The CSA copper mine near Cobar, NSW. Image: MAC Copper
MAC Copper shareholders have voted in favour of its proposed acquisition by Harmony Gold.
While not unanimous, the level of support for the deal, which will see the wholly-owned subsidiary of the South African miner purchase all issued shares in MAC, was significant.
Some 98 per cent of the votes cast at a court meeting were in favour of the resolution to approve the scheme. More than 87 per cent of scheme shareholders were present and active in the vote, whether in person, online, or by proxy.
The $1.6 billion deal will create one of the largest copper miners in Australia, with Harmony’s existing Eva project combining with MAC’s recently-acquired CSA mine, considered one of Australia’s highest grade copper mines, and other assets in the same portfolio.
Last month, the South Africa Reserve Bank gave its stamp of approval to the deal. Now, only one further regulatory hurdle is left for the acquisition to move ahead.
MAC, which is incorporated in the Channel Islands, will apply to the Royal Court of Jersey for orders sanctioning the scheme.
The court sanction hearing is scheduled for October 9. If the court approves the acquisition, MAC will apply for registration of the new owners on October 10, after which the scheme will become effective.
MAC shares will be suspended from trading on the New York Stock Exchange from October 10, and from the ASX on October 13.
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