MAC Copper Limited (NYSE:MTAL) was downgraded from Outperform to Market Perform by BMO Capital. However, the firm raised its price objective from $11 to $12.25.
An open pit mine, with heavy machinery extracting copper ore in the background.
This happened as a result of MAC Copper Limited signing a legally binding contract with Harmony Gold Mining Company and Harmony Gold Australia, which calls for Harmony Australia to purchase all of the issued share capital of MAC.
In a research note, the analyst informs investors that the company has also revised its model and target price to accurately reflect the forecast from MAC’s Q1 activity report.
Recently, Harmony Gold Mining decided to expand its involvement in copper in Australia by purchasing MAC Copper Limited for $1.03 billion. Harmony will have the opportunity to produce 100,000 tons of copper per year through the Eva and CSA copper mines during the next five years as a result of the acquisition.
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