South African billionaire Patrice Motsepe has completed another major transaction in the global mining sector.

According to Business Insider Africa, Harmony Gold, the mining company supported by Motsepe, has finalized a $1.01 billion acquisition of MAC Copper Limited, the owner of the high-grade CSA Copper Mine located in New South Wales, Australia.

The acquisition, which was first announced in May 2025, officially went into effect on Oct. 24 through a Jersey law Scheme of Arrangement. Harmony Gold acquired all of MAC Copper’s securities at $12.25 per share, according to BusinessReport, with the total equity value of the transaction reaching approximately R18.4 billion ($1.01 billion). The deal was financed through a combination of cash reserves and a $1.25 billion bridging facility.

For Harmony Gold, this marks a major step in its strategy to diversify beyond gold. The company announced plans to increase copper’s share of its total production to around 40% by 2035, per BusinessReport. Copper, a critical material in renewable energy and electric vehicle technologies, is expected to play an increasingly vital role in the global shift toward decarbonization.

“The completion of this acquisition marks a significant milestone in our strategy to grow into a global gold and copper producer,” said Harmony Gold CEO Beyers Nel in a statement shared by Business Insider Africa.

“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,” Nel continued.

Nel added that Harmony Gold’s success has been rooted in a consistent operating model focused on extending the life of mines through investment in both ore bodies and people, delivering long-term value for stakeholders.

“Our proven operating model … has consistently delivered long-term value for all stakeholders, making us the partner of choice wherever we operate,” he said.

The deal also expands on Harmony Gold’s earlier move into copper, following its acquisition of the Eva Copper Project in Australia in 2022, Business Insider Africa reports. With both companies now under its belt, Harmony Gold is positioning itself as a global player in copper production, a shift that aligns with global demand for energy transition minerals.

Motsepe, who owns an 11.8% stake in Harmony Gold through his firm African Rainbow Minerals (ARM), has long been a key figure in South Africa’s mining sector. After establishing Future Mining in 1994, Motsepe went on to found ARMgold in 1997, which later merged with Avmin and Harmony Gold in 2003 to form African Rainbow Minerals. He now serves as executive chairman of ARM and has been a non-independent, non-executive chairman of Harmony Gold since 2003.

Harmony Gold’s acquisition comes amid fluctuations in global metal prices and recent declines in the company’s stock. According to Business Insider Africa, the addition of the CSA Copper Mine is expected to expand Harmony’s operations and production mix beyond gold. The transaction also increases the company’s presence in Australia and reflects Motsepe’s continued investment in the global mining industry.