Welcome to our dedicated page for MAC Copper news (Ticker: MTAL), a resource for investors and traders seeking the latest updates and insights on MAC Copper stock.
This page provides an archive of news and company announcements for MAC Copper Limited, historically listed on the NYSE under the symbol MTAL and on the ASX under the symbol MAC. MAC Copper Limited described its business focus as operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical to the electrification and decarbonization of the global economy.
The news flow for MAC Copper Limited includes detailed updates on the recommended transaction under which Harmony Gold (Australia) Pty Ltd, a wholly owned subsidiary of Harmony Gold Mining Company Limited, agreed to acquire 100% of the issued share capital in MAC by way of a Jersey law scheme of arrangement. Announcements cover court directions, dispatch of the scheme circular, shareholder meetings and voting results, regulatory approvals from authorities such as the South African Reserve Bank and Australia’s Foreign Investment Review Board, and the Royal Court of Jersey’s sanction of the scheme.
Investors can also review operational and financial updates, such as MAC Copper Limited’s June 2025 quarterly activities report. That report discusses safety performance, copper production volumes and grades at the CSA Copper Mine, cost metrics, operational free cash flow, liquidity, and progress on growth and development projects, as well as commentary from the company’s chief executive officer.
Later announcements describe the scheme becoming legally effective after lodging the Royal Court’s order with the Jersey Registrar of Companies, the suspension of trading in MAC CDIs on the ASX and MAC shares on the NYSE, and the indicative timetable for delisting and payment of scheme consideration. Together, these news items document MAC Copper Limited’s transition from a listed foreign private issuer to a wholly owned subsidiary of Harmony Gold Mining Company Limited.
Users interested in MTAL-related news can use this archive to trace the company’s corporate actions, regulatory milestones, and operational updates over time.
MAC Copper (NYSE:MTAL) has reached an agreement with Sprott to amend its mezzanine debt facility, allowing for early loan repayment between January 1, 2025, and June 16, 2025. The amendment provides MAC with greater financial flexibility in optimizing its capital structure. As of October 31, 2024, the outstanding principal was US$145,338,650. If MAC opts for early repayment, it must pay the full principal, a 4% prepayment interest premium, remaining cash interest payments through June 16, 2025, and Sprott's legal expenses. The amendment has received consent from all secured financiers, including Senior Lenders, Osisko Bermuda , and Glencore, though additional Senior Lender approval will be needed at the time of early repayment.
Metals Acquisition (NYSE: MTAL; ASX: MAC) announced the results of its 2024 Annual General Meeting, where all resolutions were passed by poll. The company will change its name to MAC Copper and expects its ordinary shares to begin trading under the new name on the New York Stock Exchange starting December 3, 2024. The company will release an amended consolidated set of Articles of Association alongside this announcement.
Metals Acquisition (NYSE: MTAL; ASX: MAC) announced its 2024 Annual General Meeting, scheduled for 5:00pm New York time and 9:00am Sydney time on November 22, 2024. Chair Patrice Merrin will deliver the Chair address, while CEO Mick McMullen will present the CEO presentation during the meeting. The announcement was authorized by Joint Company Secretaries Chris Rosario and Trevor Hart.
Metals Acquisition (NYSE: MTAL) (ASX:MAC) has reported significant drill results from its CSA Copper Mine exploration program. Key highlights include:
- 19.8m @ 10.9% Cu from 177.1m in UDD23021
- 27.3m @ 8.7% Cu from 126.0m in UDD23019
- 3.8m @ 17.1% Cu from 214.3m in QSDD061
- 23.6m @ 5.2% Cu from 98.7m in UDD24017
The results, which will be incorporated into the 2024 Resource and Reserve Estimate update, demonstrate high-grade copper mineralization across various deposits, including QTS North, QTS Central, and QTSS Upper A. CEO Mick McMullen noted the CSA deposits continue to deliver high-grade intervals, with core deposits grading over 8% Cu providing flexibility throughout the mining cycle. The company also reported promising zinc mineralization in the upper portions of the East and West lenses.
