Latest news with #MACCopperLimited
Business Wire
22-07-2025
- Business
- Business Wire
MAC Copper Limited Provides Update on Recommended Transaction with Harmony
ST. HELIER, Jersey--(BUSINESS WIRE)--MAC Copper Limited ARBN 671 963 198 (NYSE:MTAL; ASX:MAC) MAC Copper Limited (NYSE:MTAL, ASX:MAC) (' MAC ' or the ' Company ') is pleased to provide the following update on the proposed acquisition of 100% of the issued share capital in MAC by Harmony Gold (Australia) Pty Ltd (a wholly owned subsidiary of Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY)) (' Harmony ') by way of a Jersey law scheme of arrangement pursuant to Article 125 of the Companies (Jersey) Law 1991 (as amended) (' Scheme ') (the ' Transaction '). Capitalised terms used in this announcement have the meaning given to them in the Implementation Deed released to ASX and NYSE on 27 May 2025, unless the context otherwise requires. Directions hearing and indicative timetable MAC is pleased to advise that the First Court Hearing is scheduled for 10:00 a.m. (Jersey time) on 30 July 2025. The purpose of the First Court Hearing is to obtain an order from the Court to, among other things, dispatch the Scheme Circular and convene the Scheme Meeting and General Meeting. Following the conclusion of the First Court Hearing, MAC will release an announcement setting out the outcome of the hearing to be released on the ASX and furnished to the SEC. Subject to obtaining the order from the Court at the First Court Hearing, MAC anticipates the indicative timetable for the next steps of the Transaction to be as follows: Notes: All dates and times are based on MAC and Harmony's current expectations and are subject to change. If any of the dates and/or times in this expected timetable change materially, the revised dates and/or times will be published by a public announcement furnished to the SEC and released to the ASX and by making such announcement available on MAC's website at Individuals that become MAC Shareholders (or MAC CDI Holders) after this date will not be entitled to vote (or in the case of MAC CDI Holders, will not be entitled to instruct CHESS Depositary Nominees Pty Ltd to vote) at the Scheme Meeting and General Meeting. Further detail and information on the Transaction will be set out in the dispatched Scheme Circular. Status of conditions The Transaction is conditional, among other things, on MAC obtaining from each counterparty to the Silver Stream, the Copper Stream, the Royalty Deed and the Intercreditor Deed all necessary consents, approvals, amendments, exemptions or waivers in respect of the Transaction (in a form and subject to such conditions which are satisfactory to Harmony (acting reasonably) (the Consents Condition). MAC and Harmony have agreed that the Consents Condition will be taken to be satisfied when: various restructuring documents with Harmony, OR Royalties Limited (formerly Osisko Bermuda Limited) (OR Royalties) (in relation to the Copper Stream and the Silver Stream) and Glencore (in relation to the Royalty Deed) (the Restructuring Documents) have been executed by each of the parties to those documents; and certain specified conditions precedent to one of the Restructuring Documents, being a restructure deed between MAC, Harmony, OR Royalties, CSA Jersey Limited (a newly incorporated wholly-owned subsidiary of MAC), MAC Australia and CMPL, are satisfied or waived by OR Royalties (the Streams Restructure Deed). MAC is pleased to announce that it has entered into the Restructuring Documents with Harmony, OR Royalties and Glencore (as applicable) pursuant to which the parties have agreed to amend various documents in connection with the Copper Stream, the Silver Stream and the Royalty Deed, with such amendments to take effect after the Scheme has been implemented. Following the execution of the Restructuring Documents, the only steps required to satisfy the Consents Condition, are for the specified conditions precedent to the Streams Restructure Deed to be satisfied or waived. These conditions include: the delivery of customary certificates, legal opinions and other ancillary documents to OR Royalties; no event of default or trigger event occurring under the Silver Stream or Copper Stream before the date that is two Business Days before the Court Sanction Hearing; and the form of the deed of release in respect of the Senior Debt being agreed by all parties to that deed, Harmony and OR Royalties. In relation to the regulatory approvals required in connection with the Transaction, Harmony (with the assistance of MAC) has submitted applications to the Australian Foreign Investment Review Board (on behalf of the Australian Federal Treasurer) and the South African Reserve Bank to obtain the requisite regulatory approvals. Unanimous Board Recommendation The MAC board continues to unanimously recommend that MAC shareholders vote in favour of the Scheme, in the absence of a Superior Proposal (as defined in the Implementation Deed). Each of MAC's directors (who together hold or control 2.4% of MAC's total current fully paid ordinary shares and CDIs on issue) also intend to vote their MAC shares in favour of the Scheme, subject to the same qualification. – Ends – This announcement has been authorised for release by Mick McMullen, CEO and Director. About MAC Copper Limited MAC Copper Limited (NYSE:MTAL; ASX:MAC) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy. Important Notices and Disclaimers Important Notices This announcement has been prepared in relation to the proposed acquisition by Harmony of 100% of the issued share capital in MAC by way of a Jersey law scheme of arrangement pursuant to Article 125 of the Companies (Jersey) Law 1991. The release, publication or distribution of this announcement in jurisdictions other than Australia, the United States, Jersey and the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than Australia, the United States, Jersey and the United Kingdom should inform themselves about, and observe, any applicable legal or regulatory requirements. In particular, the ability of persons who are not resident in Australia, the United States, Jersey and the United Kingdom or who are subject to the laws of another jurisdiction to vote their MAC Shares in respect of the Scheme, or to execute and deliver forms of proxy appointing another to vote on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located or to which they are subject. Any failure to comply with applicable legal or regulatory requirements of any jurisdiction may constitute a violation of securities laws in that jurisdiction. To the fullest extent permitted by law, the companies and persons involved in the Transaction disclaim any responsibility or liability