Harmony Gold completes its $1bn purchase of MAC Copper

Harmony bought 100% of MAC at $12.25 a share through a Jersey scheme of arrangement, an equity value of about $1.01bn. It paid with cash and a $1.25bn bridge loan, and now owns the CSA copper mine in New South Wales.

Why it matters. A bridge loan funds a cash deal at closing, to be refinanced later with longer-term debt or equity.

Source

Mining Weekly

In the course

Module 7: Funding a project