Harmony Gold Enters Copper Market with $1bn CSA Mine Acquisition

Harmony Gold

Strategic Push into Copper Solidifies Harmony’s Position as a Diversified Producer

Harmony Gold has finalized a $1.03 billion deal to acquire MAC Copper, the owner of the CSA copper mine in New South Wales, Australia. The acquisition marks a major step in Harmony’s copper ambitions and strengthens its diversification beyond gold. The CSA mine produced approximately 41,000 tonnes of refined copper in 2024 and is projected to boost output beyond 50,000 tonnes by 2026 once mining at the adjacent Merrin deposit begins.

The acquisition of MAC Copper complements Harmony’s earlier foray into the copper sector through the 2022 purchase of the Eva copper project in Queensland. The Eva project is expected to receive final investment approval in 2025, with construction planned for 2026 and production commencing by fiscal year 2028. Harmony has set a production target of 60,000 tonnes per year for Eva, which, combined with CSA's output, will raise its total refined copper capacity to over 100,000 tonnes annually.

This expansion aligns with global trends toward energy transition metals. Copper is central to clean energy infrastructure, and miners are aggressively repositioning to meet the anticipated surge in demand. By acquiring high-quality Australian assets, Harmony Gold secures long-term leverage to copper markets, enhances its project pipeline, and enters the global base metals competition with strong operating potential in tier-one jurisdictions.

The Metalnomist Commentary

Harmony Gold’s aggressive move into copper highlights a broader trend among gold miners diversifying into strategic base metals. As copper demand rises from electrification and renewables, securing scalable, low-risk assets in politically stable regions becomes a competitive imperative.