Shares in MAC Copper Ltd (ASX: MAC) have been placed in a trading halt pending an announcement regarding a potential control transaction, according to a statement released by the company and the ASX.
The trading halt will remain in effect until either the company’s announcement is made or normal trading resumes on Thursday, 29 May 2025, whichever occurs first.
The halt comes at a volatile time for the global copper sector, following Canadian mining giant Ivanhoe Mines’ decision to withdraw guidance for its Kamoa-Kakula Copper Complex in the Democratic Republic of Congo—Africa’s largest copper mine. The move has rattled the industry but also triggered a rally among other copper miners as the market recalibrates supply expectations.
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While MAC Copper remains frozen, competitors are capitalising on the moment:
- Capstone Copper Corp. surged 70% (as of 1:52 pm), gaining investor attention as a strong alternative amid supply concerns.
- Sandfire Resources also moved higher- about 27% (as of 1:52 pm), benefiting from bullish sentiment around copper’s tightening global supply outlook.
MAC Copper’s trading halt raises questions about a possible acquisition or strategic partnership. Though the company’s performance has lagged over the past year—down 25.25% year-on-year and nearly 10% YTD—the renewed focus on global copper assets may make MAC a timely target in a consolidating sector.
With a market cap of $639.9 million and over 41 million shares issued, MAC ranks 432nd on the ASX, and 83rd within the Basic Materials sector. The company’s underperformance relative to both its sector and the ASX 200 may make it an attractive candidate for a takeover, especially amid copper’s rising importance in the green energy transition.
Investors now await the official announcement to understand the full implications of this potential control transaction and MAC’s future in a reshaping copper landscape.
