MAC Copper schedules court hearing for Harmony acquisition scheme

MAC Copper Limited (NYSE: MTAL) announced that its first court hearing for the proposed acquisition by Harmony Gold Mining Company Limited (NYSE: HMY) is scheduled for July 30, 2025, at 10:00 a.m. Jersey time.

The hearing aims to obtain a court order to dispatch the scheme circular and convene shareholder meetings for the transaction. Harmony Gold, through its wholly owned subsidiary Harmony Gold (Australia) Pty Ltd, seeks to acquire 100% of MAC Copper's issued share capital through a Jersey law scheme of arrangement.

Following the court hearing, MAC Copper plans to dispatch the scheme circular on August 4, 2025. The scheme meeting and general meeting are scheduled for August 29, 2025, with voting record dates set for July 29, 2025.

MAC Copper reported progress on transaction conditions, stating it has executed restructuring documents with Harmony, OR Royalties Limited, and Glencore. These agreements address amendments to various documents related to copper stream, silver stream, and royalty arrangements that will take effect after scheme implementation.

The company said the remaining steps to satisfy consent conditions include delivery of certificates and legal opinions to OR Royalties, ensuring no default events occur under existing stream agreements, and finalizing the form of debt release deed.

Harmony has submitted applications to the Australian Foreign Investment Review Board and South African Reserve Bank for required regulatory approvals, according to the announcement.

MAC Copper's board maintains its unanimous recommendation for shareholders to vote in favor of the scheme, absent a superior proposal. Directors holding 2.4% of the company's shares intend to vote in favor of the transaction.

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