06:53 AM EDT, 05/27/2025 (MT Newswires) -- MAC Copper ( MTAL ) said Tuesday that it has signed a binding agreement for Harmony Gold Mining ( HMY ) to acquire all outstanding shares through a scheme of arrangement under Jersey law.

The $12.25 per-share offer values MAC at $1.03 billion, representing a 21% premium over the last close, the company said.

The deal is subject to several regulatory and shareholder approvals, including Australian and South African clearance, as well as amendments to existing contracts with Osisko Bermuda and Glencore Operations Australia, MAC said.

Harmony plans to fund the transaction with existing cash and committed debt, as well as assume MAC's streaming and royalty obligations related to its CSA copper mine, the company said.

MAC said its board unanimously backs the deal, and key shareholders holding 20.1% of the company's stock have committed to voting in favor of it unless a higher offer is made.

Shares of MAC were up over 17%, while shares of Harmony were down by more than 9.5% in recent Tuesday premarket activity.