South Africa's Harmony Gold Raises Over ZAR 20 Billion Financing to Advance Copper Mine Expansion

South African gold major Harmony Gold has finalized a multi-currency financing package worth over ZAR 20 billion to refinance debt from the acquisition of Australia's MAC copper mine and support long-term copper growth.

Key Facts

South African gold major Harmony Gold has finalized a multi-currency financing package totaling more than ZAR 20 billion, to refinance debt from the acquisition of Australia's MAC copper mine and support long-term expansion of its copper business. The financing comprises USD 500 million, AUD 500 million, and ZAR 7 billion in loans, replacing the bridge loan for the MAC copper mine acquisition and the existing USD and rand syndicated loans signed in 2022.

Projects and Capacity

In 2025, Harmony Gold acquired Australia's MAC copper mine for USD 1 billion, achieving full ownership of its CSA copper mine. The CSA copper mine is expected to add 17,500–18,500 tonnes of copper capacity, helping the company diversify from gold-only operations and hedge against gold price volatility. Harmony Gold said gold production for the current fiscal year is expected to be 1.4 million–1.5 million ounces.