for the violation of such restrictions by any person. Copies of this announcement and any formal documentation relating to the Transaction are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in or into or from any such jurisdiction. Doing so may render invalid any related purported vote in respect of the Transaction. If the Scheme is implemented, Harmony would acquire 100% of the issued share capital in MAC in exchange for the Scheme consideration, subject to the terms and conditions described in the Implementation Deed entered into on 27 May 2025. A copy of the Implementation Deed is available on the ASX website (at and the MAC website (at A Scheme Circular containing further important information related to the Scheme will also be sent to MAC shareholders. As the Scheme will be governed by Jersey law, the Transaction will not be subject to the Corporation Act 2001 (Cth) (subject to receipt of relevant consents, waivers, relief or approvals from ASIC) or the oversight of ASIC or the Australian Takeovers Panel. Disclaimer No person other than MAC has authorised or caused the issue, release, submission, distribution or provision of this announcement, or takes any responsibility for, or makes or purports to make, any statements, representations or undertakings in this announcement. MAC, to the maximum extent permitted by law, expressly exclude and disclaim all liability (including, without limitation, any liability arising out of fault or negligence on the part of any person) for any direct, indirect, consequential or contingent loss or damage, or for any costs or expenses, arising from the use of this announcement or its contents or otherwise arising in connection with it or the Scheme. MAC does not make any representation or warranties (express or implied) to you about the Scheme or about the currency, accuracy, reliability or completeness of the information, opinions and conclusions in this announcement (including, without limitation, any financial information, any estimates or projections and any other financial information). Forward Looking Statements This release includes 'forward-looking statements.' The forward-looking information is based on the Company's expectations, estimates, projections and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of copper, continuing commercial production at the CSA Copper Mine without any major disruption, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. MAC's actual results may differ from expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believes,' 'predicts,' 'potential,' 'continue,' and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward- looking statements. These forward-looking statements include, without limitation, MAC's expectations with respect to future performance of the CSA Copper Mine. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside MAC's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the completion of the Transaction on anticipated terms and timing, including obtaining required shareholder and regulatory approvals, and the satisfaction of other conditions to the completion of the Transaction; (ii) the ability of Harmony or its affiliates to obtain the necessary financing arrangements; (iii) potential litigation relating to the Transaction that could be instituted against MAC, Harmony or their respective directors, managers or officers, including the effects of any outcomes related thereto; (iv) the risk that disruptions from the Transaction will harm MAC's business, including current plans and operations; (v) the ability of MAC to retain and hire key personnel; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transaction; (vii) continued availability of capital and financing and rating agency actions; (viii) legislative, regulatory and economic developments affecting MAC's business; (ix) general economic and market developments and conditions; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the Transaction that could affect MAC's financial performance; (xi) certain restrictions during the pendency of the Transaction that may impact MAC's ability to pursue certain business opportunities or strategic transactions; (xii) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, pandemics, outbreaks of war or hostilities, as well as MAC's response to any of the aforementioned factors; (xiii) significant transaction costs associated with the Transaction; (xiv) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction, including in circumstances requiring MAC to pay a break fee or other expenses; (xvi) competitive responses to the Transaction; (xvii) the risks and uncertainties pertaining to MAC's business, including those set forth in Part 1, Item 3(D) of the Company's most recent Annual Report on Form 20-F, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by MAC with the SEC; (xviii) the supply and demand for copper; (xix) the future price of copper; (xx) the timing and amount of estimated future production, costs of production, capital expenditures and requirements for additional capital; (xxi) cash flow provided by operating activities; (xxii) unanticipated reclamation expenses; (xxiii) claims and limitations on insurance coverage; (xxiv) the uncertainty in mineral resource estimates; (xxv) the uncertainty in geological, metallurgical and geotechnical studies and opinions; (xxvi) infrastructure risks; and (xxvii) other risks and uncertainties indicated from time to time in MAC's other filings with the SEC and the ASX. MAC cautions that the foregoing list of factors is not exclusive. MAC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MAC does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based. More information on potential factors that could affect MAC's or CSA Copper Mine's financial results is included from time to time in MAC's public reports filed with the SEC and the ASX. If any of these risks materialize or MAC's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that MAC does not presently know, or that MAC currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect MAC's expectations, plans or forecasts of future events and views as of the date of this communication. MAC anticipates that subsequent events and developments will cause its assessments to change. However, while MAC may elect to update these forward-looking statements at some point in the future, MAC specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing MAC's assessment as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. Not an offer of securities This announcement is for informational purposes only and is not intended to and does not constitute or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction in the contravention of application law.
