MAC Copper Delisting Imminent as Harmony Gold Takes Full Control
Harmony Gold has completed its acquisition of MAC Copper Limited, transferring all shares and initiating the delisting process from major stock exchanges.
- Harmony Gold acquires 100% of MAC Copper shares
- Scheme of arrangement executed under Jersey law
- MAC shares delisted from NYSE immediately
- ASX delisting scheduled by 3 November 2025
- Scheme consideration payments to shareholders scheduled late October
Acquisition Completion Marks a New Chapter
MAC Copper Limited has officially become a wholly owned subsidiary of Harmony Gold Mining Company Limited through its Australian subsidiary, Harmony Gold (Australia) Pty Ltd. This milestone follows the implementation of a Jersey law scheme of arrangement, a legal mechanism that facilitated the transfer of all MAC shares to Harmony. The transaction, announced on 24 October 2025, signals a significant consolidation in the copper mining sector.
Shareholder Payments and Timelines
Shareholders who held MAC shares or CHESS Depositary Interests (CDIs) as of the record date on 17 October 2025 will receive their scheme consideration payments in the coming days. Payments for shares held within the Depository Trust Company (DTC) are scheduled for 27 October, while those held outside DTC and CDI holders will be paid by 31 October. These timelines are critical for investors awaiting the finalisation of their returns from the acquisition.
Delisting from Major Exchanges
Following the acquisition, MAC shares have been delisted from the New York Stock Exchange as of the announcement date. The Australian Securities Exchange delisting is expected to be completed by 3 November 2025. This removal from public trading platforms marks the end of MAC Copper’s independent market presence and reflects Harmony Gold’s strategy to integrate the company fully into its operations.
Strategic Implications for Harmony Gold
Harmony Gold’s acquisition of MAC Copper expands its footprint in the copper mining industry, potentially enhancing its resource base and operational capabilities. While financial details of the scheme consideration were not disclosed in this announcement, the move aligns with Harmony’s broader growth ambitions. Investors will be watching closely to see how Harmony leverages MAC’s assets and expertise in the coming months.
Looking Ahead
With the acquisition now complete and delisting underway, the focus shifts to the integration process and the realisation of anticipated synergies. Shareholders have been provided with contact points for any queries regarding their payments, underscoring the company’s commitment to a smooth transition. The coming weeks will be pivotal in determining the success of this strategic acquisition.
Bottom Line?
Harmony Gold’s acquisition closes a chapter for MAC Copper, opening a new phase of integration and market repositioning.
Questions in the middle?
- What are the financial terms and valuation metrics behind the scheme consideration?
- How will Harmony Gold integrate MAC Copper’s operations and assets?
- What impact will the delisting have on liquidity and shareholder value in the short term?
