Nedbank CIB Structures Harmony’s $1.25B Growth Financing

In Short

• Harmony completed a $1.25 billion multi-currency, sustainability-linked financing package.
• The deal refinances bridge funding for the CSA copper mine and supports investment in the CSA and Eva Copper projects.
• Nedbank Corporate and Investment Banking took multiple roles, including major debt participant and facility agent.

What Happened

Harmony’s $1.25 billion financing package was structured with support from Nedbank Corporate and Investment Banking. The facility is multi-currency, meaning it is raised in more than one currency so the borrower can better match costs and revenues across countries.

It is also sustainability-linked financing, which is debt where the interest margin can move based on agreed sustainability targets, such as emissions reductions or other environmental and social metrics. In practice, this is similar to a bonus or penalty on pricing, depending on whether targets are met.

The package refinances bridge funding used for the CSA copper mine. Bridge funding is short-term financing used to close a transaction or start work before longer-term funding is in place. It also supports ongoing investment in the CSA copper mine and the Eva Copper project in Australia.

Nedbank said it participated as a major debt provider. It also acted as joint coordinator, mandated lead arranger, and facility agent, which are roles that help organise the lender group, set terms, and manage the facility’s administration over time.

Why It Matters

African miners are increasingly expanding beyond traditional commodities and home markets. That shift often requires more complex funding structures, including multi-currency loans and performance-linked pricing.

For lenders, deals like this are a way to stay relevant in cross-border mining and critical minerals financing. For Harmony, refinancing bridge funding and aligning longer-term capital with project timelines can reduce funding risk while keeping room to invest in copper growth assets.