Meeting both scheduled for August 29. These meetings will allow shareholders to vote on the proposed scheme of arrangement, a decisive moment for the acquisition’s future.
Conditions and Consents
The transaction remains conditional on several key factors, notably the receipt of consents from counterparties involved in MAC’s Silver and Copper Streams, as well as the Royalty Deed. MAC has successfully executed restructuring agreements with Harmony, OR Royalties Limited, and Glencore, which amend these agreements to accommodate the transaction. The final hurdle is the satisfaction or waiver of specified conditions precedent related to these restructuring documents.
Regulatory Approvals and Board Support
Regulatory clearance is also underway, with applications submitted to the Australian Foreign Investment Review Board and the South African Reserve Bank. These approvals are essential given the cross-border nature of the deal. Meanwhile, MAC’s board continues to unanimously recommend the scheme to shareholders, emphasizing confidence in the transaction’s value, provided no superior proposal emerges.
Looking Ahead
As MAC and Harmony navigate these final procedural and regulatory steps, the market will be watching closely. The successful completion of this acquisition could reshape MAC’s future under Harmony’s ownership, potentially unlocking new operational synergies and strategic opportunities in the copper mining sector.
Bottom Line?
With the court hearing imminent, all eyes turn to shareholder approval and regulatory green lights to finalize this transformative deal.
Questions in the middle?
- Will all required consents from stream counterparties be secured without delay?
- How might regulatory scrutiny impact the transaction timeline or terms?
- Could a competing bid emerge before the shareholder vote?