Business Wire
14-07-2025
- Business
- Business Wire
MAC Copper Limited Provides Notice of Release of Second Quarter 2025 Results and Conference Call Details
ST. HELIER, Jersey--(BUSINESS WIRE)--MAC Copper Limited ARBN 671 963 198 (NYSE:MTAL; ASX:MAC) MAC Copper Limited (' MAC ' or the ' Company ') will release its second quarter 2025 results on Wednesday, July 23, 2025 after market close (New York time) / Thursday, July 24, 2025 before market open (Sydney time). Conference Call The Company will host a conference call and webcast to discuss the Company's second quarter 2025 results on Wednesday, July 23, 2025 at 7:00 pm (New York time) / Thursday, July 24, 2025 at 9:00 am (Sydney time). Details for the conference call and webcast are included below. Webcast Participants can access the webcast at the following link Conference Call Participants can register for the call at After registering you will receive a confirmation email containing information about joining the conference call and webcast. Replay A replay of the webcast will be available via the webcast link above or by visiting the Events section of the Company's website. About MAC Copper Limited MAC Copper Limited (NYSE:MTAL; ASX:MAC) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.
IOL News
27-05-2025
- Business
- IOL News
Harmony Gold diversifies into copper with MAC Copper acquisition
Harmony Gold's Doornkop Mine. Harmony Gold is diversifying into copper after completing a transaction for the acquisition of New York listed MAC Copper Limited Harmony Gold is diversifying into copper after completing a transaction for the acquisition of New York listed MAC Copper Limited, which controls CSA Copper mine in Australia for about $1 billion (R17.9bn). Copper, deemed a future proofing mineral, has been the center of merger and acquisition activity among South African and global miners. The South African gold miner said Tuesday that it had entered into a binding agreement to acquire 100% of the securities in MAC Copper Limited for $12.25 per share. This implied a total equity value for MAC of $1.03bn or about R18.4bn. 'The acquisition of the CSA Copper Mine in Australia is significant as it introduces a high-quality, established underground producing copper asset to the Harmony portfolio. CSA is one of the highest-grade copper mines in Australia, producing 41kt of copper in calendar year 2024,' said Harmony Gold CEO Beyers Nel. He described the Australian mine Harmony Gold was acquiring as 'a logical fit with the portfolio' as it meets the company's 'core investment criteria, including increasing free cash flow generation while improving margins at long-term expected commodity' prices. 'We believe that Harmony is well positioned to leverage its expertise in underground mining to further enhance operations. Furthermore, the Transaction represents a significant step forward in transforming Harmony into an increasingly de-risked, higher-quality, global gold and copper producer through disciplined and effective capital allocation,' added Nel. Earlier this year, Nel said the operating environment in South Africa has started to stabilise, helping the company to lift up earnings for the half year to December although analysts had varying evaluations of the gold miner's diversification strategy into copper. In the half year to December, Harmony Gold raised revenues by 19% to R35.45 billion, with net profits for the period jumping 33% to R7.93bn and headline earnings per share also soaring by 33% to 1 270 SA cents. View: BUSINESS REPORT
Yahoo
15-04-2025
- Business
- Yahoo
MAC Copper Limited Filed 2024 Form 20-F With SEC
ST. HELIER, Jersey, April 15, 2025--(BUSINESS WIRE)--MAC Copper Limited ARBN 671 963 198 (NYSE:MTAL; ASX:MAC) MAC Copper Limited ("MAC" or the "Company") a private limited company incorporated under the laws of Jersey, Channel Islands ("MAC" or the "Company"), filed its Form 20-F for the year ended December 31, 2024 ("2024 Form 20-F"), with the US Securities and Exchange Commission on March 28, 2025. The 2024 Form 20-F can be downloaded from or Printed copies of the 2024 Form 20-F will be available from April 15, 2025, and can be requested, free of charge, at This announcement has been authorised for release by Chris Rosario and Trevor Hart, Joint Company Secretaries. About MAC Copper Limited MAC Copper Limited (NYSE:MTAL; ASX:MAC) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy. View source version on Contacts Mick McMullenChief Executive Officer & DirectorMAC Copper Limitedinvestors@ Morné EngelbrechtChief Financial OfficerMAC Copper Limited Sign in to access your portfolio
Yahoo
05-04-2025
- Business
- Yahoo
Is MAC Copper Limited (MTAL) the Best Copper Stock to Buy According to Wall Street Analysts?