Metals Acquisition (NYSE: MTAL; ASX: MAC) reported strong Q3 2024 results with significant copper production and reduced cash costs. The company produced 10,159 tonnes of copper at the CSA Copper Mine, marking the second-highest production under MAC's ownership. The C1 cash cost improved to US$1.90/lb, a 6% decrease from the previous quarter. Key growth projects aim to increase annual production by 25% by 2026. MAC raised A$150 million (~US$103 million) in equity to retire high-cost debt and pursue growth opportunities. Pro-forma liquidity as of September 30, 2024, stands at ~US$226 million. Safety metrics showed a slight improvement with a TRIFR of 14.2. The company's strategic investment in Polymetals has increased by 21%, and MAC aims to become a +50ktpa copper producer by 2026. Operational free cash flow for the quarter was ~US$30 million, with an average realized copper sales price of US$4.18/lb. The company plans to change its name to MAC Copper to better reflect its business focus.
Metals Acquisition (NYSE: MTAL; ASX: MAC) has announced the release of its third quarter 2024 results on Monday, October 21, 2024 after market close (New York time) / Tuesday, October 22, 2024 before market open (Sydney time). The company will host a conference call and webcast to discuss the results on Monday, October 21, 2024 at 6:00 pm (New York time) / Tuesday, October 22, 2024 at 9:00 am (Sydney time).
Participants can access the webcast at https://event.choruscall.com/mediaframe/webcast.html?webcastid=lgTwEDVD. For expedited access to the call, registration is available at https://dpregister.com/sreg/10193849/fdcbf69714. Alternatively, participants can dial in using the provided toll-free and international numbers. A replay of the webcast will be available for three months via the webcast link or by visiting the Events section of the company's website.
Metals Acquisition (NYSE: MTAL; ASX:MAC) has successfully raised approximately A$150 million (US$103 million) through a placement of 8,333,334 new CHESS Depositary Interests (CDIs) at A$18.00 per CDI. The placement was oversubscribed and well-supported by institutional investors globally.
The proceeds will be used to optimize MAC's balance sheet, retire the Mezzanine Debt Facility, and provide flexibility for strategic growth opportunities. The issue price represents a 13.0% discount to the closing price and 5-day VWAP of A$20.70 on October 8, 2024.
New CDIs are expected to settle on October 14, 2024, and commence trading on the ASX on October 15, 2024. Barrenjoey Markets Pty is acting as the sole Lead Manager and Bookrunner, with Sternship Advisers Pty as Co-Manager.
Metals Acquisition (NYSE:MTAL; ASX:MAC) has announced a A$140 million (~US$96 million) institutional placement of approximately 7.8 million new Chess Depositary Interests (CDIs) at A$18.00 per CDI. The offer price represents a 13% discount to the last closing price and 5-day VWAP on the ASX. Proceeds will be used to optimize the balance sheet and retire the existing US$145 million Mezzanine Debt Facility. Upon settlement, MAC will have a pro-forma cash balance of ~US$177 million and net debt of ~US$134 million. The company reported strong Q3 2024 performance at the CSA Copper Mine, with 10,159 tonnes of copper production at 4% grade and C1 cash costs expected between US$1.90-2.00 per pound. MAC remains on track to meet its full-year 2024 copper production guidance of 38,000-43,000 tonnes.
Metals Acquisition (NYSE: MTAL; ASX: MAC) has announced key details for its 2024 Annual General Meeting (AGM). The AGM is scheduled for November 21, 2024 (New York/Jersey time) or November 22, 2024 (Sydney time). Shareholders must submit proposed business or board nominations by October 4, 2024. The record date for voting eligibility is October 11, 2024 at 8:00 PM (New York time).
Additionally, MAC plans to propose a special resolution at the AGM to change the company name from "Metals Acquisition " to "MAC Copper ". This change aims to better reflect the company's focus on becoming a high-quality copper miner of scale. Full meeting details will be provided in the upcoming Notice of Meeting.
Metals Acquisition (NYSE: MTAL; ASX: MAC) has announced its inclusion in the S&P/ASX 300 Index, effective September 23, 2024. This milestone, achieved shortly after the company's ASX listing, reflects the market's recognition of MAC's foundational asset, the CSA Copper Mine. CEO Mick McMullen highlighted the importance of this inclusion for broader market access, increased global visibility, and enhanced liquidity.
The S&P/ASX 300 Index is designed to provide investors with broader exposure to the Australian equity market, covering large-cap, mid-cap, and small-cap components. MAC's inclusion is expected to potentially increase institutional ownership. The company was also recently added to the Russell 3000® Index and the Solactive Copper Miners Index in North America during 2024.
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