SCHEDULE: Glencore Exits MAC Copper After Harmony Gold Acquisition

Glencore plc and its affiliates have filed an exit Schedule 13D/A, reporting the sale of their entire stake in MAC Copper Ltd following its acquisition by Harmony Gold Mining Company Limited for $12.25 per share.

Summary

• Glencore plc, Glencore International AG, and Glencore Operations Australia Pty Limited (the "Reporting Persons") have filed an Amendment No. 4 to their Schedule 13D, serving as an exit filing.
• The Reporting Persons no longer beneficially own more than five percent (5%) of the Ordinary Shares of MAC Copper Ltd.
• This exit resulted from Harmony Gold Mining Company Limited's acquisition of 100% of MAC Copper Ltd's issued share capital through a Jersey law scheme of arrangement.
• On October 31, 2025, the Reporting Persons received consideration of $12.25 per Ordinary Share, totaling $122,500,000 for their holdings.
• As of November 3, 2025, the Reporting Persons beneficially owned 0% of MAC Copper Ltd's Ordinary Shares.

Sentiment

Score: 7

Explanation: The sentiment is positive for Glencore as it successfully divested its stake in MAC Copper Ltd at a specified price, indicating a completed and presumably favorable transaction for the Reporting Persons. The legal proceedings listed are historical and part of Glencore's background, not directly related to the MAC Copper transaction's sentiment.

Positives

• Reporting Persons successfully divested their entire stake in MAC Copper Ltd.
• Received significant cash consideration of $12.25 per Ordinary Share, totaling $122,500,000.
• The transaction represents a clean exit from their investment in MAC Copper Ltd.

Risks

• Glencore International AG, a wholly-owned subsidiary of Glencore plc, agreed to $428,521,173 in fines and $272,185,792 in forfeiture and disgorgement and pled guilty to conspiracy to violate the US Foreign Corrupt Practices Act in May 2022.
• Glencore AG agreed to a fine of $341,221,682 and forfeiture of $144,417,203 and pled guilty to conspiracy to commit commodity price manipulation in May 2022.
• Glencore International AG, Glencore AG, and Chemoil Corporation resolved a CFTC investigation, agreeing to pay $333,548,040 in civil penalties and disgorgement.
• Glencore agreed to pay $39,598,367 under a resolution with the Brazilian Federal Prosecutors Office in May 2022.
• Glencore Energy UK Limited pled guilty to five counts of bribery and two counts of failure to prevent bribery under the UK Bribery Act 2010 in June 2022 and was sentenced to pay GBP 280,965,092.95 in November 2022.
• The Office of the Attorney General of Switzerland (OAG) closed its criminal investigation against Glencore International in August 2024, imposing a fine of CHF 2 million and a compensation claim of US$150 million for bribery of a Congolese public official.
• Glencore plc was notified in September 2024 by Jersey's Economic Crime and Confiscation Unit (ECCU) of an investigation into corrupt activities, related money laundering, and the accuracy of its 2011 IPO prospectus.

Future Outlook

As this is an exit filing for the Reporting Persons, it does not provide a future outlook for MAC Copper Ltd from their perspective. The company has been acquired by Harmony Gold.

Industry Context

This transaction highlights the ongoing consolidation within the mining sector, particularly for copper assets, as major players like Harmony Gold seek to expand their portfolios. Glencore's divestment allows them to reallocate capital, while Harmony Gold gains full control of MAC Copper Ltd, potentially integrating it into its broader operational strategy.

Legal Proceedings

• Glencore International AG convicted of conspiracy to violate the US Foreign Corrupt Practices Act, resulting in $428,521,173 in fines and $272,185,792 in forfeiture and disgorgement.
• Glencore AG convicted of conspiracy to commit commodity price manipulation, resulting in a fine of $341,221,682 and forfeiture of $144,417,203.
• Glencore International AG, Glencore AG, and Chemoil Corporation resolved a CFTC investigation, agreeing to pay $333,548,040 in civil penalties and disgorgement.
• Glencore agreed to pay $39,598,367 under a resolution with the Brazilian Federal Prosecutors Office.
• Glencore Energy UK Limited pled guilty to bribery and failure to prevent bribery, sentenced to pay GBP 280,965,092.95.
• Office of the Attorney General of Switzerland (OAG) closed criminal investigation against Glencore International, imposing a fine of CHF 2 million and a compensation claim of US$150 million for bribery.
• Glencore plc is under investigation by Jersey's Economic Crime and Confiscation Unit (ECCU) regarding corrupt activities, money laundering, and accuracy of its 2011 IPO prospectus.

Stakeholder Impact

• Shareholders of MAC Copper Ltd received cash consideration of $12.25 per Ordinary Share.
• Shareholders of Glencore plc saw the company receive $122,500,000 in cash from the divestment.
• Harmony Gold Mining Company Limited successfully acquired 100% of MAC Copper Ltd, expanding its asset base.

Next Steps

• For Glencore, no further steps are mentioned regarding MAC Copper Ltd, as they have exited their position.
• For Harmony Gold, the next steps would involve integrating MAC Copper Ltd into its operations.

Key Dates

Keywords

MAC Copper Ltd, Glencore, Harmony Gold, Acquisition, Scheme of Arrangement, Divestment, SEC Filing, Schedule 13D/A, Mining, Copper, Share Sale, Exit Filing