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MAC Copper Limited (NYSE:MTAL) has announced that shareholders have overwhelmingly approved the proposed acquisition by Harmony Gold Mining Company Limited through its subsidiary. The scheme of arrangement received strong support with 98.43% of votes cast in favor at the Court Meeting and 97.84% approval at the General Meeting.
The Court Sanction Hearing is scheduled for October 9, 2025. Upon court approval and registration, MAC shares will be suspended from trading on the NYSE on October 10, 2025, and MAC CDIs will be suspended from ASX trading on October 13, 2025.
MAC Copper Limited (NYSE:MTAL) has announced a significant milestone in its proposed acquisition by Harmony Gold Mining Company Limited. The company has received approval from the Foreign Investment Review Board (FIRB) on behalf of the Australian Federal Treasurer, satisfying all regulatory conditions precedent for the scheme of arrangement.
The transaction now awaits shareholder approval at the Court Meeting and General Meeting scheduled for August 29, 2025. MAC's CEO Mick McMullen emphasized this as a crucial step following the previous SARB approval, urging shareholders to vote before the August 26 deadline for CDI holders and August 27 for MAC shareholders.
The company's directors unanimously recommend shareholders vote in favor of the scheme, subject to no superior proposal emerging. The scheme remains contingent on shareholder approval, satisfaction of Streams Restructure Deed conditions, and court sanction.
MAC Copper Limited (NYSE:MTAL) has announced a significant milestone in its proposed acquisition by Harmony Gold Mining Company Limited. The South African Reserve Bank's (SARB) Financial Surveillance Department has granted regulatory approval for the implementation of the Jersey law scheme of arrangement and Harmony's funding of the Scheme Consideration.
The transaction progress includes the completion of Restructuring Documents and the dispatch of the Scheme Circular to shareholders. Shareholders must vote by August 26, 2025 (MAC CDI Holders) and August 27, 2025 (MAC Shareholders). The Court Meeting and General Meeting are scheduled for August 29, 2025.
The MAC Directors unanimously recommend shareholders vote in favor of the scheme, subject to no Superior Proposal emerging. The transaction still requires approval from Australia's Foreign Investment Review Board, shareholder approval, and court sanction.
MAC Copper Limited (NYSE:MTAL) has announced the completion of the Scheme Circular dispatch regarding its proposed acquisition by Harmony Gold Mining Company Limited through its subsidiary. The circular details the Jersey law scheme of arrangement for Harmony's acquisition of 100% of MAC's issued share capital.
The company has scheduled key meetings for August 29, 2025, with the Court Meeting at 12:30 PM Jersey time and the General Meeting at 1:00 PM Jersey time. MAC Directors have unanimously recommended shareholders vote in favor of the scheme in the absence of a Superior Proposal. The Implementation Date is provisionally set for October 24, 2025, subject to conditions being met.
MAC Copper Limited (NYSE:MTAL) announced that the Royal Court of Jersey has ordered meetings of shareholders to consider the proposed acquisition of MAC by Harmony Gold Australia, a subsidiary of Harmony Gold Mining Company Limited. The transaction will be executed through a Jersey law scheme of arrangement.
The Court Meeting and General Meeting are scheduled for August 29, 2025, with the Court Meeting at 12:30 PM Jersey time and the General Meeting at 1:00 PM Jersey time. MAC's board of directors unanimously recommends shareholders vote in favor of the scheme, with directors holding 2.44% of shares committing their votes in support.
The Scheme Circular will be dispatched to shareholders on August 4, 2025. The company has postponed its Annual General Meeting to allow shareholders to focus on the acquisition proceedings.
MAC Copper (NYSE:MTAL) reported strong Q2 2025 performance with record operational achievements. The company produced 10,587 tonnes of copper, a 23% increase quarter-over-quarter, at an improved grade of 4.4% Cu. Notable highlights include record-low C1 costs of US$1.48/lb (23% decrease QoQ) and record operational free cash flow of ~US$42 million.
Safety performance improved significantly with TRIFR decreasing to 6.9 from 9.9 in Q1 2025. The company maintains its 2025 copper production guidance of 43,000-48,000 tonnes and targets production of over 50,000 tonnes per annum by 2026. Cash position strengthened to ~US$102 million, a 36% increase QoQ.
MAC Copper also provided updates on its pending acquisition by Harmony Gold Mining Company, with key regulatory approvals and shareholder votes scheduled for August 2025.
MAC Copper Limited (NYSE:MTAL) has provided an update on its proposed acquisition by Harmony Gold Mining Company Limited. The transaction will be executed through a Jersey law scheme of arrangement, with the First Court Hearing scheduled for July 30, 2025.
Key developments include the execution of Restructuring Documents with Harmony, OR Royalties, and Glencore regarding amendments to the Copper Stream, Silver Stream, and Royalty Deed. The transaction timeline indicates the Scheme Meeting will be held on August 29, 2025, followed by the General Meeting. The MAC board unanimously recommends shareholders vote in favor of the Scheme, with directors holding 2.4% of shares intending to support the proposal.
Copper Mountain Mining Corporation has received Foreign Investment Review Board approval for the sale of its Eva Copper Project in Queensland, Australia to Harmony Gold Mining Company Limited (NYSE: HMY). This approval, granted on December 13, 2022, is the final condition for the transaction valued at up to US$230 million. The completion of this transaction is expected to occur shortly, pending cash receipt from Harmony. Copper Mountain's primary asset is the Copper Mountain Mine in British Columbia, producing approximately 100 million pounds of copper equivalent annually.
Copper Mountain Mining Corporation has secured bondholder approval for the sale of its wholly-owned Eva Copper Project and 2,100 km² land package in Queensland, Australia to Harmony Gold Mining (NYSE: HMY). The deal is valued at up to US$230 million. Following this, Copper Mountain plans a bond buyback offer amounting to a minimum of US$87 million at 103% of the nominal value, funded by expected proceeds from the transaction. Closing is anticipated by the first quarter of 2023, subject to regulatory approvals.
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