We recently published a list of the . In this article, we are going to take a look at where MAC Copper Limited (NYSE:MTAL) stands against other best copper stocks to buy according to Wall Street analysts. The U.S. stock market has changed rapidly since the new president took control of the Oval Office. In the list of commodities that are recently surfacing as standout performers in the market, copper holds a significant place. The commodity has captured the attention of investors across the globe. According to The Wall Street Journal, by the end of March 2025, the U.S. copper future saw a 26% increase, reaching $5.02 per pound. The extraordinary growth, in addition to surpassing global prices, has set unprecedented records in the industry. The recent tariff implementations from the U.S. administration stand among the heavy contributors to this surge. The U.S. president has recently announced a series of tariff increases, targeting the major trading partners of the U.S. Accordingly, the EU imports will be charged a 20% tariff. Chinese goods have the most impact at a 34% tariff. Similarly, a minimum 10% hike is imposed on all imports globally. Because of these measures, the average tariff rate has risen to 23%, the highest in over a century. The WSJ calls it the most significant shift in the United States's approach to global trade. READ ALSO: . These new tariffs affect the import and export of various goods in the U.S. concerning copper. A rush has been noted to import the commodity into the U.S. before the new import tax rates take effect. This influx has resulted in a notable rise in physical deliveries, causing domestic copper prices to surge. Income-seeking investors in the market, however, need to look past these immediate market reactions and focus on the long-term outlook for copper. Even in the long run, the value of copper remains robust. An article by CNBC noted that the world's leading mining companies anticipate a 70% growth in the global demand for copper by 2050. The surge is expected to be driven by the adoption of copper-intensive technologies, such as renewable energy systems and electric vehicles. With constant growth in several customers shifting to renewable energy-based technologies, such an increase in demand for the commodity is inevitable. On the other hand, the industry will likely face significant challenges in meeting this rise in demand. The mining industry, for instance, faces constraints like declining ore grades and the need for substantial capital investments to develop new projects. Owing to these factors, the growth in supply and the industry's ability to sustain high copper prices in the future could take a hit. Even so, copper stocks remain attractive, and investors are increasingly looking towards adding them to their portfolios to give them a diverse touch. The immediate price surges due to trade policies and the potential for long-term demand position the copper sector as a compelling investment avenue. But with this said, investors may be wondering what the best copper stock to buy today is. We followed a few criteria when putting together our list of best copper stocks for investors. Primarily, we considered only those copper stocks with an upside potential of 10%. The criteria were placed to present our interested investors with stocks with the prospect of significant capital appreciation. A substantial rise in the price of stocks often correlates with substantial profits for investors. Hence, we ranked our list based on this upside potential. We have also considered only those stocks followed by hedge funds listed in Insider Monkey's Q4 2024 database. It ensures the institutional interests in the stocks. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). Aerial view of the Yellowhead copper project, the scale of the landscape revealed. MAC Copper Limited (NYSE:MTAL), listed as Metals Acquisition Limited (MTAL), is a mining and metals company headquartered in Jersey. The company's focus is on acquiring high-quality copper assets. Its flagship project is the CSA Copper Mine in Australia, which serves the global infrastructure and electrification sectors. With strategic acquisitions and a strong focus on copper amid the energy transition across many economies, the company builds a sturdy foothold in the global market against emerging players like Ivanhoe Mines. MAC Copper Limited (NYSE:MTAL) surpassed the midpoints of its guidance by achieving a record copper production in the fourth quarter of 2024. The company has also reported a substantial EBITDA margin of 47%. Company guidance anticipates copper production to reach over 50,000 tons by 2026. For 2025, production is expected to be in the range of 43,000 tons to 48,000 tons, capturing the attention of investors and analysts alike in the market. As per the Insider Monkey database of Q4 2024, 14 hedge fund holders held stakes in MAC Copper Limited, suggesting low institutional exposure compared to other leading copper stocks in our list. However, its substantial upside potential of 65.90% stands out markedly, attracting investors interested in incorporating one of the best copper stocks into their portfolios. Overall, MTAL ranks 2nd on our list of best copper stocks to buy according to Wall Street analysts. While we acknowledge the potential for MTAL as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than MTAL but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
