CSA Mine is looking like it will get a new owner after MAC Copper entered into a binding scheme implementation deed with South African company, Harmony Gold, last week. MAC Copper Chief Executive Officer Mick McMullen and four of Harmony Gold’s senior executives were in Cobar last week to speak to the CSA Mine workforce about the vision for the mine. Mr McMullen said Harmony Gold was buying CSA’s parent company, MAC Copper, which meant they were buying all their assets. He said Harmony’s primary focus had been to add the CSA Mine to their portfolio. “They obviously saw CSA as a long life, high grade production with great jurisdiction,” Mr McMullen said. “It’s quite a vote of confidence in the mine. “It’s a sizeable transaction, including the debt. It’s about a $1.6-1.7 billion US dollar transaction or $2.5 billion Australian dollars, pretty close to that,” he said. He said the CSA Mine was seen as a good fit for Harmony as the company transforms into a global gold and copper producer. Mr McMullen said initially Harmony had approached MAC to talk about a sale in February 2024. “At the same time we were busy trying to buy other assets to grow our production base,” Mr McMullen said. “But ultimately we just couldn’t get to the scale that we needed to get to. “And at the same time we had a cashed up viable buyer. “You’ve got to look at the risks of staying on your own or being part of a bigger organisation,” Mr McMullen said. “Having carefully considered the merits of the transaction, the MAC board has unanimously concluded that the scheme is in the best interests of MAC shareholders.” Mr McMullen said several developments including a larger reserve life, production guidance, the new Merrin Mine development and the recent debt refinancing made the mine an attractive purchase. He said in addition to the transaction being beneficial for shareholders, it’s also a great outcome for other stakeholders in the CSA Copper Mine, who will benefit from the stewardship of a well-respected and high-quality operator in Harmony…full article in this weeks edition out now!
