JTC Law Advises On Landmark Natural Resources Acquisition

JTC Law has advised on a recently closed landmark acquisition in the global natural resources industry.

The firm provided Jersey legal advice to Harmony Gold Mining Company Limited and its group (‘Harmony’), helping it to successfully obtain the final regulatory approvals to acquire MAC Copper via a Jersey scheme of arrangement, in a deal valued at approximately US$1.03 billion (circa R19 billion).

With more than 75 years in the industry, Harmony is a gold mining specialist, producing between 1.4Moz to 1.5Moz per annum and has a growing international copper footprint. Incorporated and registered in South Africa, Harmony is a publicly listed company, with its primary listing on the Johannesburg Stock Exchange (JSE), and an American depositary receipt programme listed on the New York Stock Exchange (NYSE).

Harmony’s strategic acquisition accelerates its growth trajectory in copper and enhances portfolio diversification across commodities and geographies. The major deal brings into Harmony’s portfolio the CSA copper mine in New South Wales, Australia, adding around 40,000 tonnes of copper output per annum. Full implementation of the scheme was completed on 24 October 2025 when Harmony assumed full ownership and operational control of the CSA copper mine.

The multi-disciplinary JTC Law team advising Harmony was led by Sam Sturrock (Regulatory and Listings), Leanne Wallser (Corporate), Fiona Dalton (Finance) and Jeremy Garrood (Litigation and Disputes), working closely with Harmony’s internal legal team and alongside Ashurst, as Harmony’s Australian and UK counsel.

Commenting on the major deal, Leanne Wallser, Head of Investment Funds and Corporate at JTC Law, said:

“We are delighted to have advised Harmony throughout this high-stake cross-border transaction, an acquisition that showcases our ability to bring broad expertise to the table, to advise on all aspects of a deal from the court sanction of the scheme of arrangement to all financing matters.

“We continue to see a strong pipeline of work in both M&A and natural resources, with Jersey’s company law providing an attractive framework to support work of this nature – and this was a big-ticket deal making it a landmark acquisition in the sector. It was a pleasure to work collaboratively with the team at Ashurst and Harmony, and we look forward to seeing Harmony continue to expand its international footprint.”