South African billionaire Patrice Motsepe has taken a major leap into the copper market via his backing of Harmony Gold, which completed the acquisition of Australia-based MAC Copper Limited, owner of the high-grade CSA Copper Mine in New South Wales for $1.01 billion (approx R18.4 billion). The deal, finalised through a Jersey law scheme of arrangement on October 24, 2025, reflects a clear strategic pivot by Harmony Gold from gold-only production toward copper—and Motsepe’s wider vision of mining diversification.

This move comes against the backdrop of increasing demand for copper, driven by global energy transition themes such as electric vehicles, grid upgrades and renewable infrastructure. The CSA mine is described as a “Tier-1 jurisdiction” asset with high grades and long life of mine. Harmony Gold plans for copper to contribute about 40% of total production by 2035, signalling a long-term shift in its portfolio.

 

For Motsepe and his mining group, the acquisition not only enhances global reach but also positions the company for the future of base-metals. It emphasises strategic growth beyond traditional gold mining and illustrates how African mining capital is increasingly playing at the global stage. But it also comes with challenges: integrating a large foreign asset, managing commodity cycles, and delivering long-term value amidst volatile markets.