South Africa’s richest black billionaire, Patrice Motsepe, via Harmony Gold, South Africa’s largest gold producer, the gold business he backs, has completed a major acquisition.South Africa’s richest black billionaire, Patrice Motsepe, via Harmony Gold, South Africa’s largest gold producer, the gold business he backs, has completed a major acquisition.South African billionaire Patrice Motsepe completes a $1 billion copper play in AustraliaHarmony Gold, supported by Patrice Motsepe, has finalized a $1.01 billion acquisition of MAC Copper Limited.This acquisition includes the CSA Copper Mine, a high-grade copper asset located in Australia’s New South Wales.Harmony Gold plans to diversify, with copper projected to represent 40% of production by 2035.Harmony Gold’s stock recently saw significant declines amid global metal price fluctuations and easing geopolitical tensions.
Harmony Gold, as recently reported, has completed its $1.01 billion acquisition of MAC Copper Limited, proprietor of the premium CSA Copper Mine in Australia’s New South Wales.The deal was first initiated on May 25, 2025, and was put into effect on Friday through a Jersey law Scheme of Arrangement.
The entire equity value of MAC’s securities was $1.01 billion (about R18.4 billion) when Harmony purchased all of them at $12.25 a share, as seen on BusinessReport.Both cash reserves and a $1.25 billion bridging facility were used to fund the deal.Harmony made its strategic entry into the copper market in 2022 when it acquired the Eva Copper Project in Australia.The Group revealed that by 2035, copper will account for approximately 40% of total production, guaranteeing structural stability during commodity cycles and harmonizing with global decarbonization trends.“The completion of this acquisition marks a significant milestone in our strategy to grow into a global gold and copper producer.
CSA is a high-grade, long-life copper asset located in a Tier-1 jurisdiction. This asset will meaningfully enhance our business and support our long-term growth,” said Harmony CEO Beyers Nel in a statement.SEE HERE: South African billionaire Patrice Motsepe sees wealth rebound to $3.5 billion amid gold surge“Our proven operating model, extending the life of mines through disciplined investment in our orebodies and our people, has consistently delivered long-term value for all stakeholders, making us the partner of choice wherever we operate,” he added.Patrice Motsepe and Harmony GoldThe South African billionaire Patrice Motsepe established Future Mining in 1994, and it rapidly grew to become a successful contract mining business.A few years later, in 1997, he founded ARMgold, which went public on the JSE in 2002. In 2003, Patrice Motsepe oversaw the merging of ARMgold with Avmin and Harmony Gold.
He became the founder and executive chairman of African Rainbow Minerals (ARM), which was renamed from Avmin after the merger.On September 23, 2003, Dr. Patrice Motsepe was named non-independent non-executive chairman of Harmony Gold, a company that was founded in 1950 and operates mines in South Africa, Papua New Guinea, and Australia.The South African billionaire owns an 11.8 % stake in Harmony Gold.
The most recent report on the company, as seen on Yahoo Finance, showed that Harmony Gold tumbled by 10.99 percent to close at $17.98 apiece as investors withdrew their holdings during the worst decline in gold and silver in recent memory.On Wednesday, October 23, Harmony Gold (NYSE: HMY) shares were down 10.5% from the closing of Friday, October 17.The firm closed Wednesday, October 22, at 301.52 ZAR per share on the Johannesburg Stock Exchange, a 5.3% decrease from the previous day and a continuation of a downward trend that saw the company decline 14.06% from the closing of the previous week.SEE ALSO: Billionaire Motsepe’s phosphate mine faces new legal hurdle in South AfricaGold and silver experienced their largest single-day decline since 2013 in intra-day trade, falling 6.3% and 8.7%, respectively, as investors pulled profits from record highs.
Experts noted that an easing in the tensions between the United States and China has made the asset seem less of a haven, as confidence in global currencies strengthens.According to Patrice Motsepe, Harmony Gold closed its previous fiscal year with a net cash position of R11.1 billion ($645,050.75) and liquidity of R20.9 billion ($1,214,555,012.00).
