Harmony Expands in Australia With $1 Billion MAC Copper Deal (2)

Harmony Gold Mining Co. agreed to buy MAC Copper Ltd. for $1.03 billion, enabling the top producer of South African gold to expand its exposure to copper in Australia.

Johannesburg-based Harmony said it’s offering $12.25 a share in cash, a 21% premium to MAC Copper’s closing price in New York on Friday. MAC Copper’s shares rose 20% in premarket trading.

Harmony — like larger peers Newmont Corp. and Barrick Mining Corp. — is seeking to grow its exposure to copper in anticipation of spiking demand for the metal driven by the green-energy transition. The firm also expects to make a ...