MAC Copper receives FIRB approval for Harmony Gold acquisition

MAC Copper Limited (NYSE: MTAL) announced it received approval from Australia's Foreign Investment Review Board for its proposed acquisition by Harmony Gold Mining Company Limited (NYSE: HMY).

The Australian Federal Treasurer provided written notice under section 74(2) of the Foreign Acquisitions and Takeovers Act 1975 stating the Commonwealth Government does not object to the scheme of arrangement. This approval satisfies the final regulatory condition precedent outlined in the Implementation Deed.

The acquisition involves Harmony Gold acquiring 100% of MAC Copper's issued share capital through a Jersey law scheme of arrangement. MAC previously received approval from South Africa's Reserve Bank.

"The receipt of regulatory approval from FIRB following the previously announced approval from SARB is another significant step towards implementation of the Transaction as all requisite regulatory approvals have now been obtained," said MAC CEO Mick McMullen.

The transaction remains subject to shareholder approval at upcoming meetings scheduled for August 29, 2025. The Court Meeting will commence at 12:30 pm Jersey time, followed by the General Meeting at 1:00 pm Jersey time. Both meetings will be held at 44 Esplanade, St Helier, Jersey, with online participation available.

Shareholders whose names appear on the Share Register at 4:00 pm New York time on July 29, 2025, are entitled to attend and vote on the resolutions. MAC's board unanimously recommends shareholders vote in favor of the scheme in the absence of a superior proposal.

The scheme also requires court sanction and satisfaction of other customary conditions outlined in the scheme circular released on July 31, 2025.

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